Brown outlines job proposal

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Brown outlines job proposal

Mount Vernon News – In a news conference call Tuesday, U.S. Sen. Sherrod Brown outlined his Bring  Jobs Home Act, a measure to get businesses to brings jobs back to the U.S. from  overseas.  The effort would be accomplished, he said, by establishing a tax  incentive for companies to bring jobs back, as well as ending a tax loophole for  companies that send jobs to foreign countries.

“These issues aren’t new,” Brown said. “We’ve been trying to close this tax  loophole for years.”

However, Brown isn’t optimistic about his bill being considered before the  November election, but he thinks there’s a good chance of having a serious  debate after the election.

“The House has been showing some interest,” he said, referring to the  Republican-controlled House of Representatives.

The loophole Brown is trying to close allows companies to classify the cost  of moving personnel and company components to a foreign country as a business  expense and deduct that cost from their taxes. The bill would instead create a  tax cut equal to 20 percent of the cost associated with bringing jobs and  business activity back to the U.S.

Brown said the tax laws encourage companies to move overseas where  environmental laws are more lax and wages are lower. He noted that in 1990 the  U.S. had the same number of manufacturing jobs as in the early 1960s, but  between 1999 and 2010, between 3 and 5 million jobs were lost.

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