Bishop Introduces Bill To Fight Outsourcing And Tax Evasion

[FreakinDJ]

Bishop Introduces Bill To Fight Outsourcing And Tax Evasion

Washington D.C. - Congressman Tim Bishop introduced legislation to crack down on overseas tax havens, promote American job creation, and reduce the federal deficit.

The Stop Outsourcing and Create American Jobs Act of 2010 (H.R. 5622) deters corporations from using tax havens to hide assets and create jobs overseas by increasing civil and criminal penalties for illegal transactions involving a tax haven country, such as fraud, false claims, and tax evasion.

"Rewarding good corporate citizens who create American jobs will ensure the economic recovery reaches Main Street," said Congressman Bishop. "The bill also bolsters federal revenues by targeting tax evaders and countries that help them cheat."

All revenues generated by H.R. 5622 will be applied to reducing the federal deficit.

According to the non-partisan Government Accountability Office (GAO) in a study conducted in late 2008, an estimated 83 out of the 100 biggest public corporations have subsidiaries in tax haven countries or similar jurisdictions. Often, these subsidiaries are created by corporations to take advantage of foreign tax structures and replace American jobs with cheap labor.

http://www.hamptons.com/News/For-The-Record/11293/Bishop-Introduces-Bill-To-Fight-Outsourcing-And.html

[RUMMYisFROSTED]

1. What about separation of church and state?

:grr:

[Wednesdays]

6. I guess any opinion on the matter by Carly Pope would be an outrage, then...

:rofl:

[mmonk]

2. He is challenging the corporate dictatorship?

Good luck to him.

[pinto]

3. Kick

:kick:

[xchrom]

4. more info on good mr bishop

http://en.wikipedia.org/wiki/Tim_Bishop

http://timbishop.house.gov/

[ProgressiveProfessor]

5. Avoidance or evasion

Many people use the latter when its actually the former. Makes for a better soundbite. Its one of the many reasons using taxes as a means of social engineering is not a good idea.

[RUMMYisFROSTED]

7. No attribution?

:shrug:

Makes it tough to take serious.

[Poboy]

8. k&r

[Little Star]

9. Good on him! Hope it goes somewhere. n/t