Fair Trade Wage Act of 1985

Summary

Fair Trade Wage Act of 1985 - Title I: Minimum Wage Law Applied Extraterritorially - Amends the Fair Labor Standards Act of 1938 to impose minimum wage requirements on U.S. foreign enterprises as defined in the Tariff Act of 1930. Prohibits importing into the United States goods produced by any such employer found in violation of the minimum wage requirements. Title II: Earnings Parity - Amends the Tariff Act of 1930 to impose, in addition to any other duty, an earnings parity fee on every article produced by a U.S. foreign enterprise and imported into the United States, in order to equalize the earnings of foreign workers for U.S. foreign enterprise with the earnings of U.S. workers in the same or similar industry and occupational classification. Sets forth the formula for calculating the earnings parity fee. Title III: Trade Adjustment Assistance Trust Fund - Amends the Trade Act of 1974 to establish within the Treasury a Trade Adjustment Assistance Trust Fund. Directs the Secretary of the Treasury to transfer to the Trust Fund the amounts collected as earnings parity fees. Requires the Secretary of Labor to hold, and invest part of, the Trust Fund and to report to the Congress annually on the Trust Fund's economic condition. Authorizes appropriations. Title IV: Neutralization of Tax Effects - Amends the Internal Revenue Code to limit the tax deduction under the accelerated cost recovery system for substitute facilities (business facilities outside the United States which were built or bought within five years of taking out of service similar facilities located within the United States). Prohibits taking depreciation or a foreign tax credit on substitute facilities.

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1 official file

• Introduced in House

  summary · EN · 2 October 1985

  Open at official source

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