McNerney Leads Charge to Stop Outsourcing of U.S. Jobs
Legislation to close tax loopholes that send jobs overseas becomes law
August 11, 2010
Washington, D.C. – Following months of advocacy by Congressman Jerry McNerney, the House of Representatives yesterday passed legislation to close tax loopholes used by big corporations to ship American jobs overseas. H.R. 1586, the Education Jobs and Medicaid Assistance Act, also provides critically-needed support to state governments to prevent layoffs of teachers and first responders. The legislation was signed into law following yesterday’s vote.
“I was proud to vote for an important bill that closes tax loopholes used by big corporations to outsource American jobs to foreign countries,” said Rep. McNerney. “Outsourcing has cost California too many good jobs. We should make sure our policies encourage job creation here at home.”
Rep. McNerney is a strong advocate for closing tax loopholes that send jobs overseas and has pushed for such legislation to come to a vote. In May, Rep. McNerney wrote to the Chairman of the Ways and Means Committee urging him to advance bills to close tax loopholes that cost American jobs. In June, Rep. McNerney introduced H.R. 5622, the Stop Outsourcing and Create American Jobs Act, which prevents abuse of corporate tax haven countries and grants preferences in government contracts to companies that don’t outsource American jobs.
H.R. 1586 also provides needed support to California that will save jobs for teachers, police officers, and other first responders. The bill is estimated to save 16,500 teacher jobs in California alone and will provide funding relief for state health programs. The nonpartisan Congressional Budget Office also estimates that enactment of H.R. 1586 will reduce the deficit by $1.4 billion over ten years.
“Preserving good schools is vital for our children’s futures, and the bill I voted for today will prevent thousands of teacher layoffs as schools open their doors across our country,” said Rep. McNerney. “This fiscally responsible bill will create jobs and make sure our kids continue to receive a quality education.”