What: All Issues : Fair Taxation : Corporate Tax Breaks, General : A vote on passage of a Democratic amendment to S. 1637 (the JOBS Act) that would require companies to spend offshore profits on job creation, research and development, capital investment or funding pension plans in order to be eligible for a reduced tax rate.
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A vote on passage of a Democratic amendment to S. 1637 (the JOBS Act) that would require companies to spend offshore profits on job creation, research and development, capital investment or funding pension plans in order to be eligible for a reduced tax rate.
senate Roll Call 81     May 05, 2004
Y = Conservative
N = Progressive
Winning Side:
Conservative

Sen. John Breaux (D-La.) was thwarted in his attempt to pass an amendment to S. 1637 (the JOBS Act) that would require companies to spend offshore profits on job creation, research and development, capital investment or funding pension plans in order to be eligible for a reduced tax rate. Saying the underlying bill allows companies to bring foreign-earned profits back at a greatly reduced rate, progressives backed this amendment, which was rejected 31-68. Breaux claimed his amendment goes to the heart of the debate. Said Breaux, "The question deals with how we treat companies that have earnings they have stashed away in foreign countries. The legislation before this body now says we are going to give a very special break to U.S. companies that have money overseas, in many cases in tax havens. We are going to let you bring that money back, not as other companies in the past have brought it back, paying U.S. tax minus what they paid overseas, but we are going to cut you a special sweetheart deal." Conservatives balked at Breaux's amendment, arguing that the JOBS Act was expected to inspire "a minimum" of $400 billion coming back into this country within the 1-year window that is allowed by this legislation, and said Breaux's amendment would reduce that amount by discouraging companies from repatriating their profits.

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