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McCaskill-Backed Bill Provides Tax Relief for Companies "Insourcing' Jobs to U.S., Ends Tax Breaks for Those Shipping Jobs Overseas

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Location: Washington, DC

As the Senate debates crucial legislation to boost jobs by rewarding companies that bring jobs back the U.S., Senator Claire McCaskill today is moving to shape the bill and strengthen accountability by requiring companies that ship jobs overseas to report how many workers they employ in each country.

"Right now, tax breaks go to companies that ship jobs to China, but companies wanting to move jobs back to Missouri are on their own-and that's backwards," McCaskill said. "That's why I'm fighting for this legislation to expand job opportunities and to shine some sunlight on companies shipping jobs overseas, requiring them to tell us what country's workers they'd rather hire instead of hiring American workers."

McCaskill is backing an amendment to the Bring Jobs Home Act to require public companies to report how many workers they employ by country-so that Americans can better know which companies are shipping jobs overseas, and which are working to bring jobs back to the U.S.

The Bring Jobs Home Act creates a special 20 percent tax credit for the moving expenses of companies who shift operations back to the U.S. from abroad. It also prevents companies from deducting from their taxes the costs associated with shipping jobs overseas. Under current law, companies can deduct 100 percent of the cost of shipping equipment overseas, terminating leases, and other expenses associated with offshoring a business-meaning that taxpayers are on the hook for hundreds of millions of dollars annually.

McCaskill's Fight for Missouri Jobs

Hosted workshops, conferences to connect Missouri's small businesses with resources to compete, expand, and hire more workers.

Wrote the Bipartisan Jobs Creation Act with Republican Senator Susan Collins to create jobs by cutting taxes for businesses, investing in the nation's critical infrastructure, and extending the Payroll Tax Cut.

Passed the HIRE Act aimed at hiring workers unemployed for more than six months.

Freed up small business resources to boost employment with the Small Business Jobs Act, cutting taxes for small businesses by more than $12 billion without adding to the national deficit.

Improved the ability for start-up companies to secure capital and create jobs with the Jumpstarting our Small Businesses (JOBS) Act, which is cutting red tape and restrictions on the way start-up companies can raise money from individual investors.

Moved to protect contracting work for small businesses, chairing a Senate hearing aimed at protecting small businesses and exploring how to fix the complicated government bureaucracy that allows contracts awarded to, or performed by, large corporations to be counted as small business contracts.


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