The Real GOP Agenda: Shipping American Jobs Overseas & Opposing Small Businesses
September 21, 2010
The rhetoric of House Republicans is that they have been working to help create small business jobs and save American jobs, yet their record has been the opposite. For example, just this Congress, House Republicans have:
Voted against closing tax loopholes that encourage companies to ship jobs overseas five times even as millions of jobless Americans are looking for work.
Voted against seven of eight small business tax cuts that have been enacted into law.
The truth about the Congressional Republican agenda is that it is designed to save jobs overseas, not here at home. On Thursday, House Republicans will likely again oppose the Small Business Lending and Jobs Bill, adding to their long record of voting against American workers and small businesses. This Congress, House Republicans have voted:
To help create or save more than 1 million American jobs and prevent corporations from shipping jobs overseas and sticking American taxpayers with the bill. 99% of House Republicans voted no.
AGAINST the <a href="Education Jobs and Medicaid Assistance Act
To clamp down on tax provisions that are strong incentives for U.S. corporations that shift jobs or profits offshore, either through accounting gimmicks or by moving actual operations, and to provide for state aid to protect 161,000 teacher jobs and 158,000 other jobs for police, firefighters and in the private sector. 99% of House Republicans voted no.
AGAINST the Small Business Tax Relief Act
To eliminate certain “1099” reporting requirements for small businesses paid for by ending tax breaks that encourage companies to move American jobs overseas. 99% of House Republicans voted no.
AGAINST the Small Business and Infrastructure Jobs Act
To create jobs with bipartisan provisions to spur investment in local rebuilding projects and a range of bipartisan proposals to help our small businesses grow, hire and continue to fuel our economy – including a provision to Save American Jobs by cracking down on foreign tax haven corporations that are using the U.S. tax treaty network to dodge U.S. taxes. 98% of House Republicans voted no.
AGAINST the HIRE Act
To give small businesses tax incentives to hire jobless Americans estimated to create 300,000 American jobs. This bill included provisions to crack down on offshore accounts for corporations and the wealthy and to delay until 2020 a tax break that would let U.S. multinational companies that have shipped jobs overseas reduce their U.S. taxes by deducting more of their worldwide interest income against their U.S. income. 97% of House Republicans voted no.
AGAINST providing $40 Billion in Tax Credits for Small Businesses
To provide $40 billion in tax credits to help small businesses offer employee health insurance coverage – if they choose to do so. These tax credits will cover a portion of the premium costs for their employees’ coverage. More than 4 million small businesses are eligible for these credits. 100% of House Republicans voted no.
AGAINST spurring Small Business Investment
To provide enhanced small business expensing, doubling the amount small businesses can immediately write off their taxes for capital investments and purchases of new equipment made in 2009. 100% of House Republicans voted no. In addition, 97% of House Republicans voted no to extend the enhanced small business expensing provisions for investments and purchases made in 2010.
AGAINST helping Businesses Recover Costs of New Capital Investments
To help businesses quickly recover costs of new capital investments by providing increased bonus depreciation for businesses that made investments in new plants and equipment in 2009. 100% of House Republicans voted no.
AGAINST spurring Small Business Investment
To provide an exclusion of 75 percent (up from 50 percent) of capital gains from taxes for investors in small businesses who buy stock (in 2009 and 2010) and hold it for more than five years. 100% of House Republicans voted no.
AGAINST reducing Small Business Estimated Tax Payments
To reduce the required estimated tax payments for certain small businesses in 2009. 100% of House Republicans voted no.
AGAINST providing Tax Relief
To provide tax relief for taxable corporations converting into S corporations in 2009 and 2010 by reducing the built-in gains holding period from 10 years to 7 years (with gains held for the holding period exempt from tax). 100% of House Republicans voted no.
Instead of moving forward with real solutions for the American people, Congressional Republicans are focusing on their political future, doing the bidding of special interest lobbyists, and going back to the exact same policies that got us into this mess.