Rep. Doggett Responds to Chairman Camp's Tax Proposal: "A Territorial System Would Export American Jobs to Another Country's Territory"

Statement

Today, U.S. Rep. Lloyd Doggett, senior member of the House Ways and Means Committee, issued the following statement in response to Chairman Dave Camp's (R-MI) legislation that would change how the United States taxes overseas profits of U.S. companies into a territorial tax system. Rep. Doggett has been a vocal advocate for closing tax loopholes that allow large corporations to avoid paying their fair share. He has previously introduced the Stop Tax Haven Abuse Act, which would curb abuses of the international tax laws that cost taxpayers tens of billions of dollars a year.

"While Halloween approaches, no matter how you dress up this proposal, a territorial tax system is about shipping more jobs and profits to another country's territory. It encourages U.S. multinational corporations to expand abroad rather than at home. Multinationals would be asked to contribute even less to paying for our national security and reducing our budget deficit, while shifting even more of the tax burden to small businesses and individual families. The last tax holiday giveaway in 2004 failed to create jobs; this costly approach will actually eliminate jobs. Instead, we should be closing tax loopholes asking the corporation that owns the boardroom to pay at lest the tax rate of the person who cleans the boardroom." said Rep. Doggett.

Source