The Machinists Union is throwing support behind a bill that cracks down on companies that ship jobs overseas. The “No Tax Breaks for Outsourcing Act” (S. 780/H.R. 1711) would make multinationals pay the same tax rate on profits earned abroad as they do in the United States.
It’s time to make our tax system fairer and encourage job creation here at home.
“This epidemic of these corporations taking our tax dollars one day and handing us pink slips the next must end,” said IAM International President Robert Martinez Jr. “Too many of our members and their communities have been left behind by a system that puts profits before people. I commend Sen. Whitehouse and Rep. Doggett for introducing the ‘No Tax Breaks for Outsourcing Act’ and call on lawmakers from both parties to get behind this common-sense legislation.”
Since the “Tax Cut and Jobs Act” was signed into law in December 2017, companies such as Harley-Davidson, Electrolux, Siemens, UTC and Schneider Electric have announced plant closures affecting thousands of IAM members.
READ: Big business promised wage hikes from Trump’s tax cuts. What actually happened? The Center for Public Integrity
The “No Tax Breaks for Outsourcing Act” would:
– Equalize the tax rate on profits earned abroad to the tax rate on profits earned here at home;
– Repeal the 10 percent tax exemption on profits earned from certain investments made overseas;
– Treat “foreign” corporations that are managed and controlled in the U.S. as domestic corporations.
TAKE ACTION: Call 202-224-3121 and ask your Senators and Representative to co-sponsor the “No Tax Breaks for Outsourcing Act” (S. 780/H.R. 1711)