Rep. Doggett: Corporate Tax Rates Need Remediation

Wednesday, 30 Mar 2011 08:28 AM

By Hiram Reisner

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
Rep. Lloyd Doggett, D-Texas, says Congress should look at changing the corporate tax rate, so multinational corporations would not need to move their headquarters overseas to avoid paying a staggering 35 percent on earnings. Doggett also said Wednesday on MSNBC’s “Morning Joe” that unless tax loopholes are closed, more American jobs will move overseas.

doggett, corporate, tax, ratesDoggett was asked what needs to be done to keep U.S. companies in America. While acknowledging that when Democrats controlled Congress and the White House nothing was done, he said lawmakers should now try and find solutions to the nation’s cumbersome tax code.

“I think we ought to look at why that money is going abroad and why we have in our tax code incentives for them to invest abroad instead of investing in America,” Doggett said. “After all, if a company is paying 35 percent on opening a new plant here in the United States — and nothing initially on opening one abroad — they have an incentive to ship jobs overseas.

“I think we need to look at our tax code and reform it,” he continued. “I don’t think that a corporation here ought to be able to borrow money, deduct the interest in the United States, but never recognize the income initially of what it’s spending overseas. It’s one thing after another, where our tax code is encouraging the export of both jobs and revenues.”

Doggett was asked since the corporations have an obligation to shareholders, and U.S. tax rates are astronomical, why wouldn’t corporations move overseas, and isn’t the answer to lower the cost of doing business in America.

“Well as long as our members of Congress yield to the powerful lobbying interests here and allow them to circumvent the tax laws that apply to individuals and small businesses here, yes I would assume they would use the loopholes they helped write,” Doggett said.

“I’m willing to look at the overall corporate tax rate, but I think we begin by looking at where are those loopholes and how can they be fixed.”

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Send me more news as it happens.
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Megamall Arrests: Dozens Held as Crowd Protests Against Police

Monday, 22 Dec 2014 07:50 AM

About a dozen people were arrested after hundreds protesting police violence shut down part of the Mall of America in Mi . . .

Dr. Evil's 'Saturday Night Live' Skit Hits North Korea, Sony

Monday, 22 Dec 2014 07:26 AM

Mike Myers opened "Saturday Night Live" with his Dr. Evil character taking on both North Korea and Sony Pictures after t . . .

Miley Cyrus' Shriver Ban Creates Kennedy Family Holiday Conflict

Monday, 22 Dec 2014 06:42 AM

Miley Cyrus has been banned at Kennedy holiday events by Maria Shriver who disapproves of the singer's budding romance w . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved