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Mr. BLUMENTHAL. Mr. President, I come to the floor to join the voices of my colleagues in favor of supporting strongly, and I hope persuasively, the Bring Jobs Home Act.
The Bring Jobs Home Act is a measure that contains some provisions that are hardly novel, not complex, and a matter of common sense.
They involve some of the basic ideas we have advanced and advocated in this Chamber for some time. They are measures that are contained in a proposal very eloquently argued for by my colleague, Senator Stabenow, and I thank her for her leadership, as well as for Leader Reid's leadership, in bringing this measure to the floor now.
Very simply, the Bring Jobs Home Act will reshore and restore jobs to this country with two simple, straightforward provisions. This measure provides a 20-percent tax credit for the expenses incurred in moving facilities or plants--basically, jobs--back to America. It also does something that is critically vital to this country, which is to close the loopholes that right now reward companies for moving those jobs overseas. Again and again over the past 2 years I have advocated this straightforward, simple step: Close the loopholes that permit companies to deduct expenses when moving those jobs overseas.
The average American--certainly the average person in Connecticut--when told that these loopholes exist, simply is incredulous. They cannot believe the United States of America rewards companies for moving these jobs overseas. Let's close that loophole now. It will produce revenue for the United States. Literally tens of millions of dollars will come back to our country as a result of closing this loophole, and jobs will come back as well. The 20-percent tax credit, although it may not sound like a lot of money to major corporations, could well be the tipping point for executives considering what to do in terms of investing in this country. It is an incentive to invest in the United States instead of moving those jobs abroad. A 20-percent tax credit could be a critical decision point and a turning point in those decisions. The Boston Consulting Group surveyed 37 companies which have $10 billion or more in revenues and found that 50 percent are at that tipping point.
This measure should not be partisan. It should not be a matter of geography or party as to whether one of our colleagues supports it. There should be a bipartisan coalition behind it. I have found in Connecticut, as I go around the State, regardless of party, people support this idea of bringing jobs home and reshoring and restoring jobs to our State and to our country, particularly manufacturing jobs.
In the city of Waterbury, I visited on Monday a steel plant where there are
3,000 manufacturing jobs--part of the 165,000 manufacturing jobs that we have in Connecticut. Manufacturing is alive and well. Taxpayers should not be subsidizing companies that move those kinds of jobs overseas. In the last 10 years, 2.4 million jobs were shipped overseas--mostly manufacturing--and taxpayers helped to foot the bill for it. In Connecticut, the National Bureau of Economic Research has found more than 250,000 jobs are at risk of being outsourced. People are angry and outraged that they are subsidizing that risk, that outsourcing and offshoring of jobs.
In the steel plant I visited, fortunately those jobs have stayed. But from around the country and in Connecticut, many of them have moved overseas because of the economic incentives we have created and that now we should stop. At a time when job creation is our No. 1 priority, American taxpayers deserve that these loopholes and hidden subsidies be closed and ended forever.
I hope I speak for many of my colleagues in saying shipping jobs overseas with the subsidies and incentives now provided very simply is unacceptable. Let's pass the Bring Jobs Home Act now to close those loopholes and to provide these incentives so that companies such as Otis Elevator, United Technology, DuPont, Ford, Master Lock, GE, Spectrum Plastics in Ansonia, CT, will be encouraged to continue doing the right thing, bringing those jobs back, walking the walk, and walking jobs back to Connecticut and to the United States. I will be voting yes to bring jobs home.
Again, I thank my colleague Senator Stabenow for her invaluable leadership on this issue. I am proud to join her today.
Mr. President, I yield the floor.
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