Sen. Orrin HatchOrrin Grant HatchLobbying world Congress, stop holding 'Dreamers' hostage Drug prices are declining amid inflation fears MORE (R-Utah) said Democrats' claims that there is a tax loophole for U.S. businesses that ship jobs overseas are false.
“It’s total B-S,” Hatch said on the Senate floor Wednesday. “It’s amazing to me what people will do for political advantage — it’s shameless.”
Earlier Wednesday, the Senate voted 93-7 to procedurally advance S. 2569, the Bring Jobs Home Act, which would end tax breaks for companies that send jobs overseas.
Hatch, ranking member of the Senate Finance Committee, said the supporters of the bill are making false claims because there is no “special treatment” for companies moving outside the United States.
Currently U.S. companies can deduct from their corporate taxes some expenses of moving facilities overseas, but Hatch said the same tax credit is also available for those companies moving from one state to another.
“No such loopholes exist,” Hatch said. “There is no special treatment.”
Hatch said he hopes there is an open amendment process while the Senate considers the bill but “I wouldn’t hold my breath.” He said if Democrats were serious about keeping companies in the United States, they’d vote to reduce corporate tax rates instead.