September 29, 2010 12:28 PM

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Republicans block passage of an anti-offshoring bill

In US, the Republicans have blocked the passage of an anti-offshoring bill in the Senate that would have denied tax breaks to US companies which move jobs overseas. Republicans in a 53-45 vote prevented the bill from overcoming a filibuster. At least 60 votes were needed to overcome the Opposition's obstruction. As per the bill, there will be a ban on government contractors from using American taxpayers' money to move jobs offshore. The bill also contains provisions to prevent businesses from deferring US taxes on the income they make from foreign subsidiaries.

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