Senate Votes to Bring Jobs Home

Today the Senate passed Sen. John Walsh's (D., MT) Bring Jobs Home Act. The bill would provide a 20% credit for businesses that insourced jobs from abroad back into the US, and would close the tax break for businesses that outsourced jobs overseas. 

The Obama Administration released a statement strongly supporting the bill, and noting: 

Senate passage of this bill is consistent with the Administration's commitment to support economic growth, job creation, and business investment in the United States, and serves to discourage outsourcing in all sectors of the economy, but particularly in the Nation's manufacturing sector. Following a decade in which the United States lost over five million manufacturing jobs, the Nation has begun to make progress. Since February 2010, the U.S. manufacturing sector has added more than 650,000 new jobs, the fastest pace of manufacturing job growth since the mid-1990s. Instead of rewarding firms for shifting production and jobs overseas, the tax code should strengthen the domestic manufacturing sector, support job growth and innovation, and encourage companies from all sectors of the economy to invest in the United States.