For Immediate Release

Organization Profile: 

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
at the
15 percent capital gains rate, which is the current practice.

Statement from Nicole
, Tax Reform Analyst for U.S.
Public Interest Research Group

"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
misinformation and
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
swarmed the

"Now the Senate has a
critical decision
to make: it can stand with taxpayers or it can shirk its responsibility.

"It's hard to imagine
anyone campaigning
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
anxious to
see whose side the Senate is on and what story they want to tell the

to read U.S. PIRG's "Who Slows the Pace of Tax Reforms?" report
on the
corporations lobbying against tax reforms.

to read U.S.
PIRG's "First Trillion" report on reducing the deficit and debt.

for Nicole Tichon's "In the Public Interest" column in The
Post on the carried interest loophole.

Read U.S.
PIRG's letter
to Chairman Max Baucus (D-MT) and Ranking Member Charles
(R-IA) encouraging them to keep the "carried interest" provision in the



This is the world we live in. This is the world we cover.

Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Won't Exist.

Please select a donation method:

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.

Share This Article