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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGOP Blocked Bill to Punish Companies that Move Jobs Abroad
This is about the tax break for offshoring jobs. Senate Democrats proposed the bill to elimiate the tax break; the Republicans, at the urging of the Chamber of Commerce, blocked it:
The Senate voted 53-45 in favor of the procedural motion, but Democratic leaders needed 60 to take the bill up.
Current tax law allows companies to benefit in a variety of ways when they move jobs overseas, including deducting the costs of closing American plants. The proposed bill would have raised taxes on companies that move manufacturing jobs out of the country and provide a tax incentive for companies that decide to bring them back.
Senator Debbie Stabenow, D-MI, said it was an attempt to protect American workers and the bill "sends a simple message: stop shipping our jobs overseas."
But Republicans said they worried the bill could hurt the competitiveness of large American companies that still have a lot of American workers even if they do move some manufacturing plants to nations with cheaper labor.
http://www.cbsnews.com/8301-503544_162-20017896-503544.html
Current tax law allows companies to benefit in a variety of ways when they move jobs overseas, including deducting the costs of closing American plants. The proposed bill would have raised taxes on companies that move manufacturing jobs out of the country and provide a tax incentive for companies that decide to bring them back.
Senator Debbie Stabenow, D-MI, said it was an attempt to protect American workers and the bill "sends a simple message: stop shipping our jobs overseas."
But Republicans said they worried the bill could hurt the competitiveness of large American companies that still have a lot of American workers even if they do move some manufacturing plants to nations with cheaper labor.
http://www.cbsnews.com/8301-503544_162-20017896-503544.html
In other words, Republicans (including Scott Brown) said that profits for companies were sacrosanct, even if they were achieved by offshoring jobs.
http://www.examiner.com/article/senate-republicans-block-bill-designed-to-encourage-domestic-job-growth
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GOP Blocked Bill to Punish Companies that Move Jobs Abroad (Original Post)
muriel_volestrangler
Oct 2012
OP
Zalatix
(8,994 posts)1. I thought Democrats supported offshoring more than Republicans. Free traders, your opinion on this?
AndyTiedye
(23,500 posts)2. This Isn't Free Trade, This is Protectionism in Reverse
truebrit71
(20,805 posts)3. And for me this was the most egregious lie that Rmoney told last night...
...Obama clearly stated that corps get tax breaks for off-shoring and Rmoney said they didn't...which is absolutely untrue...