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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 outsourcing payments.
Money raised by the penalty on spending on overseas workers will be used to support apprenticeship programs in the United States as well as workforce development programs.
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President Donald Trump signs an executive order in the Oval Office of the White House in Washington, DC, US, on Thursday, Jan. 30, 2025 ( Bonnie Cash/UPI/Bloomberg via Getty Images)
Additionally, the legislation, if passed through Republican-controlled Congress and signed by the Republican president, would prohibit companies from treating outsourcing payments as base erosion payments when they calculate their Base Erosion and Anti-Abuse Tax.
“While college grads in America struggle to find work, globalist politicians and C-Suite executives have spent decades shipping good-paying jobs overseas in pursuit of slave wages and immense profits—those days are over,” Moreno told Fox News Digital in a statement.
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Moreno was sworn into the Senate on Jan. 3. (Reuters)
“It’s time to fight for working class Americans and ensure they can work and…
