    [Public Papers of the Presidents of the United States: George W. Bush (2004, Book I)]
    [March 1, 2004]
    [Page 289]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement Calling for Congressional Action on Foreign Sales
    Corporations/Extraterritorial Income Legislation
    March 1, 2004

        I urge Congress to take up and pass FSC/ETI legislation that reforms
    the Tax Code, removes the underlying reason for the tariffs that have
    been imposed today on American exports, and further advances the
    competitiveness of American manufacturers and job creators. Over the
    past 3 years, my administration has worked with Congress to further
    increase the ability of American companies to succeed in the worldwide
    economy, laying the foundation for increased growth and job creation. If
    we don't act to replace the current FSC/ETI provisions in the Tax Code,
    the tariffs that have been imposed today will, over the next year,
    impose an increasing burden on American exporters, their workers, and
    the overall economy. To support the continued strengthening of our
    economy and to create more jobs, the Congress should act now to end the
    threat of these tariffs and promote the competitiveness of American
    manufacturers and other job-creating sectors of the U.S. economy.