AMENDMENTS -- (House of Representatives - June 17, 2004)
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Mr. RYAN of Wisconsin. Mr. Speaker, let us look at what this bill is all about. What we do when our companies go overseas to compete, to sell goods and services, to create jobs here at home and sell overseas, they pay two taxes. Our foreign competitor countries pay one tax. When an American company sells a good and service overseas, they pay the U.S. tax and the foreign country tax at the same time. When our foreign competitors compete against us, they pay one tax. We are double taxing American jobs and American operations overseas.
So in replacing this current tax policy we have which goes to ½ of 1 percent of American manufacturers, we are giving a tax rate reduction for all American manufacturing corporations on what they produce in America, and we are removing this double tax so when we operate overseas by selling goods and services overseas to create jobs here at home, we are not tying one hand behind our backs.
We are pushing jobs overseas with the American Tax Code we have today, and this bill corrects that problem. This protects jobs, and this is a good bill that has to pass because we have to get rid of these tariffs. I urge adoption of this legislation.