Senator Republicans on Tuesday blocked a bill from being debated in the Senate that would penalize U.S. companies from shipping jobs overseas.
The bill, which would eliminate tax breaks for companies outsourcing jobs, was defeated 53-45, by a GOP caucus and was not debated on the Senate floor. Sixty votes were required for the motion to succeed.
Over the last three years, Republicans have voted ten times to protect:
- Tax breaks for corporations that ship American jobs overseas
- Off-shore tax havens for corporations and the wealthiest Americans
- Tax loopholes for CEOs deferred compensation paid by off-shore companies, foreign tax haven corporations dodging U.S. taxes, and Americans who renounce their citizenship.
These tax breaks cost American taxpayers over $60 billion.
A closer look at the GOP record revealed that, over the past three years:
- 99% of Republicans Voted To Protect Tax Breaks for Companies Who Ship American Jobs Overseas
- 99% of Republicans Opposed Small Business Relief Paid For By Closing Outsourcing Tax Breaks
- 99% of Republicans Opposed Legislation to End Tax Breaks for Companies Who Ship American Jobs Overseas
- 98% of Republicans Twice Voted Against Cracking Down on Foreign Tax Haven Corporations
- 97% of Republicans Voted Against Cracking Down on Offshore Accounts for Corporations and the Wealthy
- 99% of Republicans Voted Against Cracking Down on Overseas Tax Havens
- 85% of Republicans Voted Twice to Protect a Tax Loophole for CEOs’ Deferred Compensation Paid by Offshore Companies
It is estimated that during the 1999-2007 period, U.S. multinationals eliminated 1 million American jobs while adding 2.5 million jobs abroad. Moreover, U.S. multinationals more than doubled the income they reinvested overseas between 2002 to 2008.
