Senator Bernie Moreno Introduces HIRE Act to Tax Companies Outsourcing Jobs Overseas
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TMWNN
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Summary
Ohio Republican Senator Bernie Moreno is introducing the 'HIRE Act' (Halting International Relocation of Employment Act), which would impose a 25% tax on 'outsourcing payments' made by U.S. companies to foreign workers who benefit U.S. consumers. The legislation aims to penalize companies that ship jobs overseas while providing financial support for American job creation programs. The bill includes anti-abuse provisions to prevent tax avoidance through U.S. territories.
Key quotes
· 4 pulledOhio Republican Sen. Bernie Moreno is introducing legislation aimed at penalizing companies who outsource jobs and operations overseas
The bill, known as the 'Halting International Relocation of Employment Act' or 'HIRE Act,' creates a 25% tax on 'outsourcing payments'
The bill also includes anti-abuse language to prevent tax avoidance via U.S. territories
Those days are over' - referring to companies shipping jobs overseas without consequences
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