Ohio senator introduces 25% tax on companies that outsource jobs overseas
Ohio Senator Bernie Moreno Introduces Legislation to Penalize Companies Outsourcing Jobs Overseas
Ohio Republican Sen. Bernie Moreno has recently introduced a groundbreaking piece of legislation aimed at penalizing companies that outsource jobs and operations overseas. The bill, known as the “Halting International Relocation of Employment Act” or “HIRE Act”, seeks to address the issue of companies sending jobs abroad while providing financial support to avenues that create American jobs.
The HIRE Act proposes a 25% tax on “outsourcing payments”, which are defined as any money paid by a U.S. company or taxpayer to a foreign person whose work benefits U.S. consumers. In addition, the bill includes anti-abuse language to prevent tax avoidance through U.S. territories and mandates that U.S. firms fully disclose all outsourcing payments and contracts. Companies will also be prohibited from deducting any outsourcing payments.
Furthermore, the funds raised through this penalty on spending on overseas workers will be utilized to support apprenticeship programs and workforce development programs in the United States. Moreno’s bill also aims to prohibit companies from treating outsourcing payments as base erosion payments when calculating their Base Erosion and Anti-Abuse Tax.
In a statement to Fox News Digital, Sen. Moreno emphasized the importance of prioritizing American workers over foreign labor. He stated, “It’s time to fight for working class Americans and ensure they can work and retire with dignity. If companies want to hire foreign workers instead of Americans, my bill will hit them where it hurts: their pocketbooks.”
The introduction of the HIRE Act comes at a time when the Trump administration is focusing on bolstering employment opportunities for U.S. citizens. Recent data from the Bureau of Labor Statistics revealed that American-born job growth surged by nearly 2 million in the last year, while jobs among foreign-born individuals declined during the same period.
Sen. Moreno’s initiative underscores a commitment to protecting American jobs and ensuring that companies prioritize domestic employment opportunities. As the bill progresses through Congress, its potential impact on the U.S. economy and workforce remains to be seen.
For more updates on this legislation and other news developments, stay tuned to Fox News for the latest updates.
Author: Andrew Mark Miller, Fox News Reporter
Twitter: @andymarkmiller
Email: AndrewMark.Miller@Fox.com
