Congressman Kenny Marchant (TX-24) issued the following statement today on repatriation, a concept supported by the U.S. Conference of Mayors in their jobs agenda released Friday, as one way to promote job creation.
"It's time for government to get out of the way and allow American businesses to create jobs here at home. One of the best ways to promote job creation is through repatriation. The current tax code disincentivizes companies from bringing their foreign profit back into the United States. Repatriation would allow companies to bring that money back and invest in American jobs now at no cost to taxpayers.
"With over $1 trillion in cash sitting overseas, it's high time we encourage companies to bring their profit home for the benefit of American workers and to boost the struggling economy. That is why I have been a leader on the issue of repatriation and strongly support the Freedom to Invest Act.
"The President is set to talk about his plan for job creation Thursday evening. A serious discussion about how to turn around the economy cannot happen without strong consideration for a repatriation tax holiday. A U.S. Chamber of Commerce study says we can expect the private sector to create nearly 3 million jobs because of repatriation. We cannot continue to ignore the proven methods that work. Repatriation promises the type of economic growth we have not seen since President Obama took office."