|Monday, July 16, 2012|
The Romney Plan for Jobs…in Other Countries
We already know that Mitt Romney shipped American jobs overseas to countries like India, China, and Mexico while stashing millions of dollars in overseas tax havens like Bermuda, the Cayman Islands, and Switzerland. Now he wants American companies to follow his lead.
Let’s take a closer look at Romney’s plan to encourage outsourcing and tax dodging.
WHAT IT DOES:
- Protects tax breaks for companies that ship American jobs overseas
- Permanently eliminates U.S. tax on the “foreign” profits of U.S. corporations, many of which are only “foreign” because of accounting gimmicks and other tricks
WHY THAT’S BAD FOR AMERICA — ESPECIALLY AMERICAN WORKERS:
Romney’s proposed exemption for foreign profits would exacerbate the worst features of our current tax system. It would:
- Enhance the tax code’s rewards for moving jobs and investments overseas
- Provide a gratuitous windfall to some of the very companies that have already shifted jobs and profits overseas
- Further invite the offshore tax haven abuse that deprives the U.S. Treasury of tens of billions of dollars in revenue every year
WHAT’S THE IMPACT:
By further incentivizing the offshoring of American jobs and abuse of foreign tax havens, the Romney plan would:
- Create 800,000 jobs — in other countries, including 73,000 in China, 37,000 in France, and 26,000 in India
- Give corporations a $130 BILLION handout at the expense of American taxpayers
WHAT WE COULD DO INSTEAD:
President Obama has a very different plan. He would:
- End tax breaks for companies that ship American jobs overseas
- Provide incentives for companies to bring jobs back to America
- Implement a global minimum tax for corporations to make sure they don’t game the system to avoid pay their fair share
For more details on Romney’s plan to encourage companies to ship American jobs overseas and abuse foreign tax shelters, check out a new report released today by the Center for American Progress Action Fund.
IN ONE SENTENCE: Instead of encouraging companies to bring jobs back to America, Mitt Romney wants American workers to pay to ship their own jobs overseas.
Evening Brief: Important Stories That You May Have Missed
The latest attack on Obama from the Romney campaign immediately boomeranged back onto Romney, thanks to his penchant for secrecy.
Seven Tea Party freshman in the House spent more than $100,000 in taxpayer money on personal cars.
Romney wants to end a crucial tax break for wind energy — something that will kill thousands of jobs.
Do you own a dancing ballet horse that flies on private jets? The Romneys do.
A woman close to George Zimmerman claims he molested her.
Democrats are not blinking in the fiscal fight with Republicans.
More and more top Republicans are calling on Romney to release his tax returns.
Other recent Progress Reports
Jul 13, 2012: Republicans Are Getting Nervous About Mitt Romney
Republicans Agree That Mitt Romney Needs to Come Clean It’s not just people on the left who are concerned about Mitt Romney’s outsourcing of American jobs at Bain Capital, his shady foreign finances, and what’s hidden in his tax returns. Some Republicans also agree that his record is fair game and that Romney needs to [...]
Jul 12, 2012: Who Exactly is Mitt Romney Lying to?
It’s Time for Mitt Romney to Come Clean An explosive report in today’s Boston Globe has raised even more questions about Mitt Romney’s record at Bain Capital and what he’s hiding in his tax returns. Here’s the rundown. WHAT MITT ROMNEY SAYS: He says left Bain Capital in February 1999 to go run the Olympics [...]
Jul 11, 2012: The GOP Just Won’t Get Over It
31st Time the Charm? Nope. Republicans refuse to get over the fact that they flat out lost the fight over health care — first in Congress, then at the Supreme Court. They just won’t move on to other things like, say, jobs and the economy. This bizarre obsession with health care played out once again [...]
Jul 10, 2012: Paris Hilton is NOT a Job Creator
Middle Class Workers Are the Real Job Creators As we discussed yesterday, Republicans always falsely claim that we can’t raise taxes on the wealthy because they are the “job creators.” In addition to the fact that the Bush tax cuts for the wealthy did not and will not create jobs, cutting edge new economic research confirms what [...]
President Obama Signs Transportation, Student Loan Bill Friday, July 6, 2012 Washington, DC
President Obama signed HR 4348, the bill passed by Congress on the last day before the 4th of July recess, which includes the transportation and student loan interest rate bills.
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the Senate Convenes: 10:00amET July 17, 2012
- Following the prayer and pledge, the Majority Leader will be recognized.
- The time until 12:30pm will be equally divided and controlled between the two Leaders or their designees with the Republicans controlling the first 30 minutes and the Majority controlling the second 30 minutes.
- The Senate will recess from 12:30pm until 2:15pm to allow for the weekly caucus meetings.
- Additionally, the time from 2:15pm until 3:00pm will be equally divided and controlled between the two Leaders or the designees.
- At 3:00pm, there will be a roll call vote on the motion to invoke cloture on the motion to proceed to S.3369, the DISCLOSE Act, upon reconsideration.
did you know that our members of Congress will take a … State Work Period August 6 -September 7, 2012
By unanimous consent, the Senate passed H.R.205, HEARTH Act of 2012, Helping Expedite and Advance Responsible Tribal Home ownership Act of 2011.
3:04pm The Senate began a roll call vote on the motion to invoke cloture on the motion to proceed to S.3369, DISCLOSE Act, upon reconsideration; Not Invoked: 53-45
Senator Reid moved to proceed to Calendar #442, S.3364, the Bring Jobs Home Act, and filed cloture on the motion to proceed. Unless an agreement can be reached, the cloture vote will occur at a time to be determined on Thursday
ROLL CALL VOTES
1) Motion to invoke cloture on the motion to proceed to S.3369, the DISCLOSE Act, upon reconsideration; Not Invoked: 53-45
Discharged the Indian Affairs Committee and passed H.R.205, the Helping Expedite and Advance Tribal Home ownership (HEARTH) Act of 2011.
Discharged the Judiciary Committee and adopted S.Res.483, commending efforts to promote and enhance public safety on the need for yellow corrugated stainless steel tubing bonding.
Began the Rule 14 process of S.3393, the Middle Class Tax Cut Act. (Reid)
No EXECUTIVE ITEMS
The next meeting in the House is scheduled for 12:00 p.m. on July 17, 2012.
2:12:23 P.M. – The Speaker announced that the House do now recess. The next meeting is subject to the call of the Chair.
|12:00:00 P.M.||The House convened, starting a new legislative day.|
|12:00:22 P.M.||The Speaker designated the Honorable John Abney Culberson to act as Speaker pro tempore for today.|
|12:00:51 P.M.||MORNING-HOUR DEBATE – The House proceeded with Morning-Hour Debate. At the conclusion of Morning-Hour, the House will recess until 2:00 p.m. for the start of legislative business.|
|12:01:05 P.M.||The House received a message from the Clerk. Pursuant to the permission granted in Clause 2(h) of Rule II of the Rules of the U.S. House of Representatives, the Clerk notified the House that she had received the following message from the Secretary of the Senate on July 16, 2012 at 2:12 p.m.: That the Senate passed H.R. 2527, with an amendment.|
|12:01:58 P.M.||The Speaker announced that the House do now recess. The next meeting is scheduled for 2:00 P.M. today.|
|2:00:04 P.M.||The House convened, returning from a recess continuing the legislative day of July 17.|
|2:00:25 P.M.||Today’s prayer was offered by the House Chaplain, Rev. Patrick J. Conroy.|
|2:01:40 P.M.||The Speaker announced approval of the Journal. Pursuant to clause 1, rule I, the Journal stands approved.|
|2:01:43 P.M.||PLEDGE OF ALLEGIANCE – The Chair designated Mr. Burgess to lead the Members in reciting the Pledge of Allegiance to the Flag.|
|2:02:13 P.M.||ONE MINUTE SPEECHES – The House proceeded with one minute speeches.|
|2:10:48 P.M.||The Speaker laid before the House a message from the President transmitting a notice stating that the national emergency and related measures dealing with the former Liberian regime of Charles Taylor are to continue in effect beyond July 22, 2012. – referred to the Committee on Foreign Affairs and ordered to be printed (H. Doc. 112-124).|
|2:12:23 P.M.||The Speaker announced that the House do now recess. The next meeting is subject to the call of the Chair.