Arlington, VA — The United States Senate is voting on the reform of the Foreign Sales Corporation Act this week. Senator John Ensign will be offering an amendment, the “Invest in the USA Act.” Last year, Senator Ensign’s bill passed the Senate by a two-to-one margin. If the Senator’s amendment passes, it would then go to the House and likely on to the White House.

This legislation, referred to more commonly as the “Invest in the USA Act” has been previously endorsed by the 60 Plus Association. It 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 is important; in addition to the President’s Tax legislation, it is 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 is on record saying, “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 ‘Invest in the USA 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 Senator Ensign and this legislation on behalf of seniors – and every American – that has an interest in seeing our economy expand.

-30-