KENOSHA, WI (WTAQ) – House Republican Paul Ryan does not agree that the loss of the U.S. Export-Import Bank is the only reason for the loss of 350 Wisconsin jobs.
The Ways and Means chairman from Janesville says high taxes and government red tape had to be factors in General Electric’s decision to move jobs to Canada.
GE said last week it would close its petroleum engine plant in Waukesha, and build a new shop north of the border. The company blamed the refusal by Congress to extend the Export-Import Bank beyond June 30th.
The bank helps U.S. companies finance industrial equipment sales to overseas customers. Ryan has long opposed the bank, saying it serves only a handful of large companies.
The 2012 GOP vice presidential nominee says he can’t imagine that a business as large as GE could not finance its own purchases. He also notes that Canada has a 15 percent business tax rate, while the U.S. is at 35 percent.
Ryan commented after a town hall meeting in Kenosha.
(Story courtesy of Wheeler News Service)
