is taking funds from the Chamber of Commerce.
Who is the Chamber of Commerce getting ITS funds from? They won't say.
But he opposed Patty Murray's bill closing tax loopholes for shipping jobs overseas. Wonder who he's really representing?
http://www.pattymurray.com/news/releases?id=0054Opposed Closing Tax Loopholes for Companies that Ship Jobs Overseas Rossi Defended Opposition to State Aid Bill, Closure of Corporate Tax Loophole. In August 2010, Rossi defended his opposition to the State Aid Bill and the closure of corporate tax loopholes, calling their closure a "permanent tax." According to The Columbian: "'It was done in a hasty manner. She put a permanent tax in place for a temporary fix, and she's taking money from our troops.' He did not elaborate." (The Columbian, "Rossi Still Disputes Job-Saving Measure," August 4, 2010)
Tax Experts Say Tax Code Encouraged US Corporations to Ship Jobs Overseas. According to the Center for American Progress, ". . .
here's the problem of the current tax code encouraging U.S. corporations to move manufacturing and service jobs overseas. Companies with more overseas operations have more ways to avoid taxation using the various games the tax code permits. . . Another provision deals with the foreign tax credit. This credit reduces a corporation's U.S. tax liability by the amount of tax it pays to other governments so that the same income isn't taxed by two different national governments. The problem is that under current law there are tricks that corporations can play to essentially get the credit for foreign taxes that aren't actually paid. The administration limits these games. Other provisions further limit corporations' ability to take advantage of tax havens."
Analysts Said Current Tax System Provides Incentive to Locate Production Offshore. As reported by USA Today, "The charge could be dismissed as typical campaign-trail exaggeration during a Democratic primary season marked by populism, except for one thing. Many analysts say it's true. "The U.S. tax system does provide an incentive to locate production offshore," says Martin Sullivan, a contributing editor to Tax Notes, a non-profit publication that tracks tax issues."
Different Tax Requirements for Profits Earned by Foreign Subsidiaries of American Corporations Creates Loophole in Current Tax System. As reported by USA Today, "At issue is the U.S. tax code's treatment of profits earned by foreign subsidiaries of American corporations. Profits earned in the United States are subject to the 35% corporate tax. But multinational corporations can defer paying U.S. taxes on their overseas profits until they return them to the USA -- transfers that often don't happen for years. General Electric, for example, has $62 billion in "undistributed earnings" parked offshore, according to recent Securities and Exchange Commission filings. Drug giant Pfizer boasts $60 billion. ExxonMobil has $56 billion.
Obama Called for Eliminating Tax Breaks for Companies that Ship Jobs Overseas. On May 4, 2009, President Obama stated that his budget would end tax breaks for companies that ship jobs overseas. The President's proposal would accomplish this goal by stopping letting American companies that create jobs overseas to take deductions on their expenses when they do not pay any American taxes on their profits. The New York Times said Obama's proposal would eliminate many tax breaks for outsourcing: "The administration would raise $86.5 billion by ending a practice in which companies create foreign subsidiaries to shift income in ways that avoid taxes....Another proposal would close a loophole that allows companies to inflate the credits they claim for foreign taxes to the I.R.S., for an estimated $43 billion in new revenues. Separate steps to crack down on wealthy individuals would raise nearly $9 billion."
Chamber of Commerce Opposed State Aid Bill. In August 2010, the Chamber of Commerce announced their opposition to the state aid bill, specifically citing their opposition to the closure of overseas tax credits. According to the Chamber: "This amendment would impose draconian tax increases on American worldwide companies that would hinder job creation, decrease the competitiveness of American businesses, and deter economic growth. Further, this amendment would change longstanding U.S. international tax law, the impact of which has never been adequately assessed through hearings in the relevant Committees of jurisdiction. For example, by denying the foreign tax credit in certain scenarios involving covered asset acquisitions, this legislation hampers acquisitions by American worldwide companies, threatening their ability to create jobs while simultaneously narrowing the tax base. Stripping away the benefits of this provision would likely impede the competitiveness of American worldwide companies in their bids for foreign targets." (Chamber of Commerce Website, "Letter Opposing the Murray/Harkin/Reid/Schumer Amendment to HR 1586," August 2, 2010)
Rossi Held Breakfast Fundraiser with Chamber of Commerce PAC on Morning of July 27, 2010. On July 27, 2010, Rossi held a breakfast fundraiser with the Chamber of Commerce PAC. The Chamber had been lobbying against Wall Street Reform. According to The Hill: "The Chamber has been engaged in lobbying efforts against the financial reform bill currently before Congress, which Murray is backing. Rossi has yet to take a position on the proposed reform." (The Hill, "Chamber of Commerce PAC to Host Fundraiser for Rossi," July 7, 2010)
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