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Post by unlawflcombatnt on Jul 20, 2012 11:41:57 GMT -6
Due to the number of emails I've received about the so-called "Bring Jobs Home Act," I've decided to post a link and a little bit of information on it. It doesn't sound like much to me from the general description. But it sure makes for a good media soundbite for its proponents. www.govtrack.us/congress/bills/112/s3364"7/9/2012--Introduced. Bring Jobs Home Act - Amends the Internal Revenue Code to: (1) grant business taxpayers a tax credit for up to 20% of insourcing expenses incurred for eliminating a business located outside the United States and relocating it within the United States, and (2) deny a tax deduction for outsourcing expenses incurred in relocating a U.S. business outside the United States. Requires an increase in the taxpayer's employment of full-time employees in the United States in order to claim the tax credit for insourcing expenses."
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Post by jacquelope on Jul 20, 2012 15:25:32 GMT -6
Who the fuck issued a filibuster/filibuster threat against this bill? It looks like it got snagged in the Senate.
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Post by unlawflcombatnt on Jul 21, 2012 9:55:44 GMT -6
The bill is for show only. The actual effects are minuscule. It eliminates tax deductions for outsourcing expenses. Big deal. " SEC. 3. DENIAL OF DEDUCTION FOR OUTSOURCING EXPENSES.
(a) In General- Part IX of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:
‘SEC. 280I. OUTSOURCING EXPENSES.
‘(a) In General- No deduction otherwise allowable under this chapter shall be allowed for any specified outsourcing expense.
‘(b) Specified Outsourcing Expense- For purposes of this section--
‘(1) IN GENERAL- The term ‘specified outsourcing expense’ means--
‘(A) any eligible expense paid or incurred by the taxpayer in connection with the elimination of any business unit of the taxpayer (or of any member of any expanded affiliated group in which the taxpayer is also a member) located within the United States, and
‘(B) any eligible expense paid or incurred by the taxpayer in connection with the establishment of any business unit of the taxpayer (or of any member of any expanded affiliated group in which the taxpayer is also a member) located outside the United States,It allows a 20% tax credit for eligible insourcing expenses. Again, big deal. " ‘SEC. 45S. CREDIT FOR INSOURCING EXPENSES.
‘(a) In General- For purposes of section 38, the insourcing expenses credit for any taxable year is an amount equal to 20 percent of the eligible insourcing expenses of the taxpayer which are taken into account in such taxable year under subsection (d)." Yessirree, Bob!! If this bill passed, jobs would just come gushing back into the US like a great tidal wave. ------------------- Seriously, this is trivial pursuit--at best. It's a completely phony attempt by bought-off representatives to appear like they're actually trying to do something about outsourcing. They're not. We need TARIFFS....Period.
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