[Congressional Record (Bound Edition), Volume 156 (2010), Part 11]
[House]
[Page 14801]
[From the U.S. Government Publishing Office, www.gpo.gov]




                 AMERICAN BUSINESS COMPETITIVENESS ACT

  (Mr. MAFFEI asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. MAFFEI. Mr. Speaker, our current Tax Code is riddled with 
loopholes for big multinational corporations. Many industries, 
especially those with high-paid lobbyists, get special tax breaks, many 
of which actually reward companies for sending jobs overseas.
  The Syracuse Post-Standard pointed out these breaks cost us up to 
$123 billion a year. Now, most businesses employ hardworking citizens 
and keep the economy afloat. Where are the tax breaks for them? 
Instead, they pay one of the highest tax rates, 35 percent, simply 
because they are American businesses.
  We are putting our entire business community at a competitive 
disadvantage in the worldwide market while rewarding corporations that 
build factories in China and Mexico.
  Mr. Speaker, the bill that I have introduced this week will eliminate 
the irresponsible tax loopholes that move our jobs overseas and use the 
money saved from that to lower the corporate tax rate by a third. That 
would help create millions of manufacturing jobs and other jobs here in 
America.

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