In the Spirit of Their Nominee, Senate GOP Blocks Law Ending Tax Credits [View all]
Posted at 02:58 PM ET, 07/19/2012
‘Insourcing’ bill fails to advance in the Senate
By Ed O'Keefe
"The Senate failed to advance a bill Thursday that would end tax breaks for large companies that relocate jobs overseas and provide tax credits to firms that bring jobs back to the United States.
Senators voted 56 to 42 to proceed to final consideration of the Bring Jobs Home Act, falling short of the 60 votes necessary in order to proceed. The White House expressed strong support for the measure, which is packed with proposals from Senate Democrats facing reelection and eager to demonstrate efforts to shore up the nation’s struggling manufacturing sector.
The bill would eliminate tax deductions that companies may take when moving workers and equipment overseas, but establish a new 20 percent tax deduction for companies that do the reverse."