[Congressional Record (Bound Edition), Volume 150 (2004), Part 17]
[Extensions of Remarks]
[Pages 23462-23463]
[From the U.S. Government Publishing Office, www.gpo.gov]




 CONFERENCE REPORT ON H.R. 4520, THE AMERICAN JOBS CREATION ACT OF 2004

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                               speech of

                           HON. ANNA G. ESHOO

                             of california

                    in the house of representatives

                       Thursday, October 7, 2004

  Ms. ESHOO. Mr. Speaker, it is with great disappointment that I rise 
in opposition to this

[[Page 23463]]

Conference Report. I opposed the House version of this bill in June and 
hoped that what would come out of the Conference Committee would be an 
improvement. Instead, what we see before us is much worse.
  I wish I could support this legislation because it does contain some 
worthwhile reforms that will benefit the economy and eliminate harmful 
tariffs. Some of the provisions included in this legislation would 
greatly benefit businesses within my district. I strongly support the 
inclusion of incentives for corporations to repatriate their overseas 
profits which would stimulate the investment of hundreds of millions of 
dollars in our domestic economy and, in fact, worked hard to get this 
provision in the bill. I cannot support a $140 billion grab-bag of 
special interest handouts to solve a $4 billion problem.
  We had a simple job to do: to repeal the current export subsidy that 
led the World Trade Organization (WTO) to authorize tariffs against 
American goods. Rather than using this bill to bring the United States 
back into compliance with the WTO, it's become a Christmas tree for pet 
projects all over the country. Included in this legislation are 
handouts for tobacco growers, tackle box manufacturers, bow and arrow 
manufacturers, importers of ceiling fans, and even NASCAR race tracks.
  What's worse is that this legislation does nothing to protect jobs 
here at home. Instead, it encourages them to be out-sourced. Despite 
the fact that we've lost 1.7 million jobs since this Administration 
took office, the Conference Report includes 24 separate provisions that 
actually encourage shipping more of our jobs overseas at a cost of $42 
billion. The Senate-passed version of this bill included a provision 
that would have closed offshore tax shelters established for the sole 
purpose of avoiding U.S. taxes. This Conference Report re-opens them, 
leaving the American taxpayer to foot the bill.
  I urge my colleagues on both sides of the aisle to oppose this 
legislation. It is not the right prescription for what ails us.

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