Statement of Senator Max Baucus "Reclaiming Expatriated Contracts and Profits"(RECAP) Act
"Reclaiming Expatriated Contracts and Profits"(RECAP) Act
The "Reclaiming Expatriated Contracts and Profits"(RECAP) Act introduced today marks a critical step in the Senate Finance Committee's overall efforts to crack down on corporate misconduct that costs this country billions of dollars in lost revenue.
U.S. companies which relocate offshore in order to avoid paying their fair share of taxes are not playing on a level field. These corporations can underbid legitimate companies and receive government contracts worth millions of honest taxpayer's dollars. These companies should not, cannot, and under the legislation Senator Grassley and I put forth today, will not receive government contracts.
The RECAP Act will prevent the most egregious of these companies from receiving any U.S. government contracts, while raising the hurdle for others. These companies place tax avoidance as their first priority and a U.S. identity second. I am proud to cosponsor a bill that will go a long way towards restoring public confidence and much needed responsibility in corporate America.
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