President Bush Signs Jobs Legislation; Legislation Cuts the Corporate Tax Rate and Removes Tariffs On American Companies

Summary

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WASHINGTON, Oct. 22 /U.S. Newswire/ -- Today, President George W. Bush signed the JOBS Act which reduces corporate tax rates for domestic manufacturers, allows American companies to repatriate their foreign profits back into America at a lower tax rate, and most importantly, remove tariffs being placed on American companies by the European Union (EU).

The importance of this legislation to American taxpayers, workers, and economy cannot be underestimated. The legislation signed by President Bush today removes tariffs being placed on American companies, which is the equivalent of a $4 billion tax cut per year for American businesses and workers. The previous Foreign Sales Corporations (FSCs) and the extraterritorial income exclusion (ETI) export subsidies were found to be in violation of World Trade Organization (WTO) agreements. As a result, the EU was imposing tariffs on American companies at 12 percent, which were acting like a tax on American businesses and workers. These tariffs were obviously inflicting damage on the U.S. economy.

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President Bush Signs Jobs Legislation; Legislation Cuts the Corporate Tax Rate and Removes Tariffs On American Companies

"Today, President Bush signed legislation removing discriminatory tariffs being placed o...

See the full content of this document

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