International Taxes

Pelosi said the Ways and Means Committee will consider legislation Friday that could result in punishing tariffs on Chinese imports.

The National Confectioners Association warned Friday the industry will be hit with a 20 percent tax on gum and chocolate products.

The Business Roundtable on Tuesday issued a statement criticizing the House for passing the $26 billion state-aid bill because it restricts the use of foreign tax credits by U.S. multinational companies. 

Ways and Means ranking member Dave Camp (R-Mich.) on Tuesday warned that 141,000 jobs will be lost if Congress passes the $26.1 billion state-aid bill, which is expected to occur later today. 

Former Ways and Means Chairman Charles Rangel (D-N.Y.) took to the chamber floor on Tuesday and in a rambling speech demanded that the ethics committee render a judgment on the 13 charges of ethical wrongdoing that have been rendered against him.  

"Don't leave me swinging in the wind," he told the chamber. 

The legislation resuscitates new market tax credits and Recovery Zone Bonds that create incentives for improvements in infrastructure.

A House vote on legislation that would increase taxes on U.S. multinational companies appears to be stalled as the bill is expected to return to the Rules Committee. 

A vote was expected to occur on the bill around 7pm this evening, but congressional staffers tell The Hill the legislation has be rerouted to the committee that determined yesterday there would be a vote on it today. 

This story is developing. 

The House on Thursday debated legislation that raises taxes on U.S. multinational companies by billions of dollars to extend Build America Bonds and other programs that underwrite state and local infrastructure projects. A vote on the measure is expected this evening.

Republicans opposing the measure said the tax increases will hinder economic growth.

The National Association of Manufacturers on Thursday urged House members to oppose legislation that increases taxes on U.S. multinational companies and is expected to be voted on later Thursday. 

Ironically, the bill — the Investing in American Jobs and Closing Tax loopholes Act of 2010 — was introduced as part of Democrats’ “Make it in America” agenda, a strategy that seeks to bolster the country’s manufacturing sector. 

But Dorothy Coleman, NAM’s Vice President of Tax and Domestic Economic Policy, said the bill would do her industry more harm than good. 

House Ways and Means Chairman Sandy Levin (D-Mich.) on Wednesday introduced legislation aimed at closing several tax breaks used by U.S. multinational companies.