House Votes to Raise Taxes on Jobs Creators, 247-161
The House has just adjourned until September after voting 247-161 to pass H.R. 1586, the bill to send $26 billion to states for local education, public employee and Medicaid spending.
Speaker of the House Nancy Pelosi is at a news conference at the moment, surrounded by children, saying the bill’s passage will save or create 300,000 jobs. Earlier, she tweeted that the President would sign the bill tonight.
Thank you to Rep. Bob Goodlatte (R-VA) and especially Rep. Dave Camp (R-MI), the ranking Ways & Means Committee member, for citing the National Association of Manufacturers’ Key Vote letter in their floor remarks. Rep. Camp noted the tax increase will affect U.S. companies with foreign earnings that employ 22 million American workers. The higher taxes are especially troubling because they continue the U.S.’s march toward having the highest corporate tax rates in the world, he argued.
Well, with the bill now passed, at least we’ve heard the last of the canard about closing “costly tax loopholes that allow U.S. corporations to ship jobs overseas,” right?
UPDATE (4:05 p.m.): It’s a little difficult to find the actual text of the bill online. You have to search for the Senate amendment in The Congressional Record, starting at page S6587.