President Barack Obama has underlined his determination to end tax incentives for companies that create jobs overseas. Recently, Obama said that he will offer a generous tax credit to companies that create more jobs in the US.
In wake of the November elections, the President remarked that tax breaks will go to companies that create jobs in the United States and not overseas.
From in.news.yahoo.com:
“One of the keys to job creation is to encourage companies to invest more in the United States. But for years, our tax code has actually given billions of dollars in tax breaks that encourage companies to create jobs and profits in other countries,” Obama said in his speech on economy at Cleveland, Ohio.
The President said he was determined to change that. “I want to change that. Instead of tax loopholes that incentivise investment in overseas jobs, I’m proposing a more generous, permanent extension of the tax credit that goes to companies for all the research and innovation they do right here in America,” Obama said with Ohio Governor Ted Strickland standing by his side.
“I think if we’re going to give tax breaks to companies, they should go to companies that create jobs in America — not those that create jobs overseas. That’s one difference between the Republican vision and the Democratic vision. And that’s what this election is all about,” Obama said.
Running behind in opinion polls, Strickland of Democratic party said outsourcing should be banned as it undermines economic development and has unacceptable business consequences.
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