[Congressional Record Volume 163, Number 188 (Thursday, November 16, 2017)]
[House]
[Pages H9415-H9416]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    FIGHTING FOR AMERICAN BUSINESSES

  (Mr. BUDD asked and was given permission to address the House for 1 
minute.)
  Mr. BUDD. Mr. Speaker, the House just only moments ago passed 
historic

[[Page H9416]]

tax reform. I am proud to have supported it.
  In conference, we will have the opportunity to improve the bill. 
There is one issue I would like to raise for them: closing the Bermuda 
loophole.
  Basically, how it works is that a company located in Bermuda strips 
revenue out of its U.S. branch and then invests that revenue under 
Bermuda tax law, meaning the company pays virtually nothing in taxes on 
that income. It as crippling advantage.
  Companies that stay in America are getting killed. We have had two 
massive inversions in 2 years to Bermuda and Switzerland. The number of 
foreign property casualty insurers in the top 25 has increased 
sevenfold since 1990.
  Closing this loophole is in the Senate bill, and it was in the last 
tax reform proposal. It also raises $8.7 billion in revenue. That is in 
addition to the countless jobs and proud American businesses that it 
would save.
  We can't have a Tax Code that destroys American business. We have got 
to close this loophole.

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