Rep. Pascrell Joins Local Students To Announce Job Creation Initiative
TETERBORO – As students across the nation celebrate Career and Technical Education month, U.S. Rep. Bill Pascrell, Jr. (D-NJ-09) today visited with students and staff of recent National Blue Ribbon recipient Bergen County Technical High School in Teterboro to announce an initiative geared towards creating domestic jobs in the students' fields of study. The Bring Jobs Home Act, which President Obama highlighted in his State of the Union address, will cut taxes for U.S. companies that move jobs and business operations to America from another country. The initiative will also end tax loopholes that reward companies that ship jobs overseas.
"It was really a pleasure to see so many highly motivated and driven students during my visit," said Rep. Pascrell, who will introduce the Bring Jobs Home Act after this week's recess. "With schools like Bergen Tech focusing on teaching our children the technical skills they need to succeed in this work, I’m more confident than ever that America will continue to be the nation that leads our world in the next century. While these bright students are working hard holding up their end of the bargain, we need to do the same to make sure there are good jobs waiting for them upon completion of their studies. As we work to rebuild our economy today, it is critical to reassert our core principles of hard work, ingenuity and responsibility to establish a vibrant workforce for tomorrow."
Dr. Howard Lerner, District Superintendent, explained first-hand how critical it is to prepare students for a changing and highly technical workforce.
"The value of Career and Technical Education here at Bergen County Technical Schools -Teterboro Campus lies in its ability to prepare students for postsecondary education or entry into the high-tech 21st century workplace through a combination of valuable hands-on experiences, a real-world understanding of a student’s chosen profession, and high-level academic instruction," stated Dr. Lerner.
According to a report released by the President’s Council of Economic Advisers, approximately one quarter of American jobs are at risk of being offshored. A sizable percentage of the jobs at risk are in Business and Financial Services, Computer and Mathematical, Management, Office and Administrative Support, Production and Manufacturing, and Sales. According to the Bureau of Labor Statistics, these six industries collectively employ 59,636,710 Americans, and this report estimates that upwards of 35% of these jobs are at risk of being sent overseas. This would result in 20,888,113 jobs lost. In New Jersey alone, more than 500,000 jobs are at risk of being outsourced.
The Bergen County Technical Schools District was founded in 1951 to oversee the County's growing need for vocational education. Today, the district’s secondary programs include the Bergen County Academies, seven magnet high school programs that meld college prep classes with a career focus; Bergen County Technical High School/Teterboro, a full-time program with nine technical concentrations; and Bergen County Technical High School/Paramus, a secondary program with a full-time option for special needs students and a shared-time option for students from local sending districts.
The District offers full- and part-time technical instruction to over 18,000 secondary and adult students. Through innovative programs, the district has created a new model for secondary education in New Jersey.
Summary of the Bring Jobs Home Act:
Tax Credits for “Insourcing” Jobs
The bill creates a new tax credit to provide an incentive for U.S. companies to move jobs from overseas back to America. Specifically, the initiative will allow companies to qualify for a tax credit equal to 20% of the cost associated with bringing jobs and business activity back to the United States.
Closing Tax Loopholes for Companies That Outsource American Jobs
The Bring Jobs Home Act ends a tax deduction for companies that outsource jobs and business activity. Right now, the cost of moving personnel and components of a company to a new location is defined as a business expense that qualifies for a tax deduction.