Today, Congressman Bill Owens voted to pass H.R. 4213, the American Jobs, Closing Tax Loopholes, and Preventing Outsourcing Act, a bill that supports millions of American jobs by ending tax loopholes for corporations that ship American jobs overseas.
"For too long, massive corporations have been rewarded for sending our jobs overseas and sticking American taxpayers with the bill," Owens said. "This legislation will save our nation billions of dollars in foreign subsidies and stop giant companies from sidestepping our current tax laws."
H.R. 4213 prevents corporations from using current U.S. foreign tax credit rules to subsidize their foreign activities, and closes a host of loopholes that allow companies to avoid paying U.S. taxes through a variety of foreign tax credit schemes. In addition to ending these loopholes, the bill also aims to build on the 573,000 jobs that have been added to the economy since December by extending tax incentives for research and development as well as the creation of new jobs.
"If we are to continue down the path to economic recovery, it is critical that we continue to provide targeted tax relief to job creators and middle-class families while ensuring corporate accountability and prevent the outsourcing of American jobs,"
Owens added. "Protecting the American taxpayer, reducing our debt, and putting the unemployed back to work is incumbent upon Congress. This bill looks to do exactly that."
The American Jobs, Closing Tax Loopholes, and Preventing Outsourcing Act also extends unemployment benefits for Americans who continue looking for work, and prevents a 21 percent cut to doctors who treat Medicare patients.
"I am pleased to see these benefits extended to those who need it the most," said Owens. "Too many hard working New York families face additional burdens during these tough economic times. As we work to create jobs in our community, extending benefits for the unemployed and ensuring that seniors continue to have access to their doctors must be top priorities."
The bill also contains key provisions that would end the Disabled Veterans Tax for all medically retired service members with less than 20 years of service. The Disabled Veteran Tax (concurrent receipt) unjustly forces disabled military retirees to give up one dollar of their pension for every dollar of disability pay. The bill ends the tax and provides full retirement and disability benefits to 77,000 of these disabled service members for two years, in anticipation of extending it to all 136,000 medically retired veterans over four years. H.R. 4213 is endorsed by the Military Officers Association of America.