by: Karen Cayamanda
Wednesday, September 29, 2010 | Outsourcing News |
In a 53-45 vote, the Republicans had prevented the passage of the anti-outsourcing bill that would stop US companies from getting tax breaks and outsourcing work to other countries.
The Creating American Jobs and End Offshoring Act includes exempting firms that move jobs to US from payroll tax. However, it also involves increasing taxes on the companies’ profits from offshore operations. "Desperate times call for desperate measures and the majority is showing how desperate they are with a bill that increases the tax burden on job creators and ship much-needed US jobs overseas," said Republican senator Orrin Hatch.
On the other hand, Democrat senator Harry Reid said the goal of the bill is “to keep American jobs in America”, and that the US must stop granting tax breaks to companies that move jobs overseas.
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