Washington: As the US Senate debated on the Bring Jobs Home Act, a top Democratic leader on Wednesday accused the opposition Republicans of supporting companies which outsource jobs to countries like India and China.
"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," Senate Majority Leader Senator Harry Reid said on the Senate floor.
"So Republicans are once again putting tax breaks for big corporations and multi-millionaires ahead of the needs of ordinary Americans," he said on the Senate floor as the Senate discussed the Bring Jobs Home Act, which if passed by the Congress and signed into law would end taxpayer incentives for companies to outsource American jobs.
The Republicans are opposing this bill, which has the support of President Barack Obama.
"And what most Americans need is a good job here at home and the assurance their taxes won't go up on January 1. Yet Republicans in Congress are filibustering legislation to bring jobs home to America. And they've twice blocked a vote on legislation to keep taxes low for 98 per cent of American families," Reid said.
"It was Republicans who asked for a vote on their plan to raise taxes for 25 million families and a vote on our plan to keep taxes low for 135 million American taxpayers," he said.
Reid said Democrats have a plan to reduce the deficit by hundreds of billions of dollars simply by ending wasteful tax breaks, Republicans have given up on fiscal responsibility.
"So I say this to my Republican friends: you can't have it both ways. You can't call yourself a deficit hawk, then fight for more tax breaks for millionaires and billionaires," he said.
"And you can't call yourself a fiscal conservative, then fight to protect tax breaks for companies that outsource jobs to India or China," Reid alleged.
The bill is sponsored by Senator Debbie Stabenow. "It's time to stop rewarding companies that send jobs to other countries and instead support businesses creating jobs here at home," she said earlier this year when the first version of her bill was introduced.
Under current law, companies can deduct the cost of moving people and equipment overseas from their tax bill.
Stabenow's bill would eliminate that deduction, and create a new 20 per cent tax credit for all costs associated with moving overseas jobs back into the United States, The Hill reported.
First Published: Thursday, July 19, 2012, 00:37