Baldwin Supports Bill to Reward U.S. Companies That Invest in American Workers, Rather Than Ship Jobs Overseas
The Patriot Employer Tax Credit Act would grant a tax credit equivalent to 10 percent of the first $15,000 of wages earned by each employee.
WASHINGTON, D.C. – U.S. Senator Tammy Baldwin signed on as an original cosponsor of the Patriot Employer Tax Credit Act, a bill that would provide a tax credit to companies that provide fair wages and good benefits.
“We should respect hard work and invest in American businesses and workers instead of rewarding corporations that ship our jobs to other countries,” said Senator Baldwin. “We need to create Made in America economic growth that will rebuild our middle class, not encourage the outsourcing of American jobs.”
The Patriot Employer Tax Credit Act would grant a tax credit equivalent to 10 percent of the first $15,000 of wages earned by each employee—worth about $1,200 per qualifying worker depending on the company’s federal effective tax rate—to companies that:
- Invest in American Jobs: Maintain headquarters in the U.S. if the company has ever been headquartered in America, has not inverted to avoid U.S. taxes, maintain or increase the number of workers in the U.S. compared to the number of workers overseas, and does not decrease the number of workers through the use of contractors.
- Pay Fair Wages: Pay at least 90% of U.S. workers an hourly wage equal to 156% of poverty for a family of three (about $15/hour or $30,000/year).Provide Quality Health Insurance: Offer Affordable Care Act-compliant health insurance to employees.
- Prepare Workers for Retirement: Provide 90% of non-highly compensated U.S. employees a defined benefit plan OR a defined contribution plan with an employer contribution or match equal to at least 5% of worker compensation.Support Our Troops and Veterans: Pay the difference between regular salary and military compensation for all National Guard and Reserve employees called for active duty and have a plan in place to recruit veterans.
- Create a Diverse Workforce: Have a plan in place to recruit employees with disabilities.
Companies with fewer than 50 employees or that face different business circumstances than larger corporations can qualify for the tax credit by fulfilling a subset of these criteria.
To offset the cost of the Patriot Employer Tax Credit, the legislation would close a loophole that allows corporations to deduct interest expenses used to invest overseas—such as the interest costs of building a manufacturing plant overseas or shipping materials abroad—while allowing the company to defer paying taxes on income derived from those investments until it is repatriated.
The bill was introduced by U.S. Senators Sherrod Brown (D-OH) and Dick Durbin (D-IL) and was cosponsored by U.S. Senators Jack Reed (D-RI), Elizabeth Warren (D-MA) and Bernie Sanders (I-VT).
Press Releases by U.S. Sen. Tammy Baldwin
VA appeals process has not been updated since 1933, more than 450,000 appeals are currently pending
Wisconsin manufacturers and workers deserve a solid commitment from Washington on a strong Buy America standard that rewards their hard work
Many people in Wisconsin at risk of losing coverage for substance use disorder prevention, treatment, and recovery services
Bipartisan legislation boosts the health care workforce to help Americans with life-threatening illnesses
American Health Care Act would jeopardize coverage for 24 million Americans, including 2.8 million suffering from a substance use disorder
U.S. Senators Baldwin, Tester and Gillibrand Push Administration to Provide Trauma Services for Victims of Military Sexual HarassmentMar 20th, 2017 by U.S. Sen. Tammy Baldwin
Reports surfaced recently that members of the U.S. Marine Corps have been posting nude photos of fellow female service members on an invite-only Facebook Group without their knowledge or consent.