News release from the Indiana AFL-CIO:
Hoosier working families urge support for federal “Bring Jobs Home” act
Indiana AFL-CIO urges candidates, elected officials to pledge support
(INDIANAPOLIS, July 2, 2012) – As a part of their continuing advocacy of good-paying American jobs, today the Indiana AFL-CIO urged incumbent members of Congress as well as candidates for the office to publically support passage of the “Bring Home Jobs” Act.
Currently under consideration in the U.S. House and Senate, the “Bring Jobs Home” Act will cut taxes for U.S. companies that move jobs and business operations to America from another country. The initiative also eliminates tax loopholes that reward companies that ship jobs overseas.
“This is a common sense piece of legislation that every Hoosier and every Indiana office holder and candidate should be strongly supporting,” said Nancy Guyott, Indiana AFL-CIO President. “We cannot continue to allow politicians to say they want to create jobs here while our tax code continues to reward corporations with taxpayers’ money when they ship production, jobs and innovation overseas.”
“It’s put up or shut up time. Those seeking office can’t continue to campaign on creating jobs with any credibility if they don’t support this bill,” added Guyott.
Specifically the legislation allows companies to qualify for a tax credit equal to 20 percent of the cost associated with bringing jobs and business activity back to the United States. It also ends a tax deduction for companies that outsource jobs and business activity. Under existing law, the cost of moving personnel and components of a company to a new location is defined as a business expense that qualifies for a tax deduction. If passed, this legislation would keep this deduction in place for companies that bring jobs and business activity back to the U.S. but businesses would no longer be eligible for the tax break for shipping jobs overseas.
“Made in America doesn’t have to be a thing of the past. By rewarding companies for creating jobs here in America and ending these outrageous tax loopholes for businesses to relocate overseas, we can put thousands of Hoosiers to work and grow our economy in a meaningful way,” added Guyott. “It doesn’t matter if you are a Democrat, Republican, Libertarian or an independent, this is something every American and every politician should support – and we expect no less.”
Votes for the “Bring Jobs Home” Act are scheduled following Congress’s July 4th recess.
The Indiana State AFL-CIO (American Federation of Labor and Congress of Industrial Organizations) is a federation of 800 local unions across the state belonging to 50 International Unions. In total, the Indiana State AFL-CIO represents more than 300,000 working Hoosiers.
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