The government imposes import tariffs on Chinese solar panels and electric cars as a way to protect US manufacturing and supply chains, why don't they start imposing export tariffs on jobs US companies are sending overseas as a way to protect US jobs? Make corporations pay the difference in salary each year between thr job created overseas and the US job it replaced.
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If the choice is between them sending the jobs there or bringing the workers here, I’d rather the latter. At least the work visa people spend their money in our economy and pay taxes here.
Offshoring never works. It's also very cyclical according to the economy. The downturn has begun towards a recession, so once that starts to rebound and as mistakes and issues mount up overseas, we'll start the cycle again hiring in contractors and US based ftes to help undo the damage and right as things go back to normal, we'll start to offshore again. I noticed no one mentions the serious issues going on in India right now... it's a very risky move to offshore but they have to keep the board happy.
When Obama was in office, there was a mandate not to send jobs overseas or fave penalties, and that's when we started on-shoring activities and sponsoring visas.
A red political administration changed the laws some years ago which created the rush to offshore. For the history of the US companies could only deduct from their income expenses for offshore employees against the income generated offshore. A change was made to allow deduction from ANY income so we got what we got. The party of big business gave away the store......again.
You think only big banks offshore? Just a small percentage.
wealthy will continue to get wealthy and everyone else will pay for it. corporations should use their billions in profits to support those that drove those profits, not use it for dividends and share buy backs.
OP, I've been saying this for years.
It's probably not legal to simply say that US companies can't offshore, and that's fine.
But what the US can do is create a no-loophole business tax that makes offshoring prohibitively expensive compared to hiring on shore.
So then, why hasn't it been done? Because both parties are beholden to their corporate bribers, not their constituents.
Tarriffs = the US consumer pays more, therefore the wealthy are for it since it's a minimal loss to them.
Offshoring jobs = lower labor costs, therefore the wealthy are for it since it's a net gain for them.
If you can figure out how to make US labor beneficial to the wealthy, the US will keep labor employed.
Because manufacturing jobs account for a lot more swing voters in swing states/districts than the kinds of white collar jobs they can export to I&P.
Simple. In general, the folks who are eager to impose tariffs on foreign companies are against any types of regulations on US companies.
Tell you congress person to get in on this… oh wait the big banks already paid them off….