Fitzpatrick Co-Sponsors Freedom to Invest Act

U.S. Rep. Mike Fitzpatrick (R-8th) joined six of his colleagues on a conference call Oct. 13 to discuss H.R. 1834, The Freedom to Invest Act of 2011, and the benefits of repatriation of funds that American companies are keeping overseas. 

According to a release, Fitzpatrick joined congressmen James Lankford (R-OK), Robert Dold (R-IL), Richard Hanna (R-NY), Todd Rokita (R-IN), and Tim Scott (R-SC) on the call.

This bipartisan legislation, if enacted, would provide temporary incentives for American businesses to bring home more than $1 trillion in global earnings, by allowing U.S. companies to repatriate in a one-year tax holiday, at an effective tax rate of 5.25 percent. The Freedom to Invest Act of 2011 was introduced by congressmen Kevin Brady (R-TX) and Jim Matheson (D-UT). Fitzpatrick is a co-sponsor of the legislation and made the following statement during the call:  

“We need long term tax reform, but in the mean time we need innovative proposals to create new American jobs in order to reduce the unemployment rate, which has been stubbornly stuck at over 9 percent since the end of last year. Repatriation is a bipartisan idea - I was pleased to learn that the House Blue Dogs endorsed the Freedom to Invest Act this week.  With that, I believe that if the administration is serious about the idea of ending trillion dollar deficits, we need to bring American money back to our shores and engage it in research and development and facility construction and hiring because we are better off with this capital here in the United States.”