[Congressional Record (Bound Edition), Volume 149 (2003), Part 4]
[House]
[Page 5119]
[From the U.S. Government Publishing Office, www.gpo.gov]




                          COME HOME TO AMERICA

  (Mr. NEAL of Massachusetts asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. NEAL of Massachusetts. Madam Speaker, today I join with a number 
of concerned shareholders to encourage Tyco to come home to America. 
Formerly a resident of New Hampshire, Tyco renounced its U.S. corporate 
citizenship in 1997 and left for Bermuda. For many of these corporate 
expatriates, the sunny climate of Bermuda is not the main draw; it is 
the lacks regulatory structure and the low taxes that lure these former 
U.S. companies to island tax havens.
  For Tyco, it has meant the ability to avoid $400 million in U.S. 
taxes. Joint Tax has estimated that if all these corporate expatriates 
were to pay their Federal income taxes again, as legislation I have 
filed would require, listen to this, we would save $4 billion in tax 
revenue.
  Certainly, as we discuss the ``shared sacrifices'' during a wartime 
economy, should these corporations not contribute as well? We are 
sending our children, men and women off to Iraqi shores, and we are 
asking these corporate patriots to go to Bermuda?
  Today, Madam Speaker, I urge shareholders to approve proposal article 
number 7, despite the opposition of Tyco's management, and, Madam 
Speaker, I urge the Republican leadership to bring up my bill, the 
Corporate Patriot Enforcement Act, so we can tell all of these 
corporate expatriates, come home to America.

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