Today Congressman Frank Pallone, Jr. (NJ-06) voted in support of the American Jobs and Closing Tax Loopholes Act which passed in the House Friday. The legislation will close tax loopholes in effect preventing corporations from shipping jobs overseas as well as help to create or save more than one million American jobs. By closing tax loopholes and enforcing corporate accountability, more jobs will remain and be created in New Jersey rather than by companies that create jobs offshore and avoid U.S. taxation.
"We have to keep jobs in New Jersey and this legislation promotes that effort by eliminating any remaining incentives companies might have to send jobs overseas - it's time for U.S. companies to stop gaming the system," said Pallone. "Our action today on this legislation makes significant progress in holding Wall Street and big business accountable to the American taxpayers. Aside from that, this bill creates thousands of jobs in New Jersey."
Additionally, Wall Street investment fund managers will be forced to pay a fair tax on their income. Wealthy investment fund managers will pay taxes on income they receive for providing investment management services just like every other American who works for a living is required to pay income taxes on their service income.
Several provisions in the legislation will create jobs by extending tax incentives for American research and development, restore credit flow to small businesses to who hire new workers, continue the use of Build America Bonds, and provide resources for young people as they search for summer jobs.
The tax benefits to middle class Americans -- property tax relief, state and local sales tax deductions, and college tuition deductions -- are paid for by closing the tax loopholes that big businesses have exploited. The bill also promotes corporate accountability for the oil industry, boosting the amount oil companies must pay into the Oil Spill Liability Trust Fund -- so taxpayers are never stuck with the bill for the risky practices of the industry.