Senate Rejects Dems' Anti-Outsourcing Bill
Reuters reports:
U.S. Senate Republicans blocked a Democratic bill on Tuesday to end tax deductions enjoyed by companies that close their U.S. plants and move overseas.
With a largely party-line vote of 53-45, Democrats failed to muster the 60 votes needed to clear a Republican procedural hurdle against the measure, which would also give employers a tax break to hire new U.S. workers.
Five members of the Senate Democratic caucus broke party ranks and opposed the bill, including Max Baucus, chairman of the tax-writing Finance Committee.
While most Democrats back ending tax preferences for multinational companies moving overseas, several have opposed tightening the rules, arguing they need to be examined within a broad overhaul of the tax code.
Democratic backers vow to make the vote a campaign issue in the Nov. 2 congressional election. They contend Republicans have undermined their efforts to create jobs, a top voter concern, and that the tax system favors corporations.
"Why in the world would millions of Americans who are losing their jobs be subsidizing operations that are closed up, and the cost of doing that, and sending jobs overseas?" Michigan Democratic Senator Debbie Stabenow said.
Democrats are fighting to retain control of Congress in the Nov. 2 elections.
Republicans and business groups dismissed the bill as a political stunt that would increase taxes on companies and undermine job growth.
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