WASHINGTON, D.C. – House Majority Leader Eric Cantor (R-VA) released the following statement regarding legislation introduced today by Senator John McCain (R-AZ) and Senator Kay Hagan (D-NC) that would lower the corporate tax rate to allow American companies to bring home trillions in profits held overseas. In May, the House introduced a bipartisan repatriation bill as part of the House Republicans’ plan for job creators.
“American companies currently pay one of the highest tax rates in the world. Real tax reform is extremely important, but in the interim, encouraging businesses to bring overseas earnings back home to America will spur investment, economic growth and job creation. At a time when we need to take every possible step to ensure that America remains the best place to do business, Senator McCain and Senator Hagan’s legislation is the latest evidence of bipartisan support for repatriation and I applaud their effort.”