Pass the Corporate Patriot Enforcement Act of 2005

PASS THE CORPORATE PATRIOT ENFORCEMENT ACT OF 2005 -- (Extensions of Remarks - September 29, 2005)

* Mr. NEAL of Massachusetts. Mr. Speaker, today marks the third time in as many Congresses that I have introduced the Corporate Patriot Enforcement Act. This legislation is designed to slam the door shut on a truly disgraceful corporate tax shelter.

* Over the years, dozens of American companies have filed papers to trade in their U.S. corporate citizenship for citizenship in tax haven countries like Bermuda. By washing their hands of their U.S. citizenship, they are able to stop paying taxes on their foreign profits, draining more than $4 billion out of U.S. coffers.

* The companies themselves don't move physically--their operations, their factories, and their workforce remain wherever they were before. They continue to earn their profits in this country. They've simply discovered a technicality that they can exploit to rid themselves of their fair share of taxes, leaving the rest of us to pay for the services that they consume.

* Right now, we're struggling to fight two wars and rebuild a hurricane-ravaged gulf coast, on the heels of five enormous tax cuts. The rainy day has come, but we've spent the rainy day fund. Our Nation has never been deeper in debt. We need to take a sober look at our Nation's finances, and this is an excellent place to start.

* Eventually all of us will have to sacrifice a little to pull our Nation through this time; we've done it before and we'll have to do it again. When the rest of the country is contemplating additional sacrifices, it's only fair to require that these wealthy corporations start to meet the responsibilities that they have so far succeeded at shirking.

* I am proud to sponsor the Corporate Patriot Enforcement Act, and I would urge all my colleagues to join me in supporting this important legislation.

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