Senate Advances Bill Ending Tax Breaks For Some Companies
Wednesday, July 23, 2014
(Washington, DC) -- The Senate is moving forward with a bill aimed at ending tax breaks for U.S. companies that ship jobs overseas.
The measure would also boost tax incentives for companies that return jobs to the U.S. Today's procedural vote merely opens the door to debate and offers no guarantee of final passage. Meantime, Republican leaders in the House argue that the issue needs to be part of comprehensive tax reform. That is something Democrats and Republicans are unlikely to agree on ahead of November's midterm elections.
Montana Democrat John Walsh argued for the bill.
Senate Republican leader Mitch McConnell called the Democratic bill an election year gambit that will likely not clear legislative hurdles ahead.