McCrery Says Farm Bill Offset Would Hurt U.S. Competitiveness
McCrery Says Farm Bill Offset Would Hurt U.S. Competitiveness
- AuthorsMcCrery, Rep. Jim
- Institutional AuthorsHouse of RepresentativesWays and Means Committee
- Cross-Reference
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2007-17348
- Tax Analysts Electronic Citation2007 TNT 144-25
"This proposal will raise taxes on many businesses operating in the United States," said Ways and Means Ranking Member Jim McCrery. "It will hurt our competitiveness and our standing in the world by carelessly violating a host of treaties. It is bad policy and bad politics. Democrats are trying to sneak a far-reaching and potentially destructive proposal through the House without proper consideration. Any fair-minded person who cares about the U.S. economy will oppose this bill."
Rep. Doggett's legislation would increase taxes, in some cases imposing the equivalent of a 30 percent gross receipts tax on certain American businesses that are owned by foreign companies. Companies that could be affected by this tax increase include Honda North America, Food Lion, Nestle, Bayer, BASF, T-Mobile, and many more. This higher rate would override a series of carefully negotiated treaties between the U.S. and foreign nations that have been approved by the U.S. Senate over the past several decades.
"To attempt to impose this sort of one-size-fits all tax increase so cavalierly and capriciously, without hearings, without a markup, without any sort of bipartisan discussion, is an insult to the Ways and Means Committee and the House," McCrery said.
- AuthorsMcCrery, Rep. Jim
- Institutional AuthorsHouse of RepresentativesWays and Means Committee
- Cross-Reference
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2007-17348
- Tax Analysts Electronic Citation2007 TNT 144-25