By Ramsey Cox
The Bring Jobs Home Act — being voted on at 2:15 p.m. — would create 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.
“It’s devoid of serious content because it is a product of political rather than economic priorities,” Hatch said on the floor Thursday.
Hatch said the bill should have come from the Finance Committee. Sen. Debbie Stabenow (D-Mich.), who is on the Finance Committee, introduced the measure.
Under current law, companies can deduct the cost of moving people and equipment overseas from their taxes. S. 3364 would eliminate that deduction, and create a new 20 percent tax credit for all costs associated with moving overseas jobs back into the United States.
But Hatch said Democrats are being misleading by saying that there is a tax break for outsourcing.
“I’ll keep this book of tax codes at my desk here, if someone wants to show me the tax code that allows deductions for shipping jobs overseas,” Hatch said while holding the large book. “I’d like to see it, but it’s not in here.”
It’s unclear if the bill will clear the voting hurdle to end debate. Republicans were expected to support it until Senate Majority Leader Harry Reid (D-Nev.) said he was unlikely to include any Republican amendments.
Hatch said he’s recommending that the bill be sent to his committee for tweaks.