The tax break needed for working families can be effected by removing now obsolete tax breaks for outsourcing jobs.
Current tax law allows for the cost of moving jobs overseas to be deducted as a business expense. S. 3664, sponsored by Senator Debbie Stabenow, D-Mich., would end that tax break while continuing to allow a deduction for jobs returned to this country or moved within the United States. The bill would provide an additional tax credit for 20 percent of the cost of moving jobs back to the United States. On July 19, the Senate rejected, 56-42, a motion to take up the bill, which would encourage companies to bring jobs back to the United States. The motion fell four votes short of the 60 needed to invoke cloture on the motion to proceed made by Majority Leader Harry Reid, D-Nev. Four Republican Senators, Scott P. Brown of Massachusetts, Susan Collins and Olympia J. Snowe of Maine, and Dean Heller of Nevada voted with all participating Democrats to take up the legislation. No further action is scheduled on the bill.
This really is neither a "Democratic" nor a "Republican" issue, but really a PEOPLE issue, that cuts to the central core of the economic and political problems we are experiencing in this country! A decreasing domestic labor force is at the core of the problems our country is facing today, not only Medicare and Social Security, which of course are paid for by the domestic labor force, and also the deficit in general as that is paid for by general taxed income.
Where do I stand: higher taxes or more jobs? - The tax break needed for working families (in addition to strengthening Social Security and Medicare) can be effected by removing now obsolete tax breaks for outsourcing jobs. So let's draw attention to reviving Senate bill S.3364, the Bring Jobs Home Act , as it "Hits the Nail on the Head" with what's wrong in this country.