NEWYou can now listen to Fox News articles!

FIRST ON FOX: Ohio Republican Sen. Bernie Moreno is introducing legislation aimed at penalizing companies who outsource jobs and operations overseas while at the same time providing financial support to avenues that create American jobs.

The bill, introduced on Friday and known as the “Halting International Relocation of Employment Act” or “HIRE Act”, creates a 25% tax on “outsourcing payments” which are defined as any money paid by a U.S. company or taxpayer to a foreign person whose work benefits U.S. consumers.

The bill also includes anti-abuse language to prevent tax avoidance via U.S. territories and requires U.S. firms to fully disclose all outsourcing payments and contracts. Companies will also be prohibited from deducting any outsourci

See Full Page