Arlington, VA — The 60 Plus Association heartily endorses the “Homeland Investment Act of 2003” for its intention to lower taxes on foreign profits earned by domestic companies abroad.

60 Plus Association President Jim Martin said, “We applaud U.S. Representatives Phil English (R-PA), David Drier (R-CA) and Kevin Brady (R-TX) for introducing this proposal before Congress. It would temporarily lower the tax on foreign profits earned by domestic companies from a current rate of 35% down to 5.25% and according to estimates from the Joint Committee on Taxation, could pump as much as $135 billion dollars into the U.S. economy while raising $4 billion dollars in taxes for the government.

“High tax rates make it financially unreasonable for American companies to return their international profits back to the United States. Easing that tax burden — as this plan would — would better enable those dollars to return to the U.S. and help propel our economy.

Martin concluded, “Every way to juice our economy should be explored. This strikes me as another way — in addition to the President’s efforts to secure his tax stimulus program — that we can help do just that. Building up the economy and laying the groundwork for more jobs is what this legislation is all about.”

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