Closing Corporate Tax Loopholes

Floor Speech

Mr. GARAMENDI. Mr. Speaker, for my colleagues' information, before this week is over, we will be voting on jobs for America and cutting corporate tax loopholes that are sending jobs offshore.

In the final days of the Bush administration, they asked for $700 billion to bail out the financial industry; 81 percent of that money went to the large Wall Street banks who managed, in the next year, to reduce their loans to small businesses, while just a small percentage of it went to local community banks who actually increased their loans to small businesses.

There's something to be learned here. The act that we'll be voting on, H.R. 4213, closes those tax loopholes, taxes the Wall Street barons that have ripped off our money, and brings jobs to America through several different programs; 250,000 summer jobs, R&D tax credits, other programs to encourage small businesses.

We should, with the support of the Republicans, pass H.R. 4213, the American jobs and tax loophole closing programs.

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