[Congressional Record (Bound Edition), Volume 151 (2005), Part 16]
[Extensions of Remarks]
[Page 21915]
[From the U.S. Government Publishing Office, www.gpo.gov]




           PASS THE CORPORATE PATRIOT ENFORCEMENT ACT OF 2005

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                          HON. RICHARD E. NEAL

                            of massachusetts

                    in the house of representatives

                      Thursday, September 29, 2005

  Mr. NEAL of Massachusetts. Mr. Speaker, today marks the third time in 
as many Congresses that I have introduced the Corporate Patriot 
Enforcement Act. This legislation is designed to slam the door shut on 
a truly disgraceful corporate tax shelter.
  Over the years, dozens of American companies have filed papers to 
trade in their U.S. corporate citizenship for citizenship in tax haven 
countries like Bermuda. By washing their hands of their U.S. 
citizenship, they are able to stop paying taxes on their foreign 
profits, draining more than $4 billion out of U.S. coffers.
  The companies themselves don't move physically--their operations, 
their factories, and their workforce remain wherever they were before. 
They continue to earn their profits in this country. They've simply 
discovered a technicality that they can exploit to rid themselves of 
their fair share of taxes, leaving the rest of us to pay for the 
services that they consume.
  Right now, we're struggling to fight two wars and rebuild a 
hurricane-ravaged gulf coast, on the heels of five enormous tax cuts. 
The rainy day has come, but we've spent the rainy day fund. Our Nation 
has never been deeper in debt. We need to take a sober look at our 
Nation's finances, and this is an excellent place to start.
  Eventually all of us will have to sacrifice a little to pull our 
Nation through this time; we've done it before and we'll have to do it 
again. When the rest of the country is contemplating additional 
sacrifices, it's only fair to require that these wealthy corporations 
start to meet the responsibilities that they have so far succeeded at 
shirking.
  I am proud to sponsor the Corporate Patriot Enforcement Act, and I 
would urge all my colleagues to join me in supporting this important 
legislation.

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