Posted on 09/29/2010 12:51:00 PM PDT by ex-snook
Bill to tax companies exporting jobs fails
WASHINGTON — The Senate on Tuesday blocked tax legislation that would have punished U.S. firms that export jobs. But the political symbolism of trying to save American jobs, not passing a bill, was the Democrats’ closing argument on the economy in the waning weeks of the congressional elections.
Republicans complained that the vote used a serious subject — economic recovery — to score points with voters five weeks before the balloting in which all 435 House seats, 37 Senate seats and the Democratic majority are on the line. The bill in question, Republicans said, would make U.S. companies less competitive.
“The liberal Senate leadership has brought forward a politically motivated bill that will never become law,” said Sen. Orrin Hatch, R-Utah.
But majority Democrats, now without their original plan to close the campaign with a middle class tax cut, sought to convince voters that the bill showed off their commitment to supporting the nation’s economic recovery.
“This is part of the continuing focus on jobs,” Sen. Debbie Stabenow, D-Mich., told reporters.
The bill failed, 53-45, to attract the 60 votes required to advance. Four Democrats and one Independent joined Republicans to block its progress.
But debating it and forcing senators on the record was the Democrats’ point.
“We’re just a few weeks away from an election,” said Sen. Dick Durbin, D-Ill. “I wish this election would be a simple referendum on the debate we’re having on the floor of the Senate right now.”
The bill at issue in the Senate would exempt companies that import jobs from paying the 6.2 percent Social Security payroll tax for new U.S. employees who replace overseas workers who had been doing similar work.
The two-year exemption would be available for workers hired over the next three years. The tax cut — estimated to cost about $1 billion — would be partially offset by tax increases on companies that move jobs overseas.
The bill would prohibit firms from taking deductions for business expenses associated with expanding operations in other countries. It would increase taxes on U.S. firms that close domestic operations and expand foreign ones to import products to the U.S.
Republicans argued the tax cuts would be difficult to administer and the tax increases would hurt international corporations that employ U.S. workers.
The GOP is dumber then a dung heap. Instead of defending corporations and losing points, I would offer the Dems the following. Since jobs is an issue, I would support the law if the Dems would support laws that would kick out every illegal immigrant taking jobs away from unemployed Americans. It means the DoJ must drop their lawsuit against AZ, punish sanctuary cities and stop legal immigration at a time when our economy is stagnate and unemployment is high. Furthermore I would add never to consider Cap and Trade, repeal Obamacare taxes and other Obama orders that add costs to businesses and prevent hiring and keeping American workers employed. Now the GOP would have smashed the Dem showboat because they would balk at such deal. Instead the GOP continue to serve their job killing, and more profits for their free trader/globalist masters and donors. 2010 is the GOP chance to defend the Main Street Americans if they continue to cater to Wall Street America, a Third Party in 2012.
Exactly, I’d also like to see a Nuclear Power grid made possible.
Corporations do not have a “duty” to keep jobs in a place that no longer makes economic sense for them. Period.
That has nothing to do with contributing to campaigns.
Again, if the U.S. wants to attract jobs to the U.S., it has to do so through favorable tax and regulatory policies. This holds true for jobs created by American as well as non-American corporations.
Make it more expensive, difficult or impossible to fire an American worker, like it is in Europe. Great idea. This way American companies just won't hire new workers. Just like in Europe.
How high will the unemployment rate have to rise before you're satisfied your "great idea" worked?
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