AFL-CIO president: Change the tax code to bring jobs back to US
AFL-CIO President Richard Trumka discusses his outlook for jobs, what is needed to rebuild the economy, relations with China and suspending union dues.
Bringing overseas production back to the U.S. will take major changes to the country's tax codes and trade agreements, the president of the nation's largest union group said Wednesday.
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"Right now, the tax code rewards people for taking jobs offshore," AFL-CIO President Richard Trumka told "Mornings with Maria." "Many of the trade agreements reward people for taking jobs offshore. It is going to have to be a combination of a number of rule changes, a number of changes in government, to be able to bring those jobs back. … The American labor movement has advocated for that for years."
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Such a move would boost national security and the economy, Trumka said. The AFL-CIO has endorsed anti-outsourcing legislation to make multinational corporations pay the same tax rate on profits earned in other countries as the U.S. and raise taxes on profit from some companies' overseas investments.
"We only produce 48% of the things necessary for national security," Trumka said. "So we should bring those back at least and create a lot of jobs in the process."