"Replacing a job that is based in another country with a domestic job does not stimulate economic growth or enhance the competitiveness of American worldwide companies," wrote Chamber executive vice president Bruce Josten in letter to senators.
The bill also restricts the use of deferral, which allows companies to postpone paying taxes on foreign income until those funds are transferred to the U.S. The Chamber opposes this limitation.
"Limiting deferral would hinder the global competitiveness of these American companies, impede U.S. economic growth and ultimately result in the loss of jobs -- both at the companies directly impacted and companies in their supply chains," Josten states.
Instead, the Chamber urges Congress to continue all the Bush-era tax cuts as well as the so-called tax extenders that expired last year.
"While few in the business community have been calling for legislation like [the outsourcing bill], there is broad consensus that legislation to extend all of the expiring 2001 and 2003 provisions, as well as the expired 2009 provisions, is essential," Josten states. "Such legislation would address the uncertainty that is plaguing main street, help businesses to create jobs, and get the economy growing."
Senate Democrats originally aimed for a vote on the Bush tax cuts before the election, but failed earlier today to reach an consensus on which of those tax breaks should be extended. The impasse strongly suggests that the Senate will be unable to vote on the issue until after November's election.
The Senate is expected to vote on the outsourcing bill next week.