Cardoza making the case

TK: Just sliding across my inbox, a strong reproof to Republicans from the office of Rep. Dennis Cardoza, D-Calif.

Statement from Rep. Dennis Cardoza at Rules Committee hearing responding to allegations that the 2007 Farm Bill raises taxes:

“If you want to kill this farm bill over an ideological difference of opinion about what is or is not a tax increase, that funds only a tiny portion of the overall bill, let’s have that debate. If Republicans want to support international corporations that are cheating on their taxes before American farmers, I am comfortable taking that to farmers from the Midwest to both coasts who overwhelming support the 2007 Farm Bill.” Cardoza continued, “If we are not careful, this country will become a net importer of food; last year there was no surplus. I won’t let happen on my watch. We cannot abandon farm country.”

The 2007 Farm Bill closes a tax loophole that allows foreign-based companies located in tax havens to avoid tax on income earned in the United States by their U.S.-based subsidiaries. Five years ago, this Administration and its own Treasury Department identified this earnings stripping as a tax abuse.