Rangel Introduces Cotton Trust-Fund Bill

Rep. Charles Rangel (D-N.Y.) introduced legislation (HR-6265) Aug. 2 meant to reduce the cost of importing raw materials for manufacturing cotton shirts in the U.S. "Every day millions of shirts enter the U.S. duty free, while American shirt manufacturers are subject to strict entry quotas and duties as high as 13.5% once the quota is filled," said Rangel's office in a press release. Text of the bill wasn't yet available by press time. Sen. Robert Menendez (D-N.J) has introduced similar legislation recently approved by the Senate Finance Committee.

(The original Cotton Trust Fund was introduced as part of Tax Relief and Health Care Act of 2006, a combination of duty reductions refunds to United States shirt manufacturers. The Fund expired in 2009 and since then U.S. manufacturers have been taxed $3.8 million for the privilege of making their products in America, according to Rangel's office.)