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July 23, 2014 AT 9:40 AM
The Senate voted Wednesday to advance an election-year bill limiting tax breaks for U.S. companies that move operations overseas. Senate Democratic leaders say the bill would end senseless tax breaks for companies that ship jobs abroad. Senate Majority Leader Harry Reid, D-Nev said, "It would end the absurd practice of American taxpayers bankrolling the outsourcing of their very own jobs." According to the Joint Committee on Taxation, which analyzes tax bills for Congress, the bill would cost U.S. companies that move overseas $143 million in additional taxes over the next decade.