U.S. Senator Claire McCaskill is backing a measure to boost job creation by
rewarding companies that “insource” jobs to the U.S., while ending tax breaks
for those companies shipping jobs overseas.
The Bring Jobs Home Act introduced by Senator
Debbie Stabenow, creates a special 20 percent tax credit for the moving expenses
of companies who shift operations back to the U.S. from abroad.
The bill also prevents companies from deducting from
their taxes the costs associated with shipping jobs overseas. Under current law,
companies can deduct 100 percent of the cost of shipping equipment overseas,
terminating leases, and other expenses associated with offshoring a
business—meaning that taxpayers are on the hook for millions of dollars
annually.
“Right now, some companies are undercutting hardworking
Americans by sending valuable jobs out of the country,” McCaskill said. “We
shouldn’t be rewarding them for doing it. Instead, let’s use some common sense,
and reduce their incentive to outsource by ending tax breaks for companies that
send jobs overseas, and rewarding companies that bring jobs back to the United
States.”
A similar measure had bipartisan majority support in
the Senate last year, but ultimately failed to advance after a Republican
filibuster.
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