House Votes Yes to Discourage Outsourcing
The package, which among other things is aimed at creating jobs and closing tax loopholes, passed the House.
"In this legislation, which is job creating, it closes the loophole which has allowed businesses to ship jobs overseas. Can you believe that we have a tax policy that enables outsourcing? So if you have one thing to say about this bill to your constituents, you can say that today, you voted to close the loophole to ship U.S. jobs overseas and giving businesses a tax break to do so. It is not right. It will be corrected today.”
So said Speaker Speaker Nancy Pelosi to House lawmakers just before they voted on H.R. 4213, the American Jobs and Closing Tax Loopholes Act. For the record, and as many of you already know, the House of Representatives approved the package Friday on a 215-204 vote. The bill will now move to the Senate, which is scheduled to begin work on it June 7, after a Memorial Day recess.
Among many things, the bill renews expired tax breaks like the research tax credit and state sales tax deduction, extends federal unemployment benefits through November of this year, and includes billions for tax-favored bonds for state infrastructure spending.
As for the bill’s specific efforts to prevent American jobs from going overseas, there are provisions in the bill designed to close tax loopholes for companies that ship jobs overseas. When House Ways and Means Committee Chairman Sander Levin (D-Mich.) released the legislative text of the act, he said the bill will promote jobs here in the U.S. and crack down “on loopholes that encourage companies to move overseas.”
In a summary that was distributed to the press with Levin’s and Senate Finance Committee Chairman Max Baucus' (D-Mont.) press release on the bill, it said that the provisions to close the tax loopholes are designed to curtail abuses on the U.S. foreign tax credit system, which was intended to ensure that U.S.-based multinational companies are not subject to double taxation. The bill estimates it would eliminate $14.451 billion of foreign tax credit loopholes. Levin and Baucus worked with House and Senate leadership and their colleagues to merge two similar bills, one from the Senate and one from the House, into the American Jobs and Closing Tax Loopholes Act.
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