Democrats Push Measure With Tax Breaks for Companies Hiring U.S. Workers

[ProSense]

Source: Bloomberg

Senate Majority Leader Harry Reid moved to set up a vote on legislation that would give companies a tax break for hiring U.S. workers to replace overseas-based employees. The plan also would end tax advantages for closing U.S. plants to move jobs offshore.

The measure introduced by Reid, a Nevada Democrat, would give companies a two-year holiday from their share of Social Security payroll withholding taxes for each employee they hire to replace a worker at a foreign-based facility.

The Creating American Jobs and Ending Offshoring Act would bar companies from taking tax credits or deductions for the cost of closing a U.S.-based facility to move the operation overseas. Companies could still take deductions for severance and job placement services for employees who lose their jobs as a result of a U.S. plant closing.

Under the legislation, companies that close a U.S.-based business and expand it overseas would no longer be allowed to defer U.S. income taxes on foreign subsidiaries.


Read more: http://www.bloomberg.com/news/2010-09-22/democrats-push-measure-with-tax-breaks-for-companies-hiring-u-s-workers.html

[w4rma]

1. Finally. Some sanity. (nt)

[Dappleganger]

2. This should have happened with last year's stimulus.

But good.

[aquamarina]

3. As long as they are real jobs -

not just part time, no benefits jobs.

[LynneSin]

4. This is about 10 years overdue and will make an impact on getting people off unemployment

I'm tired of jobs heading overseas or even worse workers replace for overseas people shipped into the states.

I realize that the USA is a giant melting pot but with 10% unemployment we need to create jobs that will help bring that number down and that means hiring from that group first before importing/exporting overseas workers.

[AC_Mem]

5. So, will the GOP

vote NO on this one?

[Gin]

6. I felt sad to read that companies need a tax incentive to hire

Americans....and I thought stopping tax breaks for off-shoring companies was in another bill

[Xipe Totec]

7. Excuse me, why take it out of Social Security?

Why not take it out of the general income tax instead of raiding social security?

[songbookz]

8. Because many corporations pay little to no income taxes

[TomCADem]

9. K & R!