North Carolina’s two U.S. Senators predict the nation will pursue multi-lateral negotiations with trade agreements, thus moving away from bilateral agreements preferred by special interests.
Speaking at the Emerging Issues Forum in Raleigh, Sen. Richard Burr bluntly told manufacturers that when it comes to trade “You can’t put the genie back in the bottle.”
Burr said there is a misconception that trade agreements cost jobs. “We preserve jobs when we pursue global trade pacts,” Burr continued.
Sen. Kay Hagan concluded that the growing middle class in emerging markets “is the target for U.S. manufacturers. But she also acknowledged that counterfeit textiles coming into this country is more than we produce. She advocates tougher customs operations.
Both senators endorsed tax reform. With a 30 percent corporate tax structure, we don’t compete with 18 percent in other countries, Burr allowed. Also he noted that some small manufacturers are paying 35 percent while largest corporations with loopholes and deductions are paying nothing.
Hagan added that some U.S. corporations are sitting on a total of $1.6 trillion in overseas accounts. Hagan also said the research and development tax credit should be permanent.
Both senators were optimistic that immigration reform will be adopted by Congress. Hagan cited Google, Yahoo, and Ebay as companies founded by immigrants or children of immigrants.