House Votes to Raise Taxes on Jobs Creators, 247-161

The House has just adjourned until September after voting 247-161 to pass H.R. 1586, the bill to send $26 billion to states for local education, public employee and Medicaid spending.

Speaker of the House Nancy Pelosi is at a news conference at the moment, surrounded by children, saying the bill’s passage will save or create 300,000 jobs. Earlier, she tweeted that the President would sign the bill tonight.

Thank you to Rep. Bob Goodlatte (R-VA) and especially Rep. Dave Camp (R-MI), the ranking Ways & Means Committee member, for citing the National Association of Manufacturers’ Key Vote letter in their floor remarks. Rep. Camp noted the tax increase will affect U.S. companies with foreign earnings that employ 22 million American workers. The higher taxes are especially troubling because they continue the U.S.’s march toward having the highest corporate tax rates in the world, he argued.

Well, with the bill now passed, at least we’ve heard the last of the canard about closing “costly tax loopholes that allow U.S. corporations to ship jobs overseas,” right?

UPDATE (4:05 p.m.): It’s a little difficult to find the actual text of the bill online. You have to search for the Senate amendment in The Congressional Record,  starting at page S6587.

Join the discussion 4 Comments

  • […] House Votes to Raise Taxes on Jobs Creators, 247-161 […]

  • Karl says:

    Please don’t look for sympathy from the American public when corporations take advantage of tax breaks to send jobs overseas. Profitable companies that close US operations due to pure greed should be taxed heavily.
    Besides, the “US has one of the highest corporate tax rates” bull has been disproven numerous times.

    U.S. General Accountability Office study finds 68 percent of U.S. corporations do not pay any taxes at all.

  • Bill M says:

    I have absolutely no sympathy for corporations that exploit this loophole…created to increase profit by offshoring former US jobs. Corporations now have more freedom to express themselves in American politics, let them also take more responsibility in restoring the American economy.

    The purpose here is to pay for this bill, on one hand; and to increase US employment, on the other.

    Given a balence of increased US jobs or increased profit with less US jobs; I favor more US jobs.

    REMEMBER: Cheap US capital and cheap foreign labor is a formula for a continuing US recession. A continuing US recession is a continuing World recession.

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