WITHOUT FANFARE MULTI-NATIONALS AGAIN BLOCK BILL TO STOP OFFSHORING
The bill would have taken away some of the tax incentives multi-national corporations receive for relocating American jobs overseas and create a new tax credit for corporations who bring jobs now overseas back to the United States.
Termed "an election year stunt" by Republicans such as Orrin Hatch and Mitch McConnell, the bill, the debate surrounding it and the vote received almost no press attention, in spite of the fact that it may well have been the most important bill related to jobs presented in the Congress this year. Indeed if it was an "election year stunt," the poor coverage it received almost guarantees that it will be one of the least effective "stunts" ever conceived.
Indeed Republicans attempting to explain their votes have resorted to arguments that seem positively surrealistic. While some made the argument that the measure would have give foreign concerns, whose governments continued to encourage outsourcing (though no examples of such policies were given), would enjoy a competitive advantage over US based firms if the tax code were to suddenly discourage outsourcing, the arguments of others would likely not resonate with unemployed, underemployed or otherwise dislocated members of the rapidly vanishing middle class.
One Republican argued that passage of the measure would cause multi-nationals to relocate their corporate headquarters overseas, rather than just their manufacturing jobs. While the image of highly paid CEOs being forced to move to polluted Chinese cities seems one of the more unlikely of outcomes, middle and lower class Americans might actually secretly smile at such a thought. That outcome, Republicans argued, might end up causing the bill to result in a net job loss if the bill were passed.
That argument, of course, displayed a poor mathematical acumen at best or an extreme disingenuousness at worst. No doubt the Republicans were mightily relieved at the lack of coverage the vote received.