Posted: Sep 28, 2010 6:18 AM by Bea Karnes, News First 5
The Senate is headed toward a vote on a bill to punish corporations that send jobs overseas.
Senate Democrats are trying to claim the loss of jobs overseas as a campaign issue just before Congress heads home for the November elections. Senate Majority Leader Harry Reid has scheduled a procedural vote on the bill for Tuesday morning.
Under the bill, U.S. companies that close domestic plants and open new ones overseas would see their taxes increase. The bill would prohibit firms from taking deductions for business expenses associated with expanding operations in other countries.
Companies that import jobs to the U.S. would get new tax breaks.