Sunday, November 14, 2010

Schumer pushes to bring back overseas jobs

Interesting timing--the Democrats had two years and a chance to lock up Congress and the White House for 20 years by ending outsourcing, off shoring and illegal immigration, thereby creating full employment and mass prosperity.  Instead, they blew all their political capital on, in Senator Kucinich's words, "a $50 billion gift to the insurance industry," called ObamaCare.  I think the Democrat's commitment to the working and middle classes and full employment is as phony as the Republican's commitment to ending abortion.  ---rng

It's a good start, but it lacks teeth and I suspect commitment on the senators side and much less from corporate leaders.  This legislation needs alot more incentives and more penalties. Although, I have not seen the particulars of the proposed legislation, I should hope it also targets preserving strategic industries for national defense, as these are also targeted for takeover by Chinese firms. ------lee


Sen. Charles Schumer, D-N.Y., on Thursday introduced a bill aimed at encouraging businesses to move overseas jobs back to the United States.
The Creating American Jobs and Ending Offshoring Act would provide 24 months of payroll tax breaks for employers that replace workers abroad with employees here at home. The legislation would also end incentives that Schumer described as encouraging companies to outsource jobs overseas.
“Manufacturing jobs have left New York at an astounding rate for places that have no work rules, no environmental rules and no wages rules, and it’s time to level the playing field,” Schumer said on a conference call.  “By rewarding the companies that bring jobs back to America, this legislation puts the incentive back where it should be.”
According to the New York State Department of Labor, 85,400 New Yorkers – 5,600 of which in the Capital region – have lost their manufacturing jobs since August 2007.
The new legislation would
_Provide businesses with relief from the employer share of the Social Security payroll tax on wages paid to new U.S. employees. To be eligible, businesses must certify that the U.S. employee is replacing an employee who had been performing similar duties overseas.
_Prohibit a firm from taking any deduction, loss or credit for amounts paid in connection with reducing or ending the operation of a trade or business in the U.S. and starting or expanding a similar trade or business overseas.
The bill could be considered on the Senate floor as soon as next Tuesday. In addition to Schumer, sponsors of the legislation include Senate Majority Leader Harry Reid, D-Nev., Sen. Richard Durbin, D-Ill., and Sen. Byron Dorgan, D-N.D.

to read original article

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