Statement on FSC/ETI Corporate Tax Bill

REP. MATSUI STATEMENT ON FSC / ETI CORPORATE TAX BILL

WASHINGTON, D.C. - Rep. Robert T. Matsui (CA-05) issued the following statement after consideration of H.R. 4520, the Foreign Sales Corporation / Extra-territorial Income (FSC/ETI) bill:

"Today the House passed a flawed FSC bill that does more harm than good," said Rep. Matsui. "The Republican leadership transformed a simple task into a complex special interest giveaway. We could have simply passed legislation to bring our tax code into compliance with WTO rules, putting an end to EU sanctions, but politics soured the process. Instead, the House passed a bill fraught with targeted tax breaks and loopholes to benefit the most special of corporate interests, not the American workers whose jobs are being shipped overseas. I have long supported bipartisan legislation, the Jobs Creation Act of 2003 (H.R. 1769), that would comply with WTO standards and provide tax benefits to businesses that create jobs here in America. Unfortunately, today Congress chose to provide perks to special interests, not take action to help American workers."