For Immediate Release
Nicole Tichon, Tax and Budget Reform Advocate
Office: 202-546-9707 X 37
House Passes Legislation to Close Tax Loopholes and Keep Jobs in the U.S.
Friday, the House of Representatives passed the "American Jobs
Closing Tax Loopholes Act," by a vote of 215
- 204. The Act, voted on in two parts, will curtail
tax avoidance by multi-national corporations and lessen the incentive to
jobs overseas. The
Act also taxes the income of investment fund managers as income and not
15 percent capital gains rate, which is the current practice.
"These tax reforms
couldn't come at a
more important or more appropriate time. This bill ends the practice of
subsidizing Wall Street gamblers who get a tax break for getting up in
morning and doing their jobs. It changes a system that rewards
that move jobs and profits offshore. These are simple, common sense ways
simultaneously make the tax system more fair and help restore fiscal
"Corporations and fund
managers want all
the benefits of doing business here in the United States and all the
of government support and contracts, but few of the responsibilities.
no real justification for these loopholes. There's only been
scare tactics from those who want to protect billionaires and companies
outsource American jobs.
"We applaud those
Members of Congress who
stood up to some of the most powerful special interests that have
"Now the Senate has a
to make: it can stand with taxpayers or it can shirk its responsibility.
"It's hard to imagine
on protecting hedge fund managers, Wall Street banks and companies that
jobs and profits overseas. It's hard to imagine telling constituents
somehow they should continue to subsidize these industries. We're
see whose side the Senate is on and what story they want to tell the
here to read U.S. PIRG's "Who Slows the Pace of Tax Reforms?" report
corporations lobbying against tax reforms.
here to read U.S.
PIRG's "First Trillion" report on reducing the deficit and debt.
here for Nicole Tichon's "In the Public Interest" column in The
Post on the carried interest loophole.
(PDF) to Chairman Max Baucus (D-MT) and Ranking Member Charles
(R-IA) encouraging them to keep the "carried interest" provision in the
U.S. PIRG, the federation of state Public Interest Research Groups (PIRGs), stands up to powerful special interests on behalf of the American public, working to win concrete results for our health and our well-being. With a strong network of researchers, advocates, organizers and students in state capitols across the country, we take on the special interests on issues, such as product safety,political corruption, prescription drugs and voting rights,where these interests stand in the way of reform and progress.