Letter: Hoeven rewards the outsourcers
Sen. John Hoeven, R-N.D., voted against the Bring Jobs Home Act as part of a Republican filibuster that blocked consideration of the bill. The bill would have incentivized companies to bring well-paying jobs back home and ended the deductibility of moving expenses when companies move jobs overseas.
It’s an outrage that Hoeven voted against bringing outsourced jobs back home and to reward companies that outsource jobs. The entire country has been hit hard by outsourcing and working families continue to suffer. Hoeven’s vote was callous and shameful. Politicians were elected to represent the needs of working people not only in their home state but all across America, not to give more handouts to wealthy corporations.
Over the past decade, 2.4 million jobs have been shipped overseas while taxpayers foot the bill. Workers in the manufacturing industry have suffered the brunt of the blow as many middle- class jobs disappeared. Currently, U.S. companies can deduct the cost of moving operations overseas as a business expense. The Bring Jobs Home Act would end this loophole and create a new tax credit equal to 20 percent of the cost associated with bringing jobs back to the United States.