It’s no secret that the increasingly global nature of the economy has taken its toll on American manufacturing and jobs. Despite our nation’s desperate need for job creation, 2.4 million jobs were lost to off-shoring in the last 10 years. Connecticut has experienced this economic loss firsthand. Our manufacturing industry currently employs only 11 percent of the state’s overall working population – a steep drop from the nearly 50 percent it once employed years ago. Because of an egregious loophole in our tax code, companies are currently rewarded for moving jobs abroad. Under existing law, businesses can deduct the cost of moving personnel and other business components to other countries when filing their taxes. This means that Americans are paying out of their own pockets to send jobs overseas. We still have more jobs going overseas than we have coming home, but for a number of reasons – like the productivity of the American worker, lower energy costs, growing costs of overseas production, and the increasing difficulty of doing business abroad – the tide is beginning to turn. Major manufacturers like Ford, Caterpillar, and GE have announced major investments in the U.S. to bring jobs back from places like Japan, Mexico, and China. It’s happening with our local Connecticut companies, too. Connecticut manufacturers like NPI Medical, a medical device molding company based in Ansonia, and Acme Wire Products, based in Mystic, now receive more frequent requests for work from companies who are moving jobs back to the region. We should be doing everything in our power to support these companies’ decisions to move jobs back to the United States. That’s why I’m supporting the Bring Jobs Home Act on the U.S. Senate floor today. Simply, the bill eliminates tax write offs for the cost of shipping jobs and equipment overseas and rewards companies who bring jobs back home by providing them with a 20 percent tax credit to help pay for the associated moving costs. It’s a commonsense proposal that will help our manufacturing economy regain footing after a crippling recession. By passing legislation like the Bring Jobs Home Act and my 21st Century Buy American Act, we can encourage a re-shoring revival that will strengthen our economy and create a fair shot for everyone. Bringing jobs home will create good-paying jobs, ensure that more goods sold around the world are American-made, and create lasting economic momentum that enlarges the middle class. I’ve traveled around the state to hear from workers who keep Connecticut’s manufacturing industry strong and the message is clear: every job that we create overseas is one less job here in America. It’s time to take action to maintain and grow jobs here at home.
Posted on: Wed, 23 Jul 2014 15:06:08 +0000
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