Washington, DC – Nevada Senator Harry Reid will lead the Senate today in voting to bring legislation to the floor of the U.S. Senate to end the practice of rewarding American companies who ship jobs overseas.
“While we continue our efforts to put Nevadans back to work and help our economy recover, we shouldn’t be rewarding companies who compound our unemployment situation by outsourcing American jobs to foreign countries,” Reid said. “What we need to do is build on our work to cut taxes for businesses and improve their access to capital so they can fill those offshored jobs with workers here at home.”
The Creating American Jobs and Ending Offshoring Act does three important things to help put Nevadans back to work:
1. To encourage companies to create jobs in the U.S., it offers tax relief to American companies that hire American workers to do the jobs that had been outsourced to non-American workers.
2. It ends the subsidies that U.S. taxpayers provide for closing costs to firms that move facilities offshore.
3. It ends the federal tax subsidy that rewards U.S. firms that move their production overseas.