[Congressional Record (Bound Edition), Volume 146 (2000), Part 12]
[House]
[Page 17666]
[From the U.S. Government Publishing Office, www.gpo.gov]



                TAX BREAK FOR MULTINATIONAL CORPORATIONS

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. Mr. Speaker, finally, today, Congress is going to push 
through a tax break that the President will rush to sign, not veto. Is 
it education credits, child care credits? No. A compromise on the 
marriage penalty or estate tax relief? No. How about how the other side 
loves to talk about tax breaks for small business. Will it go to small 
business? No. It is a tax break designed only for the largest 
multinational corporations operating in the United States. It will not 
produce a single American job, but it will cost American taxpayers $5 
billion to $6 billion.
  Over the next decade, $750 million to GE, $686 million to Boeing. It 
will double the tax break for arms exporters. It will give a generous 
tax break to tobacco exporters, and it will give a tax break to the 
pharmaceutical companies to sell even more of their drugs at prices 
lower than that that they offer to U.S. citizens subsidized by the U.S. 
taxpayers.
  Mr. Speaker, this is outrageous. It will also go to foreign companies 
operating in the U.S.: BP, BASF, Daimler-Benz. Why are we rushing a $5 
billion tax break to these companies when Americans are still waiting?

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