Over the last decade, the United States has lost more than 2.4 million jobs due to outsourcing, but did you know that corporations who ship jobs overseas get a tax deduction for the costs associated with moving jobs and factories overseas.
Due to a variety of factors, companies are often forced to move factories and jobs from one state to another, and our tax code provides that these companies can deduct the expenses on their taxes. This is not controversial. Unfortunately, our tax code does not limit this deduction to moves within the United States.
This allows for corporations to move jobs out of the country, while having the people whose jobs they are moving help pay for the move.
I admit, changing the tax code to limit these deductions is not a new idea. Legislation has been filed on numerous occasions, but each time the Republicans in Congress have killed the legislation.
Ending these deductions would be revenue neutral because we need to take the revenue being spent on these deductions and use it to fund deductions for companies that can prove they are bringing jobs back home.
Another old idea that needs new traction is legislation requiring that all military and intelligence contracts (building planes, tanks, etc.) be awarded to American companies whenever possible. Most of the time a contract for a tank or airplane will go to a U.S. company, but then the company contracted to build the tank will subcontract the building of individual components to foreign companies. Legislation addressing this issue must include these subcontractors.
We need to do all we can to prevent business and the government from sending jobs overseas.
The median income in this country is $26,695, a person making that amount would pay around $4,000 in taxes.
If we save 100,000 jobs that is $2.6 billion added to the economy and more than $400 million in new tax revenue. If we save a million jobs that is $26 billion into the economy and $4 Billion in new revenue.
Forget the savings, our government should not be rewarding businesses that ship jobs overseas, they damn well shouldn’t be shipping jobs overseas themselves.
The Republicans have a lot of reasons for not changing these policies, but none of their solutions involve what is best for the American people.
Together we can put an end to this despicable practice, but if we want a new direction in government, if we want new results, we need new leadership in Washington D.C.
Eleven part series on my 9-point economic plan:
We need your support!
For this campaign to be successful it will require a strong and organized grassroots campaign, starting today, I will be traveling the state speaking to groups and organizations, attending festivals and local events as I bring new progressive ideas to the public. With brochures and flyers to print, event fees to pay and advertising to place, I cannot do it alone.
Thanks in advance for your support.