Congresswoman Carol Shea-Porter today voted for the American Jobs & Closing Tax Loopholes Act. This legislation will help create summer jobs, cut taxes, and close tax loopholes for companies that ship jobs overseas. It includes property tax credits, state and local sales tax deductions, and college tuition deductions. In addition, this bill increases the amount oil companies must pay into the Oil Spill Liability Trust Fund so taxpayers are not held accountable for instances such as recent the oil spill in the Gulf of Mexico.
"Some of the highlights of this legislation include ending tax breaks to companies that take American jobs overseas, making Wall Street investment fund managers pay a fair tax, and giving college tuition deductions to working class families," said Congresswoman Shea-Porter.
The American Jobs and Closing Tax Loopholes Act will help create jobs by:
* restoring credit to small businesses,
* extending tax incentives for American R&D and energy,
* rebuilding American infrastructure,
* expanding summer jobs for young people, and
* providing tax relief for middle class American families.
The bill also closes tax loopholes and enforces corporate accountability by:
* preventing corporations from shipping jobs overseas & sticking American taxpayers with the bill,
* making Wall Street investment fund billionaires pay a fair tax on their income, and
* making the oil industry pay to ensure sufficient funds to clean up the Gulf of Mexico oil spill.