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Republicans block tax hike on firms going overseas
Republicans block Senate bill that would curb tax breaks for firms moving operations overseas
By STEPHEN OHLEMACHER
Associated Press
2014-07-30 11:42 PM

WASHINGTON (AP) -- Republican senators have blocked an election-year bill limiting tax breaks for U.S. companies that move operations overseas.

The bill would have prevented companies from deducting expenses related to moving their operations to a foreign country. The bill also would have offered tax credits to companies that move operations to the U.S.

Democrats championed the bill, saying it would end senseless tax breaks for firms that ship jobs abroad.

Republicans called the bill an election-year stunt. They noted that Democrats tried to pass a similar bill two years ago, right before the last congressional elections.

The White House says President Barack Obama supports the bill.

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