Rep. Bill Foster (IL-14) yesterday voted for legislation that closes a loophole allowing U.S. corporations and executives to avoid U.S. taxes by shipping jobs and investment overseas, providing for an investment in clean and renewable energy here in America.
"Creating common-sense solutions, like closing tax loopholes to invest in renewable energy, is why I came to Washington," Foster said. "I am pleased to have voted for legislation that will stop U.S. corporations from using offshore tax shelters to evade their taxes."
H.R. 6049, the Renewable Energy and Job Creation Act, stops hedge fund managers and corporate CEOs from evading income taxes by using offshore tax shelters, while middle-class families play by the rules and pay their fair share of taxes. The bill would immediately tax the deferred compensation of executives and employees of U.S. corporations that have been hiding income offshore.
The money collected from closing the tax loophole will be invested in renewable energy. By making the domestic development of clean, renewable energy a priority, the United States can promote its energy independence, lessening our dependence on foreign oil.
"At the eight sessions of Congress on Your Corner that I have held since being elected, dozens of families have shared with me their anger and concern over rising gas prices - not that they are worried about losing their tax shelters," Foster said. "I share their outrage and I am fighting on their behalf in Washington to lower these atrocious gas prices."
H.R. 6049 extends and expands tax incentives for renewable energy, retains and creates hundreds of thousands of green jobs and spurs American innovation and business investment.