[Congressional Record (Bound Edition), Volume 156 (2010), Part 8]
[Extensions of Remarks]
[Pages 10762-10763]
[From the U.S. Government Publishing Office, www.gpo.gov]




  AMERICAN JOBS, CLOSING TAX LOOPHOLES AND PREVENTING OUTSOURCING ACT

                                 ______
                                 

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                         Tuesday, June 15, 2010

  Ms. McCOLLUM. Madam Speaker, I rise today in support of H.R. 4213, 
the American Jobs, Closing Tax Loopholes and Preventing Outsourcing 
Act. This legislation accelerates our economic recovery by creating or 
saving over 1 million jobs and by providing emergency aid to American 
families.
  Our economic recovery is thankfully underway. The private sector is 
working again. Jobs are being added. The task before Congress is 
finding the right balance between addressing the federal budget 
deficits and debt and supporting American families still struggling 
with the lingering effects of the recession.

[[Page 10763]]

  This bill is a life-preserver for the millions of Americans who are 
still looking for work. For our youth experiencing record-high 
unemployment and looking for work this summer, this bill allocates 
funding that will support 350,000 jobs. It also provides emergency 
funding for a much-needed unemployment insurance extension through the 
end of November 2010. In addition to assisting those Americans hardest 
hit by the recession, these resources will stimulate the economy--every 
$1 spent in unemployment benefits generates at least $1.63 in economic 
activity. H.R. 4213 also addresses a major concern for seniors by 
preventing pay cuts that could discourage doctors from seeing Medicare 
patients.
  H.R. 4213 also makes long-term investments to support economic growth 
by extending tax incentives for research and development and American-
made clean energy. This legislation will save and create jobs through 
Build America Bonds and Recovery Zone Bonds while rebuilding American 
infrastructure. This bill restores credit to small businesses and 
provides tax relief to middle class families, who are experiencing the 
lowest taxes in 60 years.
  The many investments are fully offset by closing tax loopholes, 
ensuring that Wall Street investment fund managers paid their fair 
share of taxes on their income and ensuring that corporations stop 
abusing the foreign tax credit by shipping American jobs overseas. This 
legislation also begins to hold oil corporations accountable by 
increasing the fees they pay to the Oil Spill Liability Trust Fund. 
Most importantly, the entire bill complies with statutory pay-as-you-
go.
  Let me be clear. Our economy will recover and thrive again--we are on 
the right path--but until we reach a full and vibrant recovery, we have 
a responsibility to extend the safety-net of unemployment benefits for 
the millions out of work while we enact measures to create jobs. For 
all these reasons, I urge my colleagues to support this legislation and 
create American jobs, close tax loopholes, and prevent outsourcing.

                          ____________________