(WASHINGTON – December 5, 2011) In its boldest display of unity since coming to Washington in January, more than half the members of the freshman Class of 2010 are urging House leadership to act on repatriation.
The letter was spearheaded by freshman Rep. Frank Guinta (R-NH) and was sponsored by fellow freshmen Todd Rokita (R-IN), Richard Hanna (R-NY), Robert Dold (R-IL) and James Lankford (R-OK). Fifty-two freshmen Members have signed the letter to Speaker John Boehner, Majority Leader Eric Cantor, Majority Whip Kevin McCarthy and House Ways and Means Committee Chairman Dave Camp.
The short, to-the-point letter makes the case that repatriation of the enormous amount of capital currently being held overseas would significantly stimulate the U.S. economy. It says: “Estimates have shown that at least $1.4 trillion in foreign earnings are kept overseas because of the uncompetitive tax policies here in the U.S. Unlocking this capital has the possibility of creating over 2.9 million new jobs, and increasing GDP by nearly $360 billion.”
The letter goes on to say “as negotiations continue with the White House and Congressional Democrats on a number of expiring tax provisions, appropriation bills and comprehensive tax reform, we strongly urge you to consider repatriation tax policy, this session, to stimulate the economy and get Americans back to work.”
“The freshman class was elected last year to get Washington’s fiscal house in order,” Guinta explained. “Repatriation is a simple, direct way to help do that. We don’t need another massive infusion of additional borrowed money in an attempt to artificially stimulate the economy and create new jobs. We need genuine reforms that will encourage American businesses who are currently parking billions of dollars overseas to bring that money home and grow our economy here. That will significantly expand the government’s revenue base and free businesses to create badly-needed jobs, too, all without borrowing a single dime or raising taxes.”
Other signers of the letter include Reps. Amash, Amodei, Bass, Benishek, Brooks, Buerkle, Canseco, Cravaack, Crawford, Jeff Duncan, Ellmers, Farenthold, Fincher, Fitzpatrick, Gibbs, Gowdy, Griffin, Grimm, Hartzler, Harris, Hayworth, Heck, Herrera Beutler, Huelskamp, Huizenga, Bill Johnson, Kelly, Labrador, Billy Long, Mulvaney, Noem, Nugent, Nunnelee, Pearce, Ribble, Mike Rodgers, Dennis Ross, Schilling, Schwiekert, Austin Scott, Tim Scott, Stivers, Stutzman, Walberg, Walsh, Yoder and Todd Young.