Press Release. – “Messaging” about jobs and restricting ideas and debate on the Senate floor is no substitute for updating America’s tax code and encouraging investment at home, according to U.S. Senator Mike Enzi, R-Wyo. Enzi filed three amendments to the “Bring Jobs Home Act”. Enzi said his proposals would infuse actual tax reform into a bill that claims to incentivize companies to create jobs in the U.S.
According to Enzi, failing to bring America’s international tax code into the 21st century would continue to discourage global businesses from locating their headquarters in the United States and make it harder for U.S.-based companies to expand.
“Instead of messaging that we should bring jobs home, we need to reform our outdated international tax code. Because the U.S. has one of the highest corporate tax rates in the world, companies don’t bring those earnings back home and instead reinvest outside of the United States,” said Enzi. “This is having a real impact on jobs. Thirty-six percent of the Fortune Global 500 companies were headquartered in the United States in 2000; in 2009, that number dropped to 28 percent. Clearly, America is losing ground, but the base bill we are considering won’t change that."
Enzi’s amendments would:
· Modernize international tax rules so that U.S.-based companies are competitive with their foreign counterparts. It would give U.S. companies incentives to create jobs in the United States and undertake activities in America in order to win in the global marketplace.
· Make two significant changes to some of the burdensome requirements in President Obama’s health care law: 1). Allow companies with less than 50 employees to grow without fear of the employer mandate. 2) Redefines the definition of “full-time” to mean any employee who works 40 or more hours per week, instead of the 30 hours per week rule from the health care law.
· Alleviate problems for taxpayers and their return preparers by establishing a logical set of due dates focused on promoting a chronologically-correct flow of information between pass-through entities and their owners and beneficiaries.
Enzi also cosponsored various other amendments to the bill that Enzi said would repeal “job-killing” taxes and make it easier for employers to create jobs.
The bill is now being considered on the Senate floor, but no votes on amendments have yet been planned. Senate Majority Leader Harry Reid routinely blocks votes on amendments he doesn’t approve of from either party. Since July of last year Reid has allowed votes on less than 20 amendments out of hundreds of amendments on dozens of bills.