The Importance of Repatriation

Statement

By:  Tim Scott
Date: Oct. 20, 2011
Location: Washington, DC

One of the most important issues we face as members of Congress today, and as a nation frankly, is the issue of creating jobs. We have asked ourselves "how do we work in a bipartisan way to create jobs here in America."

Perhaps the best way for us to do that without increasing taxes is to look at the opportunity presented to us by repatriation. Repatriation simply permits businesses to bring profits made from oversees back to America. Those profits could create, on a permanent basis, 3 million jobs without a single increase in taxes. As a matter of fact, even a temporary repatriation, allowing those profits to come back for a year or two, could create up to 1.5 million new jobs and at the same time bring in 36 billion dollars of new revenue to the treasury.

We here in Congress understand one thing, particularly on the Republican side. What we understand is that the government cannot create jobs. But we can empower job creators to bring back the resources necessary to invest in capital equipment, to create jobs, and to fund the whole notion of the American Dream based on a capitalist society - and that means making a profit. If we can do that, we find ourselves in a strong position to say to the American people, in a bipartisan fashion, that we are working to create jobs so the 14 million Americans who are looking for opportunities can go back to work. I believe that if we tell American companies that now is the time and America is the place to create a profit, that with a long term, predictable environment, THEY will make the decision to create more jobs because the government cannot create jobs.