Durbin, Brown Introduce Legislation to Reward "Patriot Employers"
[WASHINGTON, D.C.] – Assistant Senate Majority Leader Dick Durbin (D-IL) and Senator Sherrod Brown (D-OH) today introduced legislation to reward companies that invest in American jobs, pay decent wages, provide good benefits, and support their employees when they are called to active duty. The Patriot Employers Act would provide a tax credit to companies that make a commitment to American workers.
“When companies make headlines today it is often for all the wrong reasons: outrageous bonuses, tax avoidance, fraud, profiteering,” Durbin said. “Americans have had enough with a corporate culture that rewards bad behavior and ignores the well being of workers. It is time for Patriot Employers to be recognized for doing right by their workers even while they do well for their customers and shareholders.”
“We should use the tax code to reward companies that invest in their communities,” said Brown. “For too long, policies in Washington betrayed the middle class by giving tax breaks to companies that ship jobs overseas. This bill would provide important incentives to companies that create jobs in the U.S. Through the right tax policy, we can create jobs that provide decent wages and good benefits.”
The Patriot Employers legislation would provide a tax credit equal to 1% of taxable income to employers that:
• Invest in American jobs, by maintaining or increasing the number of full-time workers in America relative to the number of full-time workers outside of America AND by maintaining corporate headquarters in America if the company has ever been headquartered in America.
• Pay decent wages, by paying each worker an hourly wage that would ensure that a full-time worker would earn enough to keep a family of three out of poverty (at least $ 8.50 per hour).
• Prepare workers for retirement, by providing either a defined benefit plan OR a defined contribution plan that fully matches at least 5% of worker contributions for every employee.
• Provide health insurance, by paying at least 60% of each worker’s health care premiums.
• Support the troops, by paying the difference between regular salary and military salary for all National Guard and Reserve employees who are called for active duty AND by continuing their health insurance coverage for the Guard member and his or her family.