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.
Republicans objected to the bill in part because Senate Majority Leader Harry M. Reid (D-Nev.) blocked GOP amendments to the bill, including a proposal to repeal the 2010 health-care reform act. Senate Republicans this month also attempted to amend a small business tax cut bill with language repealing the health law. Some GOP senators also complained that Democrats bypassed the normal committee process and quickly introduced the bill for election-year political purposes.
Democrats note that roughly 2.4 million American jobs have been transferred overseas in the last decade as global firms outsource more positions to cheaper markets.
Source: Washington Post