US Senate Voted to Repeal Export Subsidies

 

By Deborah Tate

The U.S. Senate has voted to repeal¹ a tax subsidy² for U.S. exports that the World Trade Organization says violates global trade rules. The bill, which already has been approved by the House of Representatives, now goes to President Bush for his signature.

Lawmakers were eager to pass the bill to repeal the $5-billion-a-year export subsidy and end a trade dispute with the European Union.

The European Union imposed punitive³ tariffs⁴ on a variety of U.S. products in March in response to the WTO ruling.

The legislation also includes nearly $140 billion in new tax breaks for businesses ranging from ship builders to ceiling fan importers. It would lower the tax rate on corporate⁵ profits from 35 percent to 32 percent for all domestic producers.

In addition, the bill calls for repealing⁶ illegal tax subsidies⁷ and closing corporate tax shelters.

Opponents of the bill, which has been called the most sweeping⁸ overhaul⁹ of corporate tax law in nearly two decades, see the measure as a special-interest giveaway that will increase the record budget deficit¹⁰. But the chief sponsor of the legislation, Senator Chuck Grassley, an Iowa Republican, sees it differently.

"The bill that is before us is going to help companies compete for and create jobs. It will make sure that the United States meets our obligations to our trading partners under our international trading agreements. Most importantly, it is closing a lot of corporate tax shelter loopholes and other abusive tax shelters that need to be closed."

Senate passage was delayed by a dispute over an amendment¹¹ that would give companies a 50 percent tax credit for paying the full salaries of National Guard members and reservists called to active duty.

The amendment had been in the Senate version of the legislation, but was taken out when House Republicans opposed it. Many lawmakers feared the dispute on the amendment would derail the overall legislation. But the amendment's sponsor, Senator Mary Landrieu, a Louisiana Democrat¹², vowed¹³ to continue fighting for it.

"What I objected to was that the Guard and Reserve amendment, which would have given a tax credit to the thousands of businesses in this country, that are doing the patriotic¹⁴ thing, the right thing, the good thing, and they are getting commended by our president and us for thanking them, we could not provide them a 50 percent tax cut to keep this paycheck whole on the front line."

A deal was reached to allow the amendment to be considered as separate legislation, clearing the way for a vote on the underlying¹⁵ bill. Ms. Landrieu's legislation is expected to be taken up again next month.

The Senate worked on the corporate tax bill in rare Saturday and Sunday sessions to reach the deal.

Deborah Tate, VOA news, Capitol Hill.

注释：
repeal 废止
subsidy 津贴
impose 征税
punitive 惩罚性的
tariff 关税
overhaul 检查
loophole 漏洞
amendment 改善
derail 出轨

 

1 repeal   

n.废止，撤消；v.废止，撤消

参考例句：

• He plans to repeal a number of current policies.他计划废除一些当前的政策。
• He has made out a strong case for the repeal of the law.他提出强有力的理由，赞成废除该法令。

2 subsidy   

n.补助金，津贴

参考例句：

• The university will receive a subsidy for research in artificial intelligence.那个大学将得到一笔人工智能研究的补助费。
• The living subsidy for senior expert's family is included in the remuneration.报酬已包含高级专家家人的生活补贴。

3 punitive   

adj.惩罚的，刑罚的

参考例句：

• They took punitive measures against the whole gang.他们对整帮人采取惩罚性措施。
• The punitive tariff was imposed to discourage tire imports from China.该惩罚性关税的征收是用以限制中国轮胎进口的措施。

4 tariffs   

关税制度； 关税( tariff的名词复数 )； 关税表； （旅馆或饭店等的）收费表； 量刑标准

参考例句：

• British industry was sheltered from foreign competition by protective tariffs. 保护性关税使英国工业免受国际竞争影响。
• The new tariffs have put a stranglehold on trade. 新的关税制对开展贸易极为不利。

5 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

6 repealing   

撤销，废除( repeal的现在分词 )

参考例句：

• In addition, repealing the alternative minimum tax would also help. 此外，废除替代性最低税也会有所帮助。
• Repealing the investment tax credit. 取消投资税款扣除。

7 subsidies   

n.补贴，津贴，补助金( subsidy的名词复数 )

参考例句：

• European agriculture ministers failed to break the deadlock over farm subsidies. 欧洲各国农业部长在农业补贴问题上未能打破僵局。
• Agricultural subsidies absorb about half the EU's income. 农业补贴占去了欧盟收入的大约一半。 来自《简明英汉词典》

8 sweeping   

adj.范围广大的，一扫无遗的

参考例句：

• The citizens voted for sweeping reforms.公民投票支持全面的改革。
• Can you hear the wind sweeping through the branches?你能听到风掠过树枝的声音吗？

9 overhaul   

v./n.大修，仔细检查

参考例句：

• Master Worker Wang is responsible for the overhaul of this grinder.王师傅主修这台磨床。
• It is generally appreciated that the rail network needs a complete overhaul.众所周知，铁路系统需要大检修。

10 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

11 amendment   

n.改正，修正，改善，修正案

参考例句：

• The amendment was rejected by 207 voters to 143.这项修正案以207票对143票被否决。
• The Opposition has tabled an amendment to the bill.反对党已经就该议案提交了一项修正条款。

12 democrat   

n.民主主义者，民主人士；民主党党员

参考例句：

• The Democrat and the Public criticized each other.民主党人和共和党人互相攻击。
• About two years later,he was defeated by Democrat Jimmy Carter.大约两年后，他被民主党人杰米卡特击败。

13 vowed   

起誓，发誓（vow的过去式与过去分词形式）

参考例句：

• He vowed quite solemnly that he would carry out his promise. 他非常庄严地发誓要实现他的诺言。
• I vowed to do more of the cooking myself. 我发誓自己要多动手做饭。

14 patriotic   

adj.爱国的，有爱国心的

参考例句：

• His speech was full of patriotic sentiments.他的演说充满了爱国之情。
• The old man is a patriotic overseas Chinese.这位老人是一位爱国华侨。

15 underlying   

adj.在下面的，含蓄的，潜在的

参考例句：

• The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
• This word has its underlying meaning.这个单词有它潜在的含义。