Senator Harkin Likes Farm Bill Tax Increase, Too

By July 31, 2007Taxation

Senator Tom Harkin, chairman of the Senate Agriculture Committee, is signing off on the multibillion-dollar tax increases included in the House-passed version of the farm bill reauthorization, jobs-killing plans that will discourage foreign investment in the United States. From The Des Moines Register:

Washington, D.C. — The Democratic-controlled Senate may pick up some key parts of the House-passed farm bill, including a tax measure that Republicans opposed.

The chairman of the Senate Agriculture Committee, Iowa Democrat Tom Harkin, said Tuesday he supported the tax on foreign corporations that the Democratic-controlled House attached to its version of the farm bill. The tax would raise an estimated $4 billion over the next five years.

“We’re looking at doing basically the same thing over here,” Harkin said. The tax “would give us some needed resources.”

Some needed resources? In exchange for fewer jobs and a further deterioration of a competitive business environment for manufacturing in the United States?

Harkin also likes the House provision to increase royalties on offshore oil leases, which would serve to make domestic energy more expensive. Funny thing, if all these tax increases pass, we’re sure the oil companies will be blamed for the higher price of gasoline.

It’s as if investment and domestic energy were somehow anathema to Congress. Bizarre.

Our previous posts on the jobs-killing tax increase on investment are here, here and here. And here’s AgWeb’s summary of Harkin’s news conference.

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