Conference Report on H.R. 4520, American Jobs Creation Act of 2004

CONFERENCE REPORT ON H.R. 4520, AMERICAN JOBS CREATION ACT OF 2004 -- (Extensions of Remarks - October 11, 2004)

Ms. SCHAKOWSKY. Mr. Speaker, I rise today in opposition to H.R. 4520, the so-called American Jobs Creation Act, because it is just another example of the Republicans' seriously misplaced priorities. Instead of closing corporate tax loopholes to fund housing, education, and veterans' programs, the Republicans decided to give 276 new tax breaks in industries from oil and gas corporations to tackle boxes and ceiling fans makers. Instead of encouraging companies to create jobs in the U.S., the Republicans chose to reward companies that export jobs overseas. Instead of helping six million working families make ends meet, the Republicans decided to strip the overtime protections in the Senate bill and erode the 40-hour work week. Instead of regulating tobacco, a drug that kills 400,000 people every year, the Republicans gave tobacco companies a bail out. It seems the Republicans are interested in helping big businesses avoid paying their fair share of taxes and subsidizing the tobacco industry, even if it is at the expense of American workers and families.

The Republicans rammed through those corporate taxes cuts, although corporate taxes a Government Accountability Office recently revealed that over 60-percent of large corporations do not pay any taxes. In fact, a recent study of 275 of the Fortune 500 companies revealed that those companies alone have avoided paying over $175.2 billion in owed taxes.

The Republicans claim the tax cuts for corporations in H.R. 4520 will not add to the largest deficit our country has ever faced. However, a study by the Center for Budget and Policy Priorities reveals that once all their cost-hiding gimmicks are stripped away, this bill will put us at least $80 billion more in debt than we are today. The increase in debt will mean more cuts to vital programs, such as children's health care and homeland security. This new round of tax cuts is a continuation of the failed Bush economic policies that turned a federal surplus into deficit. We do not need more of the same, we need a new direction.

We have lost a net total of over one million jobs since President Bush took office. With the passage of H.R. 4520, we are at risk of losing even more American jobs. H.R. 4520 adds even more incentives for corporations to ship jobs overseas. But, not only are Republicans intent on aggravating our already dismal jobs picture, they are also acting to severely undermine the quality of jobs that do stay in our country.

The few new jobs that have been created in the past few months pay an average of $9,000 less than the jobs they are replacing and many lack affordable health benefits. Yet, the Republican conferees rejected a Senate provision in H.R. 4520 that would have restored six million workers' right to overtime that the Administration took away earlier this year. The Republicans have total disregard for the fact that costs for basic necessities, like health care and energy, have skyrocketed and that families must make do with much less income.

What H.R. 4520 did include was a $10 billion bail out for the Big Tobacco-that is equal to the tobacco industry's advertising budgets for one year. In another win for the tobacco industry, the Republicans refused to include the Senate to allow the Federal Drug Administration to regulate tobacco products. According to recent statistics, more than 400,000 people die each year from tobacco-related diseases and, if action is not taken, more than five million children living today will ultimately die as a result. We cannot afford this loss of life or the $89 billion in annual public and private health care costs attributable to tobacco. The passage of H.R. 4520 shows that not only do the Republicans have complete disregard for our fiscal health, but our children's physical health as well.

H.R. 4520 is a shameful bill that will make millions of Americans pay through cuts to vital programs, like health care for children and heating assistance for seniors, cuts to U.S. jobs, and cuts to workers' protections in order to subsidize big business and special interests.