Obama Outlines Plan to Keep Ohio Jobs from Being Sent Overseas

2/18/08 Senator Barack Obama visited Niles, Ohio today to tour a titanium plant, RTI International Metals Inc., and to meet with workers about job security and the state of the economy in Northeast Ohio. After the tour, Obama outlined his plan to help employers retain and create good jobs in Ohio and across the U.S.

“In the last year alone, 93 plants have closed in this state. And yet, year after year, politicians in Washington sign trade agreements that are riddled with perks for big corporations but have absolutely no protections for American workers,” Senator Obama said. “It’s bad for our economy, it’s bad for our country, and it will not happen when I am President.

Too many American companies are off-shoring good paying U.S. jobs—including many manufacturing jobs—and many are using overseas tax havens to avoid paying taxes here in the U.S. In 2006 alone Ohio lost 32,337 manufacturing jobs and 93 plants, according to the Manufacturers Directory. Rather than providing incentives for employers to outsource and expand their operations overseas, Barack Obama believes we should encourage corporations to be patriot employers that create good jobs with good benefits for American workers.

End Tax Breaks That Reward Companies for Shipping Jobs Overseas: Our current tax system provides incentives for U.S. multinational corporations to invest their profits overseas rather than here in America. The tax code allows these companies to defer paying taxes on the profit they make in foreign countries for as long as they keep the money abroad. Barack Obama will work to change this rule so companies can't avoid paying taxes by keeping their profits overseas indefinitely. Obama has also called for cracking down on abusive tax havens and increasing enforcement powers.

Reward Companies that Create Good Jobs Here at Home: The revenue raised from ending tax breaks that reward companies for shipping jobs overseas will be used to reduce the corporate tax rate for companies that invest in the U.S. and its workers. Obama’s “Patriot Employers” plan puts the tax code on the side of companies that treat American workers best. His proposal will reward companies that:

Maintain their headquarters in the United States
Maintain or increase the number of full-time workers in the United States relative to full-time workers outside of the United States
Provide an adequate level of health coverage for all employees
Maintain neutrality in employee organizing drives
Provide full differential salary and insurance benefits for all National Guard and Reserve employees called to active duty
Provide all employees with a certain level of compensation and retirement benefits