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The American Jobs Creation Act of 2004, passed by the US Congress on 12 October and signed into law by President Bush on 22 October 2004, has been greeted by general dismay by various critics. The Act has been described as overloaded with “pork” and giveaways to special interest groups like tobacco farmers. The critics contend that the only achievement of the Act, the repeal of the “extraterritorial income” (ETI) regime that was ruled by the WTO to be a prohibited export subsidy, is dwarfed by 633 pages of special interest legislation. Even the Bush Administration distanced itself from the Act, contending that the ETI repeal could have been achieved with much less pork attached.


© 2005 IBFD. Originally published in 59 Bull. Intl. Taxn. 1, pp. 27-35, Journals IBFD. Bulletin for International Taxation is available online at Reproduced with permission.