What: All Issues : Fair Taxation : Corporate Tax Breaks, General : Vote on passage of a Democratic manufacturing tax deduction amendment to a corporate tax overhaul bill (the Jump-Start Our Business Strength Act, S.1637) striking $39 billion in tax breaks on overseas income from the bill, and providing for a nine percent tax deduction for domestic manufacturers
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Vote on passage of a Democratic manufacturing tax deduction amendment to a corporate tax overhaul bill (the Jump-Start Our Business Strength Act, S.1637) striking $39 billion in tax breaks on overseas income from the bill, and providing for a nine percent tax deduction for domestic manufacturers
senate Roll Call 90     May 11, 2004
Y = Conservative
N = Progressive
Winning Side:
Conservative

Progressives failed dramatically in their attempts to defend this amendment offered by Sen. Ernest Hollings (D-S.C.) to a corporate tax overhaul bill (S.1637) - aimed mainly at lifting European tariffs by repealing an export tax break that violates World Trade Organization rules. Until Congress scraps the extraterritorial income exclusion, as the tax break is labeled, Europe is imposing steadily escalating duties on a range of U.S. products. Hollings' manufacturing tax deduction amendment would strike $39 billion in tax breaks on overseas income from the bill, and would have provided for an immediate nine percent tax deduction for domestic manufacturers. U.S. companies which move offshore "get some tax breaks over the period of the bill covering some 39, almost 40 billion bucks," Hollings said. "Can you imagine that? Here is a bill entitled ... the Jump-Start Our Business Strength, JOBS, Act. It jump-starts the jobs in Shanghai and Guadalajara and not in Philadelphia, Pa., I can tell you that right now," Hollings said. Progressives argued that Holling's amendment provides the right incentives for corporations to set up shop in America, eliminates the tax breaks for corporations that have moved American jobs offshore and gives those tax breaks to the employers of jobs in America today. However, conservatives rallied to reject the amendment 23-74, with no Republicans voting in its favor. Speaking in opposition to the Hollings' amendment, Sen. Charles Grassley (R-Iowa) said, "The international provisions we agreed to were provisions that actually help U.S. job creation and help our own economic growth." He added, "These changes level the playing field between the United States and foreign companies operating inside the United States. They were specifically selected because they tend to help U.S.-based manufacturers more than other sectors of our economy." Hollings said he simply could not swallow the bill's $39 billion in tax breaks for overseas operations, but he and other Americans would be forced to do just that under the Senate bill.

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