[Congressional Record (Bound Edition), Volume 156 (2010), Part 7]
[House]
[Page 9260]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    CLOSING CORPORATE TAX LOOPHOLES

  (Mr. GARAMENDI asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. GARAMENDI. Mr. Speaker, for my colleagues' information, before 
this week is over, we will be voting on jobs for America and cutting 
corporate tax loopholes that are sending jobs offshore.
  In the final days of the Bush administration, they asked for $700 
billion to bail out the financial industry; 81 percent of that money 
went to the large Wall Street banks who managed, in the next year, to 
reduce their loans to small businesses, while just a small percentage 
of it went to local community banks who actually increased their loans 
to small businesses.
  There's something to be learned here. The act that we'll be voting 
on, H.R. 4213, closes those tax loopholes, taxes the Wall Street barons 
that have ripped off our money, and brings jobs to America through 
several different programs; 250,000 summer jobs, R&D tax credits, other 
programs to encourage small businesses.
  We should, with the support of the Republicans, pass H.R. 4213, the 
American jobs and tax loophole closing programs.

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