September 8, 2011

CONGRESSMAN GREGORY W. MEEKS INTRODUCES PUTTING AMERICA BACK TO WORK ACT OF 2011

(WASHINGTON, DC)–Congressman Gregory W. Meeks (D-NY), senior member of the House Financial Services Committee, released the following statement on his bill to repatriate profits to the United States at a reduced rate and create an infrastructure investment fund:

“At a time when the nation’s coffers are desperate for revenue, U.S.-based corporations have over $1.2 trillion in profits in overseas accounts.  It is time to bring that money home, to put it to work to create jobs and re-invest in America. At the same time, our nation’s infrastructure is ailing.  We have bridges collapsing; tunnels that have gone unrepaired for decades; airports that have been neglected; and a lack of adequate upkeep in our highway system.  Rebuilding our infrastructure is not only essential to our competitiveness as a nation, but to creating employment for a significant segment of our population. That is why I have introduced H.R. 2862, the ‘Putting America Back to Work Act of 2011.’  My bill provides a tax cut to corporations to repatriate those profits to America at a reduced rate of 15%, while re-investing the new revenue in a Jobs Fund to finance infrastructure projects, such as roads, bridges, tunnels, and subways. This bill is a win-win for the United States.  As we know, infrastructure construction has a high return on investment, and by finding new sources of revenue we can keep our budget in check but still create jobs and help put Americans back to work.”

###