[Congressional Record (Bound Edition), Volume 155 (2009), Part 11]
[House]
[Page 14571]
[From the U.S. Government Publishing Office, www.gpo.gov]




           KEEPING AMERICA COMPETITIVE IN THE GLOBAL ECONOMY

  (Mr. REICHERT asked and was given permission to address the House for 
1 minute.)
  Mr. REICHERT. Mr. Speaker, American jobs are being threatened by new 
proposals to tax the earnings of American employers operating in 
markets around the world. We cannot forget that we are in a global 
economy. America cannot just be a participant in this global economy, 
but they have to lead in this global economy. In the middle of a 
downturn, it makes no sense to eliminate a tax incentive like deferral 
that American employers need to compete in a global marketplace and 
create American jobs at home.
  Eliminating tax incentives like deferral would send U.S. jobs 
overseas and almost make it impossible for us to compete with China, 
India and Europe. Raising taxes on the earnings of U.S. companies 
discourages investments at home and increases the cost of employing 
U.S. workers. One of the largest employers in my districts, Microsoft, 
said last week that raising these taxes on their foreign earnings would 
force them to move thousands of employees out of the United States.
  Congress must help to protect, promote and create jobs at home by 
encouraging American employers to invest and engage in new markets.

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