Friday, June 25, 2010

Nancy Pelosi blog: The American Jobs and Closing Tax Loopholes Act of 2010

Last night the Senate Republicans once again voted down the American Jobs and Closing Tax Loopholes Act.  The House passed the bill 28 days ago to close tax loopholes that reward those who ship American jobs overseas and help create or save more than a million American jobs.

On May 28th, the House passed the American Jobs and Closing Tax Loopholes Act (House amendment to Senate amendment to HR 4213) to help create or save more than a million American jobs by:

* restoring credit to small businesses
* extending tax incentives for American R&D and energy
* rebuilding American infrastructure
* expanding summer jobs for young people
* providing tax relief for middle class American families

To fully fund this job creation, the bill closes tax loopholes and enforces corporate accountability by:

* preventing corporations from shipping jobs overseas & sticking American taxpayers with the bill
* making Wall Street investment fund billionaires pay a fair tax on their income
* making the oil industry pay to ensure sufficient funds to clean up the Gulf of Mexico oil spill

The bill complies with the statutory pay as you go budget law, while addressing the emergency needs and crises left by the Bush Administration:

* ensuring seniors can keep their own doctors (SGR)
* extending a proven economy booster, unemployment relief for families

Compromises on the bill modified it to reduce the overall deficit impact to $54 billion, by shortening the extensions of UI (through November), SGR to 19 months, and dropping the extension of COBRA and health assistance to states. The provisions to prevent Medicare physician payment cuts will be a seperate vote.

Congressional Republicans oppose closing the loopholes that subsidize companies to move American jobs overseas and they want to cut off unemployment benefits who lost their jobs through no fault of their own.

Democrats in Congress will continue to address the major issues confronting our nation and take America in a New Direction – creating good American jobs, the lowest taxes in 60 years for the middle class and small businesses, closing tax loopholes that send jobs overseas, and building a strong new foundation for the American economy.

Source: the Gavel, the Speaker Pelosi blog

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