[Congressional Record (Bound Edition), Volume 151 (2005), Part 3]
[House]
[Page 4182]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     CORPORATE TAX CUTS AND LAYOFFS

  (Mr. EMANUEL asked and was given permission to address the House for 
1 minute.)
  Mr. EMANUEL. Mr. Speaker, we are now running structural deficits on 
average of a little over $400 billion a year. In 4 short years, we have 
added $2 trillion to the Nation's debt and have a continuing plan to do 
that.
  How did we get here? Partly as a result of last year's corporate tax 
cut bill which spent $150 billion on an $8 billion problem. Today's 
Wall Street Journal reports how this legislation has led to greater job 
loss. That is an interesting economic strategy, given it intended to 
create jobs.
  For instance, Colgate-Palmolive said that while the corporate tax 
bill will allow it to repatriate half a billion dollars in profits, the 
company will actually shut down a third of its factories and lay off 
4,400 employees.
  Sun Microsystems, $1 billion in new profits during the so-called 
corporate tax ``holiday,'' will be repatriated, but plans to lay off 
3,600 employees.
  DuPont Photomasks is repatriating $24 million, but laying off 100 
employees, while expanding its Singapore factory at the same time.
  While the corporate suites enjoy the fruits of this tax cut, 
Americans are left with less jobs and more of a burden for the Nation's 
debt: $30,000 for every man, woman, and child.
  Mr. Speaker, thanks to the corporate tax cut bill, we can expect that 
share of the debt to keep growing for Americans.

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