He says plan to lower corporate tax rate may have kept the Lyncourt china plant open longer.
Syracuse, NY -- With the vacant Syracuse China plant in the background, U.S. Rep. Dan Maffei, D-DeWitt, spoke this morning about his proposed legislation that would close tax loopholes for companies that move jobs overseas.
His proposal to lower the top corporate tax rate from 35 percent to 23 percent might have kept the china plant that was closed last year by Libbey Inc. alive a little longer, Maffei said, at a press conference with union supporters.
Maffei said he expects his bill, modeled after a 1986 revision of the tax code supported by then President Ronald Reagan, to garner bipartisan support.
Moving the corporate tax rate to 25 percent, would give the U.S. a lower rate than the rate for China and many European countries, Maffei said.
Earlier: Rep. Dan Maffei to propose bill that would give tax breaks to businesses who stay in the US