To the US companies which move jobs overseas, the senate republicans successfully blocked the passage of an anti-offshoring bill that would have denied tax breaks. The republicans in a 53-45 vote prevented the bill from the overcoming a filibusters. There will be a ban on the government contractors from using the American taxpayers money to move jobs offshore. The creating American Jobs and End Offshoring Act aims at a small manufacturers and it included a payroll tax exemption for the firms that moves a jobs to the US, the bill also contains a provisions to prevent the businesses from deferring the US taxes on the income they make from the foreign subsidiaries.
By the same stick, the Indian Information Technology had said that the bill make much of an impact on India. They warned that the US companies operating in other countries that may be beaten. The several business groups such as the National Association of Manufacturers were strongly opposed to the legislation. It has sent a letter to the senators arguing the measure would make US corporations less competitive and hurt job creations. The terming bill as an election gimmick, the republican senator Orrin Hatch slammed the democrats for their height of the irresponsibility that would put the US economy at the greater risk.
The desperate times call for the measures and the majority is showing how desperate that they are with a bill that increases the tax burden on job creators and the ship much needed US jobs overseas. The bill would have resulted in a net decrease in American jobs. The legislation that was defeated in the senate today would make the US companies pay an extra tax of up to 35 percent, compared to the foreign competitors and it is really hit the companies like John Deere where they have the big overseas markets. The bill tried to pass today is based on the simple common sense, this is to keep the American jobs but also the Republicans continued their job-killing agenda by protecting the tax breaks for the CEO s who is the offshore American jobs. The majority senator claimed that the Republican policies have cost 8 million Americans. They should stop forcing the taxpayers in the Nevada an across the nation to pay the giveaways that reward companies for sending jobs overseas.
REFERENCE:
http://businesstoday.intoday.in/story/anti-outsourcing-bill-blocked-in-us/1/9253.html
