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Mr. CROWLEY. I thank the gentleman, my friend from Michigan, for yielding me this time.
Mr. Speaker, I rise in strong opposition to this bill. There are a number of reasons to oppose this legislation.
One, this bill is not targeted towards job creation. Frankly, it is not targeted at all. It will provide 99.6 percent of all businesses with a tax break, regardless of whether or not they create one American job or not.
Two, this bill does not prevent businesses from taking a tax cut even when they lay off workers.
Three, this bill fails to help the businesses most in need, such as new businesses or start-ups. They're not eligible for any provisions in this bill.
Fourth, this bill will add billions to the deficit, which will hurt economic growth in America.
Five, and most egregiously, this bill provides companies who are in the midst of offshoring jobs with a tax break.
During committee consideration of this legislation, I offered an amendment to deny this tax deduction to any company that reduces the number of American workers and jobs while correspondingly increasing its foreign workforce. Additionally, the amendment stated if a company offshores U.S. jobs next year, after this 1-year tax expenditure expires, the funds would be recaptured or taken back by the Treasury. This is so a company cannot take the money this year and run away with American dollars and jobs next year and put them overseas.
My amendment enjoyed the support of every Democrat on the Committee of Ways and Means. Unfortunately, it was not supported by one Republican on that committee. Americans and their taxpayer dollars should not be subsidizing the destruction of American jobs.
Let me state: Democrats recognize we live in a global economy. We recognize that many of our companies need to operate internationally to remain competitive and expand their markets and market share. But Americans should not have their hard-earned tax dollars--$46 billion in this case, Mr. Speaker--taken away and used to subsidize this kind of business activity.
The SPEAKER pro tempore. The time of the gentleman has expired.
Mr. LEVIN. I yield the gentleman an additional 15 seconds.
Mr. CROWLEY. Democrats worked hard while in the majority to end the practice of incentivizing the offshoring of U.S. jobs in the Tax Code. We killed a number of perverse tax loopholes and reinvested the revenue into initiatives focused on creating U.S. jobs and assisting America's small businesses.
Defeat this bill. It is immoral. We should not be spending U.S. tax dollars in this way.
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Mr. CROWLEY. Mr. Speaker, I think it needs to be reiterated once again that the sponsor of the underlying bill, the gentleman from Virginia (Mr. Cantor), believes that we need to find pay-fors. We need to pay for it and not add to the deficit when it comes to disaster relief.
Let's put that in perspective. A hurricane hits, wipes out a town. The American government cannot go and rescue and help those people and pay
for that without finding a pay-for in order to substitute for that payment.
When tornados hit middle America and peoples' lives are destroyed, their homes are destroyed, and cities and towns are eviscerated, the Congress has to come up with pay-fors in order to help in that disaster relief, but not when it comes to a tax break for companies that will offshore American jobs.
Those tax breaks we don't have to pay for. Mr. Cantor doesn't believe you have to pay for those. But for disasters that hit America and cities and towns that are annihilated, they must be paid for. I just think that needs to be pointed out to the American people.
The Levin bill is a far superior bill. It incentivizes growth within small businesses without burdening the American taxpayer at the same time.
Whose money are we talking about? This is not the small business person's money. This is money that otherwise would be revenue to the country. This is the American taxpayer's money that we're just giving back to millionaires, hardworking Americans who work and toil every day to give a tax break to millionaires.
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