Legislation to Save Teachers' Jobs, Close Foreign Tax Loophole Passes House

Press Release

Legislation that will protect the jobs of 700 Maine teachers and close billions of dollars in tax loopholes for companies that ship jobs overseas passed the House today and will be signed into law by the President this afternoon just after 5:00.

Congresswoman Chellie Pingree spoke in support of the job-saving legislation today and will be at the Oval Office when President Obama signs it into law.

"This is a vote for preserving jobs in America and a vote against sending them overseas," said Pingree. "Allowing further cuts in teachers' jobs would be devastating not only to our children but also to local economies that can't afford the loss of more paychecks."

The legislation is fully paid for, in part by closing several loopholes that have allowed foreign companies to pay billions less in U.S. taxes than they should owe. The loopholes have given an incentive to these corporations to ship profits and jobs overseas.

"I think it's outrageous that these companies have been getting a tax credit while companies doing business in Maine are struggling to hire and retain workers," said Pingree. "It's time to put an end to this practice and hold these big corporations accountable."

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