Durbin Announces Budget Amendment To Reward Companies That Invest In American Workers
[WASHINGTON, D.C.] – U.S. Senator Dick Durbin (D-IL) today called for a vote on his amendment to the FY2016 Budget designed to provide a tax credit to companies that provide fair wages and good benefits to workers while closing a tax loophole that incentivizes corporations to send jobs overseas. The loophole costs the U.S. Treasury approximately $50 billion each year at a time when outsourced jobs and stagnant wages force more American families to turn to safety net programs to make ends meet. Durbin announced his amendment – which is based on legislation he introduced last year known as the Patriot Employer Tax Credit Act – during a speech on the floor of the U.S. Senate.
“From where I’m sitting, those are patriotic American companies that deserve a break in the tax code as much, if not more, than any other company,” said Durbin. “We ought to eliminate tax breaks for corporations that ship jobs overseas and create incentives for companies to stay in the United States, to employ Americans, to pay a good wage, provide health insurance and pensions and give a break to the veterans and people with disabilities who are applying for jobs. Let’s have some priorities that reflect the future of a growing, solid America – an America with a growing middle class”
Durbin’s amendment would give a tax credit to companies that:
ü Invest in American Jobs by maintaining or increasing the number of workers in the U.S. compared to the number of workers overseas
ü Pay Fair Wages by paying most employees a wage so that a family of three doesn’t have to rely on the largest and most expensive federal safety net programs, like Medicaid, Head Start, and child nutrition programs to survive -- about $15 per hour.
ü Provide Quality, Affordable Health Insurance by complying with the Affordable Care Act.
ü Prepare Workers for Retirement by providing a pension or 401k plan with a fair employer contribution or match.
ü Support our Troops, Veterans, and People with disabilities by paying all National Guard and Reserve employees called for active duty the difference between their active duty pay and their regular pay and have in place a plan to recruit veterans and to recruit workers with disabilities.
Video of Durbin’s remarks on the Senate Floor is available here.
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