The tax code should favor companies that favor America, one of our U.S. senators says. Sen. Dick Durbin (D-Ill.) says the tax code has plenty of provisions that help companies in their particular niche. He wants tax benefits for companies that are what he calls patriotic.
“We need a provision in our tax code for patriot corporations, for America’s best companies that come forward and say we’re gonna pay a decent wage with health care, with retirement benefits, we’re gonna keep our jobs in America, and we’re gonna help our veterans,” he said.
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Durbin says the current tax law allows companies that are moving work overseas to deduct from their taxable profit the cost of moving their equipment.
Durbin says he plans to introduce legislation in a few weeks to make tax breaks for good behavior – high wages, health and retirement benefits, preferential hiring for veterans and keeping jobs in the United States – possible. He says he expects several Illinois companies to qualify, but the purpose isn’t necessarily to help specific companies. It’s to set standards and see who qualifies.