[Congressional Record Volume 157, Number 10 (Tuesday, January 25, 2011)]
[Senate]
[Page S246]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     SENATE RESOLUTION 25--EXPRESSING THE SENSE OF THE SENATE THAT 
  COMPREHENSIVE TAX REFORM LEGISLATION SHOULD INCLUDE INCENTIVES FOR 
 COMPANIES TO REPATRIATE FOREIGN EARNINGS FOR THE PURPOSE OF CREATING 
                                NEW JOBS

  Mrs. BOXER submitted the following resolution; which was referred to 
the Committee on Finance:

                               S. Res. 25

       Whereas innovative proposals to create new American jobs 
     must be enacted in order to reduce the United States 
     unemployment rate, which was 9.4 percent at the end of 2010;
       Whereas United States multinational companies have an 
     estimated $1,000,000,000,000 in overseas earnings that could 
     be used to invest in the economic recovery, but the current 
     tax structure gives them more incentive to leave those 
     earnings overseas;
       Whereas Congress passed section 422 of the American Jobs 
     Creation Act of 2004, which allowed for the short term 
     repatriation of foreign earnings at a lower tax rate to 
     encourage companies to bring their overseas earnings back to 
     invest in this country during the economic downturn;
       Whereas more than $300,000,000,000 in foreign earnings was 
     returned to the United States as a result of section 422 of 
     the American Jobs Creation Act of 2004; and
       Whereas $18,000,000,000 in additional revenue was provided 
     to the United States Treasury as a result of section 422 of 
     the American Jobs Creation Act: Now, therefore, be it
       Resolved, That it is the sense of the Senate that 
     innovative proposals to create new American jobs, such as 
     repatriation, should be considered in the 112th Congress as 
     part of comprehensive tax reform.

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