Larsen Supports Effort to Keep Jobs in U.S., Protect American Businesses from Trade Sanctions

Larsen Supports Effort to Keep Jobs in U.S., Protect American Businesses from Trade Sanctions

Washington, D.C. - U.S. Rep. Rick Larsen (WA-02) spoke out about his vote in support of an alternative to yesterday's corporate tax bill (H.R. 4520). The World Trade Organization ruled that existing export subsidies were illegal.
Subsequently, the European Union placed sanctions on U.S. exports. House leaders included a number of ad hoc tax incentives for interests such as the whaling and sonar device industries in order to help win support for their package. Larsen opposed H.R. 4250 and released the following statement regarding his support for an alternative plan:

"Congress needed to write a bill to address the World Trade Organization (WTO) complaints against U.S. subsidies for manufacturing. The WTO has given us a $4 billion problem that House leaders put together a $150 billion bill to fix. Leave it to Congress to solve a $4 billion problem by throwing $150 billion at it.

"The version I support would provide tax relief for U.S. companies to replace WTO non-compliant provisions. It would fix the problem without irresponsibly adding to the deficit, unlike the bill that passed the House which adds more than $34 billion to the deficit over the next ten years.

"The alternative I support would make sales tax deduction for Washington state taxpayers full and permanent-unlike H.R. 4520 that only gives our state's taxpayers two years of relief and would help less than half of Washington families. Our alternative would invest in our own workforce by including a provision to help U.S. companies bring income into the country at a more affordable tax rate.

"It is time for Congress to step up to the plate and make responsible and bold investments in our economy and our workforce. The bill that passed the House gave reckless and irresponsible incentives for U.S. firms to invest and create jobs overseas, not at home. It did so with a $150 billion price tag that added to the deficit.

"Right now America's manufacturing sector is at a crossroads. I call on Congress to take real steps to spur job creation by supporting innovation and technological advances to cultivate new industries and grow the economy."