Citing recent studies that show U.S. companies are sheltering profits and shipping jobs overseas to avoid paying U.S. taxes, presidential nominee John Kerry recently pledged to do what President George Bush has not: Crack down on corporate loopholes to save US jobs and taxpayer money.

Kerry said he was offering a new choice and a plan that will create millions of good paying jobs. “With our economy dragging and costs going through the roof, George Bush has done nothing to create jobs,” Kerry said. “In fact, the only plan he's come up with is one that actually makes things worse. Because of George Bush's bad choices, every year, Americans are getting robbed of at least $40 billion in taxes we're owed.”

“The real test of leadership is how you respond if things go wrong,” Kerry said. “Do you face the facts and fix the problems? Or do you stick with your story and ignore reality? Time and time again, George Bush has proven that he's stubborn, out of touch, and unwilling to change course.”

Kerry and John Edwards have a three-part plan to crack down on companies that outsource jobs and offshore their profits to avoid paying taxes. They will establish a new Office of Offshore Tax Enforcement at the Treasury Department to investigate offshore corporate tax avoidance and help develop new regulations. They will also close loopholes like the Bermuda tax loophole which allows companies to escape taxes by taking advantage of complicated international tax rules. Finally, they will eliminate special tax breaks so companies are taxed the same whether they invest abroad or at home.

“In less than a month, you'll have a chance to change all this,” Kerry said. “I have a plan to build a stronger economy. When I'm president, we'll stop rewarding companies that ship jobs overseas and we'll start rewarding companies that create jobs here at home.”

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