Mr. MAFFEI. Mr. Speaker, our current Tax Code is riddled with loopholes for big multinational corporations. Many industries, especially those with high-paid lobbyists, get special tax breaks, many of which actually reward companies for sending jobs overseas.
The Syracuse Post-Standard pointed out these breaks cost us up to $123 billion a year. Now, most businesses employ hardworking citizens and keep the economy afloat. Where are the tax breaks for them? Instead, they pay one of the highest tax rates, 35 percent, simply because they are American businesses.
We are putting our entire business community at a competitive disadvantage in the worldwide market while rewarding corporations that build factories in China and Mexico.
Mr. Speaker, the bill that I have introduced this week will eliminate the irresponsible tax loopholes that move our jobs overseas and use the money saved from that to lower the corporate tax rate by a third. That would help create millions of manufacturing jobs and other jobs here in America.