With 3 New Bills, Garamendi Says "Make it in America"
Package Closes Corporate Tax Loopholes that Promote Off-shoring of Jobs
and Ends Taxpayer Subsidization of Foreign-Produced Goods
WASHINGTON, DC – Congressman John Garamendi (D-Walnut Creek, CA), a member of the House Transportation & Infrastructure and Science & Technology committees, today introduced three bills to bring back good manufacturing jobs in America. The package closes corporate tax loopholes that reward the off-shoring of jobs and ends taxpayer subsidies for foreign-produced clean energy technology, buses, railcars, and ferries.
"I want to walk into Target and see "Made in America" throughout the store. We can make it in America," Congressman Garamendi said. "Middle-class wages in America have stagnated for three decades, and our country’s future success depends on bringing back good manufacturing jobs."
"We produce steel in Pittsburg, solar panels in Livermore, and buses in Hayward," Garamendi added. "We must make sure the U.S. tax code and other federal polices encourage job creation in America. This work can be done by hardworking Americans in Northern California and throughout the country. Let's make it here."
Andy Grove, the founder and former CEO & Chairman of Intel Corporation, understands the importance of domestic manufacturing. In a recent op-ed in Bloomberg News, he said:
"Today, manufacturing employment in the U.S. computer industry is about 166,000 -- lower than it was before the first personal computer, the MITS Altair 2800, was assembled in 1975. Meanwhile, a very effective computer-manufacturing industry has emerged in Asia, employing about 1.5 million workers -- factory employees, engineers and managers. […] [E]vidence stares at us from the performance of several Asian countries in the past few decades. These countries seem to understand that job creation must be the No. 1 objective of state economic policy. The government plays a strategic role in setting the priorities and arraying the forces and organization necessary to achieve this goal."
Congressman Garamendi today introduced the following three bills:
• Buses, Rail Cars, Ferryboats: Make it in America Act of 2010 (H.R. 5791) – This bill would create American jobs by eliminating three waivers to the Buy America requirement and ensuring that taxpayer dollars are spent on American-made buses, rail cars, and ferryboats. Transit agencies would have to look to American manufacturers for their transportation equipment needs unless it increases costs by 25 percent or more, thereby putting welders, engineers, mechanics, electricians, technicians, and other Americans back to work.
• Manufacture Renewable Energy Systems: Make it in America Act of 2010 (H.R. 5792) – This bill would create American jobs by ensuring that taxpayer dollars are spent on American-made renewable energy systems, including solar, wind, geothermal, and biofuels. Phased over a four year transitional period, the bill requires the federal government and any state government buying renewable technologies with federal funds to purchase renewable sources of energy grown, produced, or manufactured with 100% domestic content. It also requires any company taking advantage of the Investment Tax Credit and the Production Tax Credit to buy 100% domestic content within four years after the bill becomes law.
• Close Foreign Tax Loopholes: Make it in America Act of 2010 (H.R. 5793) – This bill would create American jobs by closing nine corporate tax loopholes that encourage the abuse of the U.S. foreign tax credit system. This bill is a stand-alone measure that incorporates provisions from the American Jobs and Closing Tax Loopholes Act of 2010 (H.R. 4213), which passed the House as a two-part measure on May 28, 2010, and has been subsequently stalled in the Senate. These provisions were developed jointly by the Treasury Department, the Committee on Ways and Means, and the Senate Finance Committee to end abuses of the U.S. foreign tax credit system and other abuses. By closing foreign tax loopholes and discouraging the off-shoring of American jobs, this bill would strengthen the economy by eliminating $14.451 billion of loopholes.
China is now the world's third largest wind power producer. The world's fifteen largest photovoltaic power stations are in the European Union. About 15 million Americans are presently unemployed.
For more information on the package of bills, /sites/garamendi.house.gov/files/legislation/makeitinamerica.shtml will be updated regularly.