Barbara Lee Acts to Help “Patriot Corporations” Protect U.S. Jobs
(Washington, DC) – Today, Congresswoman Barbara Lee (D-Oakland) joined with Congresswoman Jan Schakowsky (D-IL) and other members of Congress in announcing the introduction of the Patriot Corporation Act, a bill designed to reward companies who invest in America and its workforce by closing tax loopholes for companies that ship jobs overseas.
“Today, I’m proud to be here to mark the introduction of the Patriot Corporation Act – a bill that would help inject some true patriotism into our system by providing positive incentives for companies to keep their work and their workers here in the U.S,” said Lee. “It is pretty simple, actually: this bill says enough is enough. Let’s close offshoring loopholes and rein in excessive tax breaks so we can help truly patriotic companies do right by our nation and its workers.”
The Patriot Corporations of America Act would offer preferential treatment for government contracts and a five percent tax rate reduction for companies that meet certain qualifications. To qualify as a “Patriot Corporation,” a company must produce at least 90 percent of their goods and services in the United States; limit top management compensation to no greater than 10,000 percent of that of their lowest-compensated full-time workers; spend at least 50 percent of their research and development budgets in the United States; contribute at least 5 percent of payroll to a portable pension fund; pay at least 70 percent of the cost of health insurance plans; maintain neutrality in employee organizing drives; and comply with federal regulations regarding the environment, workplace safety, consumer protections and labor relations.
The measure is designed to be revenue neutral, and would be paid for by closing corporate offshoring loopholes and reining in some of the new tax breaks for millionaires.
Currently, billions of dollars in subsidies, tax breaks, and government contracts are available to companies that outsource jobs, exploit workers, and avoid paying taxes. According to Lee, this only encourages these companies to invest abroad instead of in the American people and the American economy.
“As we approach the 4th of July holiday and the celebration of our nation’s independence, we should be making it easier for patriotic companies to create a real partnership with American workers and invest in our economic future.”
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