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| Obama stops tax breaks for US |
| Obama stops tax breaks for US firms outsourcing jobs
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| UNITED STATES OF AMERICA
, 9-September-2010
4:41:1 AM |
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President Barack Obama today underlined his determination to end tax incentives for companies that create jobs overseas, saying he will provide a generous tax credit to companies that create more jobs in the US.
Amid indication that outsourcing could become a hot issue in the November elections, Obama said the tax breaks should go to companies that create jobs in the US and not overseas.
"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
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