Senators Hoping For Swift Resolution To JOBS Bill Deadlock

by Mike Godfrey, Tax-News.com, Washington

05 May 2004

Chairman of the Senate Finance Committee Charles Grassley, along with committee ranking Democrat Max Baucus, have expressed a desire to wrap up the negotiations taking place in the Senate JOBS bill by the end of the week.

“Both of us share the goal of creating more good-paying jobs in our home states and throughout the country, and that's exactly what the JOBS bill will do,” the Senators said in a joint statement.

The central measure contained in the bill is a phased-in 3% corporate tax cut for certain US manufacturing firms, which it is hoped will bring an end to EU-imposed tariffs on American goods imposed in retaliation against existing export tax breaks ruled against by the WTO.

“Every month that we delay enacting this bill sees another ratcheting up of European Union tariffs on American products, harming American business,” they warned.

The European Union began imposing tariffs on a variety of US imports on March 1 at a rate of 5%, which is increasing at a rate of 1% per month until a ceiling of 17% is reached next year.

Grassley and Baucus continued: “Our bill passed the Senate Finance Committee on a strong 19-2 vote and has solid support in the Senate. We can no longer delay this vital bill. The Senate needs to pass the JOBS bill this coming week, and we will do everything possible to see that happen.”

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