The U.S. economy has shown strong signs of a turn-around. The President’s tax cuts have helped Americans turn an important corner. Many parts of our economy have regained their strength and have surged ahead with new vitality.
However, too many Americans need jobs. Many of these jobs have gone overseas, the result of outsourcing and offshoring trends seeking cheap labor.
We need to give our manufacturers and their suppliers incentives to put Americans back to work and to keep their jobs in the United States. I have been working for some time with more than two dozen of my Republican colleagues to make sure that the replacement for the Foreign Sales Corporation-Extraterritorial Income (FSC-ETI) tax program does not inadvertently raise taxes on manufacturing in America at exactly the wrong time. In fact, our goal is to reward companies for keeping manufacturing in the United States by giving them a lower tax rate on their domestic production. The more you produce in the United States, the lower your taxes.
American manufacturers are already at a substantial disadvantage in world markets. The United States is quickly becoming a less attractive and more costly location for operating a business. Our manufacturers know the numbers all too well. We are a relatively high-tax jurisdiction with costly regulatory burdens that reduce incentives for expansion and...