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Politics : View from the Center and Left

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To: Dale Baker who wrote (147632)	10/20/2010 5:13:45 PM
From: Dale Baker	Read Replies (2) of 541957

From a newsletter: Offshoring Bill Blocked. There was really only one major bill recently that could have had a material impact on the U.S. economy — the Creating American Jobs and End Offshoring Act. This bill sought to punish companies that ship jobs overseas. The bill would have ended tax credits and tax deferrals for companies with overseas operations, and provided a tax incentive for companies that decide to bring jobs back. Senate Republicans united to block the bill, with help from a handful of Democrats. The Senate voted 53-45 in favor of the procedural motion, but Democratic leaders needed 60 votes — or a spine — to pass the bill, and they lacked both. With the Republicans set to make big gains in the House and potentially take over, this bill and others like it are dead in the water. American jobs should continue to flow overseas, helped along by government tax breaks that the bill would have ended. Bottom line: A big boost for multinational corporations, many of whom are listed on U.S. exchanges. Also, this will probably add to pressure on consumer spending.

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