House Republicans today decided it’s more important to repeal the Affordable Health Care Act, which has helped hundreds of millions of U.S. families, than it is to pass legislation to bring back some of the 6 million jobs that have been shipped overseas in the past decade.
During this afternoon’s debate on the Republican bill to repeal the health care reform law, which the U.S. Supreme Court upheld June 28, Democrats offered a measure opening the door for a vote on the Bring Jobs Home Act (H.R.5542). But Republicans blocked the measure by 238-184.
Working families around the country are mobilizing to build support for the bill, which would eliminate tax breaks that allow companies to deduct expenses associated with moving operations overseas and would provide a tax credit to corporations that bring jobs back to the United States.
The Senate is expected to take up its version of the bill (S. 2884) later this month. (source)
Rockefeller: Tax Breaks for Job Outsourcing? "Really Stupid"
July 16, 2012
CHARLESTON, W.Va. - Sen. Jay Rockefeller is co-sponsoring a bill that would reverse tax breaks for companies that ship jobs overseas. The Bring Jobs Home Act would give companies a tax credit for bringing work back to the United States and end loopholes that give them breaks when they relocate workers to other countries, Rockefeller says.
"We now give tax incentives for people who move offshore. That's just about the dumbest thing I've ever heard."
Corporations that go overseas now receive a tax deduction for moving expenses, and they are also allowed to defer taxes on money made by their foreign operations. The Bring Jobs Home Act would change that to a 20 percent tax credit for the cost of bringing the work home.
Republicans in Congress have blocked the bill, calling it a tax increase. Rockefeller says the policy on breaks for companies that send jobs offshore shows a clear difference between the parties... (source)
Good jobs should be as American as apple pie, but U.S. corporations have shipped somesix million American jobs overseas in the past decade. Yesterday in Pittsburgh, more than 200 union members told U.S. Sen. Pat Toomey (R-Pa.) that it’s time to “Bring Jobs Home.”
Hoping to talk to Toomey or his staff to urge support for the Bring Jobs Home Act (S. 2884), the activists from 19 unions and labor groups marched to Toomey’s home office. But even the offering of an All-American, union-made apple pie (courtesy of Food and Commercial Workers Local 23) couldn’t get the group in the door.
Before they were denied access, United Steelworker (USW) Secretary-Treasurer Stan Johnson told a pre-march rally:
"No one working a job in this country today is safe from outsourcing. It’s time to stop corporations from getting tax credits for sending our jobs overseas."
That’s one of the key provisions of the Bring Jobs Home Act, eliminating tax breaks that allow companies to deduct expenses associated with moving operations overseas. It also would provide a tax credit to corporations that bring jobs back to the United States.
If you own a business in this country, your goal is to make a profit.
There’s nothing wrong with that. Millions of hard-working America entrepreneurs are the backbone of our economy.
And if your company boosts profits by sending jobs overseas, that’s your right as a business owner.
But American taxpayers shouldn’t subsidize your business decision to outsource jobs, especially when there are millions of people in this country looking for work.
Originally posted by MsAphrodite
Sounds like it has the union agenda all over it. I'm not surprised that it was blocked.
Originally posted by Common Good
I havent read the bill- but if it is as cut and dry as people are saying, then yes- The republicans just lost MAJOR points with me.
I hate the two party system that has monoploized this country into US vs US.
I dont care about big buisness interests- I care about the peoples interest- and I know for a fact that neither party has our interests at heart.
We must all remember here that it is an election season- and that any and all grandstanding to be "the better party" is usually political theatre.
I have to do more research on this bill- to see what exactly was in it before I can make a more educated opinion on it.
Like I said though- IF it is as cut n dry as they say it is- then this really pisses me off. Everything the govt has been doing lately has been pissing me off. I fail to be suprised anymore by our corrupt and inept showboat of a govt.
Originally posted by JacKatMtn
Looks like an election year wedge to use heading into November..
I would be more impressed if Congress would actually pass a budget.. I don't think that is asking too much..
I added the bold and caps.
OFFICIAL SUMMARY The following summary was written by the Congressional Research Service, a nonpartisan arm of the Library of Congress, which serves Congress. GovTrack did not write and has no control over these summaries. 7/9/2012--Introduced. Bring Jobs Home Act - Amends the Internal Revenue Code to: (1) GRANT business taxpayers a tax credit for up to 20% of insourcing expenses incurred for eliminating a business located outside the United States and relocating it within the United States, and (2) DENY a tax deduction for outsourcing expenses incurred in relocating a U.S. business outside the United States. Requires an increase in the taxpayer's employment of full-time employees in the United States in order to claim the tax credit for insourcing expenses.
(1) GRANT business taxpayers a tax credit for up to 20% of insourcing expenses incurred for eliminating a business located outside the United States and relocating it within the United States, and (2) DENY a tax deduction for outsourcing expenses incurred in relocating a U.S. business outside the United States. Requires an increase in the taxpayer's employment of full-time employees in the United States in order to claim the tax credit for insourcing expenses.