Having a tax code that rewards companies that are shipping jobs overseas instead of companies that are investing here in the United States, that will not make us more competitive.
We've got a tax code that is encouraging flight of jobs and outsourcing. And that's why we've specifically recommended in this campaign that Congress change our tax code so that we stop giving tax breaks to companies that are moving to Mexico and China and other places, and start putting those tax breaks into companies that are investing here in the United States.
Now you have a choice: we can give more tax breaks to corporations that ship jobs overseas, or we can start rewarding companies that open new plants and train new workers and create new jobs here, in the United States of America.
We must reign in overspending by ridding government of outmoded programs, making Big Oil pay their fair share, repealing massive tax breaks for corporations that ship jobs overseas, and enacting a tax code that no longer favors millionaires and billionaires.
At a time when the United States is handing out tax breaks to corporations that ship jobs overseas, corporate jet owners, and millionaires and billionaires, it is ludicrous that we would even be looking at Social Security and Medicare as a solution to our debt crisis.
Corporations use all sorts of complex stratagems to move their profits overseas, and thus escape the U.S. income tax.
We really believe that we can bring about changes in the tax code that will make America more attractive for investment and job creation and business. But the president has also made it very clear that he wants to put - he wants to put new elements in the tax code that are going to have companies pay a price if they decide to take jobs out of the country and then sell their goods back into the United States.
Instead of creating new jobs, Republicans gave tax cuts to companies that send jobs overseas.
The higher the rate, the more interest there is in avoiding the tax. Either you move or you shift your profits overseas, as American corporations have proven very good at doing.
In 2013 Citigroup had profits of $6.4 billion in the United States. They paid no federal income tax and, in fact, received a rebate from the IRS of $260 million. That same year J.P. Morgan had $17.2 billion in profits in the U.S. They also paid no federal income tax. Do you think it's time for tax reform?
I'm tired of seeing American jobs, manufacturing, and headquarters forced overseas due to a tax code that works against us.
The tax code is very inefficient. Both the personal tax code and the corporate tax code. By closing loopholes and lowering rates, you could increase the efficiency of the tax code and create more incentives for people to invest.
In those countries where income taxes are lower than in the United States, the ability to defer the payment of U.S. tax by retaining income in the subsidiary companies provides a tax advantage for companies operating through overseas subsidiaries that is not available to companies operating solely in the United States. Many American investors properly made use of this deferral in the conduct of their foreign investment.
I sit in the Senate, and see what Republicans are often advocating, it's those kind of tax loopholes for the richest of the rich or, frankly, for corporations and giving incentives for them to move jobs and opportunity overseas.
Instead of locking people up and throwing away the key, it's important to invest in them and show them another way - show them what they can do, instead of telling them what they can't do. Because by investing in youth, we're investing into the future of this great nation of the United States of America.
Each and every year, the United States loses an estimated $100 billion a year in tax revenues due to offshore tax abuses by the wealthy and large corporations.