House Passes Bill to Create American Jobs, Cut Taxes, and Close Loopholes that Encourage Companies to Invest Overseas

Press Release

Today, the House of Representatives passed H.R. 4213, the American Jobs and Closing Tax Loopholes Act, legislation that would provide vital tax cuts and support for American workers while also investing in American jobs through tax relief for businesses and investments in infrastructure.

"This is a jobs bill," said Ways and Means Committee Chairman Sander M. Levin (D-MI). "It will create more jobs and help sustain the recent job creation and recovery we have seen in recent months. This bill spurs job creation through tax cuts and loan relief to small businesses, as well as bond provisions to fund infrastructure improvements in our cities and towns. This bill provides more than $26 billion in tax relief for families and incentives for businesses and infrastructure improvements to create jobs. We pay for these investments in families and businesses by closing loopholes that encourage companies to ship jobs overseas."

"I ask my Republican colleagues, many of whom have tens, if not hundreds of thousands of unemployed workers in their districts, whose side are you on? Republicans raised the deficit by trillions of dollars to fund tax cuts for the wealthiest among us, and now that we need to assist struggling families, they say we do not have the resources. That is simply unconscionable. Those who vote no are saying no to millions of Americans who lost their jobs through no fault of their own and continue looking for work, and no to tax relief for families and businesses to create the jobs necessary to move our economy forward."

Provisions included in the legislation would:

* Provide tax relief to businesses and State and local governments to help them invest and create jobs;
* Provide important tax cuts to put money back in the pockets of working families;
* Help restore the flow of credit to enable small businesses to expand and hire new workers by extending small business loan programs;
* Expand career training programs for Americans who are looking for work;
* Extend eligibility for unemployment insurance benefits for workers who have lost their jobs through no fault of their own;
* Ensure that seniors, military service members and Americans with disabilities continue to have access to doctors they know and trust; and
* Close tax loopholes for wealthy investment fund managers and foreign operations of multi-national companies.

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