U.S. companies who move facilities overseas can currently deduct the expense from corporate taxes. Senate Republicans have blocked the bill which would end tax breaks for companies that send jobs overseas.
On Wednesday, the Senate voted on the “Bring Jobs Home Act” which failed to gain the votes needed to advance the measure. The bill was introduced by Debbie Stabenow and Sens. John Walsh which would give companies incentives to re-shore jobs back to the U.S. which included a tax write-off for the relocation costs and an additional 20 per cent credit.
Harry Reid Senate Majority Leader said ahead of the vote “We Democrats are lined up against outsourcing… A vote against this bill is a vote against American jobs.”
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