Washington, D.C. - House Majority Leader Eric Cantor (R-VA) today issued the following statement regarding H.R. 1834, the Freedom to Invest Act:
"Fundamental reform of our tax code is one of the key ingredients needed to get our economy running on all cylinders again while managing down our debt. Right now, our corporate tax rate is one of the highest in the industrialized world, making it difficult for American businesses to compete and creating a disincentive for businesses to invest and create jobs here in America. The federal government must not act as an impediment to job growth, such a notion runs counter to everything our country stands for. We want America to be the best place in the world for people to do business, innovate and earn success. As part of our pro-growth agenda, we must accomplish fundamental tax reform to bring down rates, make the tax code fairer and more equitable, and boost the economy.
"While fundamental tax reform will take time, repatriation is an interim step that we can take to encourage businesses to bring investment back into our country. Such a step adds capital that would otherwise go overseas directly into our economy which will help create jobs, investment, and growth. I applaud the introduction of this bipartisan legislation by Representatives Kevin Brady (R-TX) and Jim Matheson (D-UT). Tax repatriation is a part of House Republicans' pro-growth agenda and I look forward to continuing the discussion on how to best move forward on this critical, job-creating issue."