User Clip: Rep. Pascrell Offers Bill to Bring Back American Jobs

While debating a bill to roll back Wall Street reforms, U.S. Rep. Bill Pascrell, Jr. (D-NJ) offers an alternative, the Bring Jobs Home Act. "Around five million U.S. manufacturing jobs have been lost since 1994," Pascrell said. "Just ask folks in places like Ohio and Pennsylvania who have seen steel mills and rubber factories shipped overseas. Come to my hometown of Paterson, New Jersey, formerly the hub of the textile manufacturing industry. So why are we subsidizing it? Right now, when companies move overseas they can take a tax deduction for the cost of the move. A tax break. My bill eliminates this tax deduction and gives a tax credit of up to 20% of the cost to U.S. businesses that bring jobs back to the United States. The companies would have to add jobs to claim the tax credit. So let's stop subsidizing companies that ship jobs overseas and start bringing jobs back to our shores." close