Senate Republicans on Thursday blocked an "insourcing" bill from Democrats that would have ended tax breaks for companies that move jobs overseas.

GOP senators block Dem ‘insourcing’ bill

By Ramsey Cox

Senate Republicans on Thursday blocked an "insourcing" bill from Democrats that would have ended tax breaks for companies that move jobs overseas.

The Bring Jobs Home Act also would have given a tax incentives to companies that bring jobs back to the United States. The measure failed to advance on a 56-42 vote, with 60 votes needed to end debate on the bill. 

Earlier in the week, Republicans also blocked the Disclose Act, which would have required the disclosure of campaign contributions of more than $10,000.

Republicans were considering supporting the insourcing bill until Senate Majority Leader Harry Reid (D-Nev.) said he wouldn't include any GOP amendments.

“At a time when millions of Americans are looking for work, I’m not sure what could be more serious than protecting good-paying, middle-class jobs,” Reid said. “This obstruction tactic is unfortunate, but it’s not surprising. After all, Republicans’ nominee for president made a fortune working for a company that shipped jobs overseas.”

The Bring Jobs Home Act would have created a new tax credit for companies that spend money to bring overseas jobs back to the United States, and eliminate a tax credit for companies that spend money to move jobs overseas.

Under current law, companies can deduct the cost of moving people and equipment overseas from their taxes. S. 3364 would have eliminated that deduction, and created a new 20 percent tax credit for all costs associated with moving overseas jobs back to America.

Republican Sens. Susan Collins (Maine), Olympia Snowe (Maine), Dean Heller (Nev.) and Scott Brown (Mass.) voted in favor of the measure. But other Republicans called the bill “political” and “misleading.”

“On the surface this might sound reasonable ... but as far as tax policy goes this is a joke,” said ranking member of the Finance Committee Sen. Orrin Hatch (R-Utah). “It’s devoid of serious content because it is product of political rather than economic priorities.”

Reid said the bill was very serious to those losing their jobs.

“To 21 million Americans whose jobs could be the next ones sent to China or India, it’s a very serious proposal,” Reid said. “And to the 2.5 million Americans who jobs have already been offshored, it doesn’t get any more serious than this. The only ones who aren’t taking this legislation seriously are Republicans in Congress.”

Sen. Debbie Stabenow (D-Mich.) introduced the bill as a jobs measure.

"It's time to stop rewarding companies that send jobs to other countries and instead support businesses creating jobs here at home," she said.

Source