CLEVELAND, OH — Today, U.S. Senator Sherrod Brown (D-OH) slammed reports that the Trump Administration is working to make it easier for companies to move profits offshore and to ship jobs overseas. According to Bloomberg, the Treasury Department is working to roll back rules established during the Obama Administration aimed at preventing corporations from moving money and jobs overseas and avoiding U.S. taxes. The Trump Administration’s latest efforts follow the GOP tax law that made it more profitable for companies to ship jobs out of the country.
“President Trump is once again betraying workers,” said Brown. “After championing a tax bill that helps corporations at the expense of working families, President Trump is now working to roll back protections meant to keep jobs in the U.S. and to ensure corporations pay their fair share. This is another shameful example of the White House siding with corporations over American workers.”
Senator Brown has introduced legislation to crack down on corporations who ship jobs overseas and reward companies that support their workers at home. The Pay What You Owe Before You Go Act would require corporations who want to shift their headquarters overseas for tax purposes to pay their full U.S. tax bill on all deferred overseas profits before reincorporating in a new country.
Brown’s Patriot Employer Tax Credit Act would provide a tax credit to companies that provide fair wages and good benefits to workers. He’s also supporting the Stop Corporate Inversions Act, which would close a tax loophole that allows U.S. companies to acquire smaller foreign companies and move their tax home to a foreign jurisdiction as part of the overall transaction to avoid paying U.S. taxes.