Mr. REICHERT. Mr. Speaker, American jobs are being threatened by new proposals to tax the earnings of American employers operating in markets around the world. We cannot forget that we are in a global economy. America cannot just be a participant in this global economy, but they have to lead in this global economy. In the middle of a downturn, it makes no sense to eliminate a tax incentive like deferral that American employers need to compete in a global marketplace and create American jobs at home.
Eliminating tax incentives like deferral would send U.S. jobs overseas and almost make it impossible for us to compete with China, India and Europe. Raising taxes on the earnings of U.S. companies discourages investments at home and increases the cost of employing U.S. workers. One of the largest employers in my districts, Microsoft, said last week that raising these taxes on their foreign earnings would force them to move thousands of employees out of the United States.
Congress must help to protect, promote and create jobs at home by encouraging American employers to invest and engage in new markets.