Senate Republicans filibustered the Brings Jobs Home Act Thursday. The bill, which would eliminate incentives for companies to move jobs overseas and create incentives to bring jobs to the United States from overseas, was blocked by 42 Republicans; Scott Brown and Olympia Snowe voted with Democrats to advance it.
Under current law, companies can deduct the cost of moving people and equipment overseas from their taxes. S. 3364 would have eliminated that deduction, and created a new 20 percent tax credit for all costs associated with moving overseas jobs back to America.
According to The Hill, “Republicans were expected to support the ‘insourcing’ bill until Senate Majority Leader Harry Reid (D-Nev.) said he was unlikely to include any Republican amendments.” Specifically, Republicans wanted to include an amendment repealing the Affordable Care Act. I’m thinking if their support for the Bring Jobs Home Act was contingent on getting a health care repeal vote, they didn’t really support bringing jobs home and were just trying to create an excuse to vote against it. As Reid pointed out, “It’s no surprise Republicans are on the side of corporations making big bucks sending American jobs to China and India. After all, their presidential nominee, Mitt Romney, made a fortune outsourcing jobs, too.”