Washington, DC – U.S. Senator Sheldon Whitehouse (D-RI) applauded President Obama today for putting forward a “To Do” list for Congress, which will help create jobs. Among the proposals called for by the President are two measures that closely mirror pieces of legislation introduced by Whitehouse last year to support manufacturing jobs and help businesses hire new workers.
“Helping Rhode Island businesses create jobs remains my number one priority in the Senate,” said Whitehouse. “Ending incentives for manufacturers to send jobs overseas and providing tax credits to businesses that hire are two very important steps we can take to help local businesses succeed and grow. I look forward to working with President Obama to make progress on these important initiatives.”
The President today called for “eliminating tax incentives that allow companies to deduct the costs of moving their business abroad.” Senator Whitehouse has cosponsored legislation to end this unfair tax break, and has also introduced the Offshoring Prevention Act to prohibit manufacturers that offshore jobs from taking advantage of a tax loophole that lets overseas companies defer paying their federal income taxes. In addition to eliminating an incentive for offshoring, Whitehouse’s measure would cut the budget deficit by $19.5 billion over the next decade.
President Obama also called for “legislation that gives a 10 percent income tax credit for firms that create new jobs.” Last year, Whitehouse introduced the Job Creation Tax Credit Act, which would provide businesses refundable tax credits of 10 percent of wages paid in 2012 for hiring long-term unemployed workers.
“Whether we hold votes on my bills or other similar proposals, I hope we can take these actions soon to boost our economy and put Rhode Islanders back to work,” Whitehouse concluded.
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