Yahoo! News – House Votes 251-178 for Tax, Tobacco Bill: “The core of the legislation works to end a trade standoff with Europe that has provoked imposition of punishing tariffs on some U.S. exports.
The bill replaces a tax break declared an illegal subsidy in international trade courts with new tax breaks for American producers.
‘It will encourage companies to manufacture more goods and keep more goods in the United States while maintaining the global competitiveness of the American economy,’ said House Majority Leader Tom DeLay, R-Texas.
Treasury Secretary John Snow said the vote marked an ‘important step toward ending the burden of the tariffs currently being imposed on U.S. exports.’ “
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