U.S. Senator Tammy Baldwin Votes for Bring Jobs Home Act
Senate Republicans Protect Corporate Tax Loophole That Encourages Outsourcing
Washington D.C. – U.S. Senator Tammy Baldwin voted today for the Bring Jobs Home Act, legislation she cosponsored that would close a corporate tax loophole and help bring American jobs back to Wisconsin. Senate Republicans voted to obstruct the legislation, supporting the corporate tax loophole that rewards outsourcing.
“Our tax policy and economic development efforts should not provide tax breaks for shipping jobs overseas, they should support job creation in Wisconsin,” Baldwin said. “Wisconsin’s economy continues to lag behind our Midwestern neighbors and I supported this legislation because it rewards companies that invest in the United States and bring jobs back home. I am disappointed that Senate Republicans obstructed this legislation and voted to continue subsidizing the outsourcing of Wisconsin jobs.”
Over the last 10 years, 2.4 million jobs were shipped overseas and American taxpayers were asked to foot the bill for the move. Under existing law, businesses can deduct the cost of moving personnel and other business components to other countries when filing their taxes. The Bring Jobs Home Act would close this tax loophole and provide a tax credit for companies that move jobs and business activities from another country back to America
Bring Jobs Home Act
-Closes a tax loophole that currently rewards companies for moving jobs abroad.
-Changes the law so that moving jobs or other business components overseas does not qualify for a deduction, ending subsidies for companies that move jobs overseas.
-Provides a tax credit for companies that move jobs and business activities from another country back to America.
-Allows companies to qualify for a tax credit equal to 20 percent of the cost associated with bringing jobs and business activities to the U.S.
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