From his Senate Site :
During the campaign, Donald Trump made a 100 percent commitment to prevent United Technologies from shipping 2,100 jobs from Indiana to Mexico. All of us need to hold Mr. Trump accountable to make sure that he keeps this promise.
“Let’s be clear: it is not good enough to save some of these jobs. We cannot rest until United Technologies signs a firm contract to keep all of these good-paying jobs in Indiana without slashing the salaries or benefits workers have earned.
“United Technologies is not going broke. Last year, it made a profit of $7.6 billion and received over $6 billion in defense contracts. It has also received more than $50 million in corporate welfare from the Export-Import Bank and very generous tax breaks.
“In 2014, United Technologies gave its former CEO Louis Chenevert a golden parachute worth over $172 million. Last year, the company’s five highest paid executives made over $50 million. The firm also spent $12 billion to inflate its stock price instead of using that money to invest in new plants and workers.
“I call on Mr. Trump to make it clear to the CEO of United Technologies that if his firm wants to receive another defense contract from the taxpayers of this country, it must not move these plants to Mexico.
Summary of the Outsourcing Prevention Act
In February, Carrier and UTEC announced that it would be closing two plants in Indianapolis and Huntington, Indiana shipping 2,100 jobs to Monterrey, Mexico, where workers are paid just $3 an hour. Both of these plants are owned by United Technologies. This legislation will provide a comprehensive solution to address this problem. President-elect Trump made a promise during the campaign that he would prevent all of these jobs from being shipped overseas. The Outsourcing Prevention Act would make sure that Donald Trump keeps this promise by:
1. Preventing companies that outsource jobs from receiving federal contracts, tax breaks, grants or loans.
Last year, United Technologies received over $6 billion in federal contracts, making it the seventh largest recipient of federal contract funds. Over the past 15 years, this Fortune 500 company has used loopholes in the tax code to shelter more than two-thirds of its $38 billion in profits from federal taxation. It has also received over $50 million in corporate welfare from the Export-Import Bank.
2. Clawing back federal benefits from companies that outsource jobs have received over the last decade.
This legislation would require all companies that outsource more than 50 jobs in a given year to pay back all federal tax breaks, grants and loans they have received from the federal government over the last decade.
3. Establishing an outsourcing tax on companies that move U.S. jobs offshore.
This legislation would impose a tax on all companies that outsource jobs. The tax would be equal to the amount of savings achieved by outsourcing jobs or 35 percent of its profits, whichever is higher. United Technologies estimated that it would save $65 million a year by moving its jobs in Indiana to Mexico. Under this legislation, the company would be required to pay a tax of no less than $65 million a year.
4. Prohibiting executives from profiting off of the outsourcing of U.S. jobs.
This legislation would prohibit companies that offshore jobs from enriching executives through golden parachutes, stock options, bonuses, or other forms of compensation by imposing stiff tax penalties on this compensation. In addition, companies that outsource jobs overseas would be prevented from buying back its own stock. In 2014, United Technologies gave its former CEO a golden parachute worth over $172 million. Last year, the company’s five highest paid executives made over $50 million. The firm also spent $12 billion to inflate its stock price instead of using that money to invest in new plants and workers.
For those who say that Bernie would not have won the coveted white male voters who were worried about their jobs, yeah, about that.
However, here’s why this is a great piece of legislation.
1. It stops the revolving door, you outsource, no federal contracts for you. You can get your cheap labor but you won’t be getting cushy contracts. Huge incentive to hire American workers.
2. Make these companies who are making obscene profits actually pay for taxes on all the wealth they are accumulating by using sweat shops.
3. Get rid of the horrific golden parachutes.
Why this is incredibly clever of Bernie? He is holding Trump’s feet to the fire already and doing it in a way that is sheer genius. “Okay, you want to help the American People? Then keep your promises. Tell all your rich crony buddies to pay their fair share or bring jobs back. You got a better idea? I’ll listen but here’s the bar I am setting for you to start from. Your move.”
It also sets up a perfect foil for when Trump fails to rein in corporate welfare, as we all know he will. You know damn well Bernie will be using his new position as Democrat in Charge of Outreach to loudly point out every last hypocrisy Trump makes. We FINALLY have a Democrat that is willing to do this, educate these voters who keep voting against their interests by saying, “Well, is your guy doing what he said or not? If not, why the hell are you still voting for him?”
GO BERNIE GO!!