Arlington, VA – Last week, the “Invest in the USA Act” endorsed by the 60 Plus Association passed the Senate by a 3-1 margin. This measure would amend the Internal Revenue Code of 1986 to encourage the investment of foreign earnings within the United States for productive business investments and job creation.
This tax initiative should be included in the package that goes to the President as a part of his Tax bill legislation designed to help America create jobs and stimulate growth. It would temporarily lower the tax on foreign profits earned by domestic companies from a current rate of 35% down to 5.25%. According to estimates from the Joint Committee on Taxation, this legislation has the potential to pump as much as $135 billion dollars into the U.S. economy while raising $4 billion dollars in taxes for the government.
60 Plus Association President Jim Martin said, “Let’s encourage American firms with a foreign subsidiary to bring their profits back into the United States where they can do the most good. These dollars ought not be sheltered overseas for fear of a punitive tax. The Homeland Investment Act” addresses this issue and helps pave the way for economic stimulation with jobs and money right here in the United States.
The 60 Plus Association applauds this legislation on behalf of seniors — and every American — who has an interest in seeing our economy expand.