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U.S. Senator Sherrod Brown
Rewarding
American Companies that Support American Jobs
For too long, companies have benefitted from shipping American jobs and
profits overseas. While these companies have profited, American workers
have faced joblessness and a poor economy.
We should be rewarding American companies that do the right thing by
keeping jobs in America and providing fair wages and benefits to their
employees.
This week, U.S. Senator Sherrod Brown (D-OH) introduced the Patriot
Employer Tax Credit Act. The legislation would provide a tax credit to
companies that provide fair wages and good benefits to workers while
closing a $50 billion a year tax loophole that incentivizes
corporations to send 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—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 that stay in American are investing in the country’s
long-term growth. It’s past time to start rewarding companies that
invest in American workers.
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