Schakowsky/Conyers introduce "Patriot Corporations"

source: http://www.buzzflash.com/alerts/06/06/ale06079.html

The Patriot Corporations for America Act was officially announced today by Rep. Jan Schakowsky (D-IL) and a number of cosponsors. Schakowsky spokesman Ben LaBolt told BuzzFlash the proposal is "a tool to fight against outsourcing and plant closings" by encouraging companies to keep their money and jobs in America.

The bill will "close loopholes and provide incentives to invest in the U.S.," LaBolt said. Revenues gained by killing the loopholes will be used to fund the program, which will be enforced by the Department of Labor. It also promotes worker conditions and benefits. <skip>

The Patriot Corporations for America Act would provide preferential treatment for government contracts and a 5% tax reduction to corporations that:

• Produce at least 90% of their goods and services in the United States;
• Limit top management compensation to no greater than 100 times that of their lowest-compensated full-time workers;
• Spend at least 50% of their research and development budgets in the United States;
• Operate a profit-sharing plan for all employees;
• Contribute at least 5% of payroll to a portable pension fund;
• Pay at least 70% of the cost of health insurance plans;
• Maintain neutrality in employee organizing drives; and
• Comply with federal regulations regarding the environment, workplace safety, consumer protections and labor relations.