Export Products Not Jobs Act Introduced in Senate by Sen. Kerry

[TayTay]

Export Products Not Jobs Act Introduced in Senate by Sen. Kerry

Published Date: August 7, 2006

RAJESH SWAIN US Fed News

WASHINGTON, Aug. 7 -- Sen. John Kerry, D-Massachusetts, has introduced the Export Products Not Jobs Act (S. 3777), legislation that would "amend the Internal Revenue Code of 1986 to ensure a fairer and simpler method of taxing controlled foreign corporations of U.S. shareholders, to treat certain foreign corporations managed and controlled in the U.S. as domestic corporations, to codify the economic substance doctrine, and to eliminate the top corporate income tax rate."

The bill, introduced on Aug. 2, was referred to the Senate Finance Committee.

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Damn, that man is a D-E-M-O-C-R-A-T!!!!!!!! What a thoroughly great thing to do. What a truly decent way to care for the middle class, for proper taxation and for job growth in America.

Did we cover this already???????????

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109th CONGRESS

2d Session

S. 3777
To amend the Internal Revenue Code of 1986 to ensure a fairer and simpler method of taxing controlled foreign corporations of United States shareholders, to treat certain foreign corporations managed and controlled in the United States as domestic corporations, to codify the economic substance doctrine, and to eliminate the top corporate income tax rate, and for other purposes.


IN THE SENATE OF THE UNITED STATES

August 2, 2006
Mr. KERRY introduced the following bill; which was read twice and referred to the Committee on Finance


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A BILL
To amend the Internal Revenue Code of 1986 to ensure a fairer and simpler method of taxing controlled foreign corporations of United States shareholders, to treat certain foreign corporations managed and controlled in the United States as domestic corporations, to codify the economic substance doctrine, and to eliminate the top corporate income tax rate, and for other purposes.


Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.

(a) Short Title- This Act may be cited as the `Export Products Not Jobs Act'.

[blm]

1. GD, my dear

.

[Democrafty]

2. That's awesome!

Thanks for alerting us to this - I'll be sure to blog about it this week :)

[WildEyedLiberal]

3. This is GREAT

Most of you probably know what a fair trade hawk I am - this is fantastic and just makes me love JK even more than I do now (hard to believe it's even possible). THIS is the kind of bill that helps level the playing field for working and middle class Americans by keeping corporations from exploiting loopholes in the tax structure.

God, I love JK...

[ProSense]

4. Awesome!

'Export Products Not Jobs Act'.

My brother is going to love this one! Thank you Senator Kerry!

[wisteria]

5. He mentioned this loophole in the tax codes a while ago, and he

said he was going to do something about it. That is what I like- a man of his word.
I hope Lou Dobbs mentions something on this or even better, Senator Kerry goes on his program and talks about it. Dobbs is always saying our people in Washington don't look after or care about the middle class-well Lou Dobbs, Senator Kerry does.

[blm]

6. It was a key part of his economic plan during the 2004 campaign.

I remember it clearly, yet Dobbs would always say the Dem party offered no difference on economic policy. I really believe Dobbs' producers would never give Lou the information he needed to report on campaign economic issues in any honest way.

[zann725]

7. Great idea! Even consistently greater Senator...soon Prez.

Always thinking of the betterment of We-the-People, and this Country's prosperity...NOT just the well-being of a 'select few.'

That's my Prez!

[TayTay]

8. This only came out on FedNews

I was wondering if the bill was filed and has not yet been highlighted by the Senator's office yet for some reason. It's kind of unusual to only get a notice on Fed News. No statements from the Kerry's office on this. Odd that.