CLIFTON – U.S. Representative Bill Pascrell (D-NJ-08) today visited Polymer Technologies Inc (PTI), a Clifton manufacturer celebrating its 25th anniversary, to meet with employees and discuss the Bring Jobs Home Act along with other issues facing local manufacturers as they work to successfully compete in the global economy.
"Strengthening the American manufacturing industry will ensure the middle class will remain the foundation of our nation," said Rep. Pascrell, a member of the House Committee on Ways and Means and the House Budget Committee. "As we work to rebuild our economy today, it is time to reassert our core principles of hard work, ingenuity and responsibility. We should be encouraging companies to follow PTI's lead and invest here in the United States, which is why we need to pass the Bring Jobs Home Act and stop the corporate welfare for outsourcing, and work to reverse the flow of jobs back home. Together, we can work to help literally build the foundation of our future, strengthen our middle class and provide even more good paying jobs right here in Clifton."
Neal Goldenberg, PTI President, explained first-hand how critical manufacturing is to the U.S. economy.
“I feel strongly that domestic manufacturing holds the key to not only our nation's economic recovery but to also our long-term position as a world power," said Goldenberg. "Continued dependency on foreign goods and services has fundamentally weakened us as a country. The recent efforts to bring these jobs back home to the citizens of the United States represent a long overdue step towards making this nation great once again. Increased manufacturing here in the U.S. will re-energize the Nation’s optimism and outlook as a whole in addition to bringing back the hope and potential to succeed felt by our previous generations.”
The Bring Jobs Home Act (S.2884/H.R.5542) will cut taxes for U.S. companies that move jobs and business operations to America from another country. The initiative will also end tax loopholes that reward companies that ship jobs overseas. House Republicans prevented consideration of the bill on the House floor last month.
According to a report released by the President’s Council of Economic Advisers, approximately one quarter of American jobs are at risk of being offshored. A sizable percentage of the jobs at risk are in Business and Financial Services, Computer and Mathematical, Management, Office and Administrative Support, Production and Manufacturing, and Sales. According to the Bureau of Labor Statistics, these six industries collectively employ 59,636,710 Americans, and this report estimates that upwards of 35% of these jobs are at risk of being sent overseas. This would result in 20,888,113 jobs lost. In New Jersey alone, more than 500,000 jobs are at risk of being outsourced.
Polymer Technologies Inc. (PTI) is a custom plastic and metal injection molding company that has been providing advanced injection molding services to global leaders in the Aerospace, Healthcare, Commercial and Military industries for over 20 years. They are a trusted manufacturer and design partner for some of the most well-known companies in the world.
Summary of the Bring Jobs Home Act:
Tax Credits for “Insourcing” Jobs
The bill creates a new tax credit to provide an incentive for U.S. companies to move jobs from overseas back to America. Specifically, the initiative will allow companies to qualify for a tax credit equal to 20% of the cost associated with bringing jobs and business activity back to the United States.
Closing Tax Loopholes for Companies That Outsource American Jobs
The Bring Jobs Home Act ends a tax deduction for companies that outsource jobs and business activity. Right now, the cost of moving personnel and components of a company to a new location is defined as a business expense that qualifies for a tax deduction.