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Camp Closing Remarks: H.R. 5893, the so-called “Investing in American Jobs and Closing Tax Loopholes Act of 2010”

July 29, 2010

Madam Speaker, the facts are clear: with unemployment stuck at nearly 10 percent and millions of jobs lost, the Democrats’ trillion-dollar stimulus bill has failed.

So, what is the Majority’s response?  Raise taxes on American jobs and give more money to state and local governments.  That won’t create the private sector jobs Americans need.

You don’t have to take my word for it.  Here is what some of the nation’s leading and largest employers say about this bill and the tax increases within it:

The National Association of Manufacturers says, “Manufacturers feel strongly that imposing $11.5 billion in tax increases on these companies as proposed by H.R. 5893 will jeopardize the jobs of American manufacturing employees and stifle our fragile economy.”

The PACE Coalition, which represents employers who provide over 60 million American jobs, says, “The $12 billion in proposed international tax increases in HR 5893 would further disadvantage

U.S. companies—harming their competitiveness…At a time when other countries are taking steps to attract business, this legislation sends exactly the opposite message, with the effect of discouraging business investment and job creation in the United States.”

And, as I noted earlier, the U.S. Chamber of Commerce, says this bill will, “impose draconian tax increases on American worldwide companies that would hinder job creation, decrease the competitiveness of American businesses, and deter economic growth.”

I urge my colleagues to listen to these job-providers and job-creators; to reject these job-killing tax increases; and to vote no on this bill.