Congressman Adam Smith (D-Wash) today introduced the Invest in America Act, saying it would bring billions in new investment to America and help spur our economy.
Smith was joined by 15 original cosponsors: Reps. Cal Dooley (D-Calif.), Mike McIntyre (D-N.C.), Jim Turner (D-Texas), Anna Eshoo (D-Calif.), Zoe Lofgren (D-Calif.), Silvestre Reyes (D-Texas), Jim Cooper (D-Tenn.), Chris John (D-La.), Ellen Tauscher (D-Calif.), Ed Case (D-Hawaii), Carolyn McCarthy (D-N.Y.), Stephanie Tubbs Jones (D-Ohio), Ron Kind (D-Wisc.), David Scott (D-Ga.) and Brian Baird (D-Wash.).
The bill would encourage companies with foreign subsidiaries to return their foreign profits to the United States by offering a temporary reduction in the tax rate on foreign profits. The Joint Committee on Taxation estimates passage of the bill would result in an additional $135 billion in investment in America.
“The Invest in America Act meets the criteria for a sensible economy stimulus measure,” Smith said. “It encourages investment and job creation right away and is fiscally responsible, unlike the Republican proposals that fail to give the economy the jump-start it needs and instead will only increase the deficit and grow the national debt.”
Republican Congressman Phil English has introduced a measure similar to Smith’s, and Smith will be working with him, and other interested Republicans, to see the proposal included in any final stimulus package that Congress passes.