Congressman Gregory W. Meeks Introduces Putting America Back to Work Act of 2011

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.”