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Hagan statement on Tyson repatriation report
Story Date: 10/14/2011
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Source: PRESS RELEASE, 10/13/11
U.S. Senator Kay R. Hagan (NC) today issued a statement on the study by Dr. Laura D’Andrea Tyson on the economic benefits of temporary tax relief for foreign earnings:
"Our economy remains in a desperate place. The national unemployment rate is stuck at 9.1 percent. North Carolina's unemployment is 10.4 percent. This is unacceptable and it's why Senator McCain and I introduced a commonsense, bipartisan bill that will allow up to one trillion dollars to be infused into the American economy now. While partisan bickering in Washington continues to stall any progress on economic recovery, our bill has the support of Republicans and Democrats.
"I'm delighted to see a new study issued just today by President Clinton’s chief economic adviser, Dr. Laura D'Andrea Tyson. This study describes with great analytic rigor how the economy would benefit from a temporary reduction in the tax rate U.S. companies pay when money is brought back to the U.S.
“In addition, the Hagan/McCain bill improves on the models evaluated in the report by incorporating rate-reduction incentives if companies increase their U.S. payroll and stiff penalties if they reduce employment. I welcome the support this important study provides the Hagan/McCain bill and urge our colleagues to consider it seriously and swiftly so that one trillion dollars can reinvigorate our economy now."
The study found that $942 billion would immediately become available for use by U.S. companies. This cash infusion would have the following effects:
• An increase of 1.3 million to 2.5 million jobs;
• An increase of $178 billion to $336 billion in GDP; and
• An increase of $36 billion in corporate tax revenues.
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