WASHINGTON - President Barack Obama, under pressure in an election year to boost the economy and reduce high unemployment, will unveil tax proposals aimed at encouraging U.S. firms to keep jobs at home, the White House said on Wednesday.
"In the coming weeks, the president will put forward new tax proposals to reward companies that choose to invest or bring back jobs to the United States, and to eliminate tax advantages for companies moving jobs overseas," the White House said in a statement.
Obama was hosting a forum with executives on Wednesday on "Insourcing American Jobs" at which he will call on companies to invest and hire in the United States instead of moving jobs abroad.
The emphasis on keeping U.S. jobs at home is in line with a populist economic message championed by Obama that could play well with unionized workers, whose support the Democratic president will need to win re-election in November.
The practice of U.S. companies moving jobs to foreign countries such as India and China, where labor is cheaper, is a source of concern to many U.S. workers and resonates strongly in Midwest industrial states such as Ohio and Michigan that are expected to be battlegrounds in this year's election.
At the business forum, Obama will urge companies investing overseas "to take this opportunity to get the American people back to work," the White House said.
"That's how we'll rebuild an economy where hard work pays off and responsibility is rewarded - and a nation where those values live on," Obama will say, according to an excerpt from his prepared remarks.
For the past several years, Obama has proposed closing what he calls tax loopholes used by multinational firms, including those restricting the use of foreign tax credits, and preventing companies from deferring taxes on income earned abroad.
Although these ideas have the support of some Democrats, they generally landed with a thump in Congress, where most lawmakers want to tackle reforms to the voluminous U.S. tax code in one fell swoop.
The Obama administration had been drafting revisions to just the corporate side of the tax code but largely abandoned the effort over the past year after complaints that the tax code needs a massive overhaul and that many businesses file as individuals. — Reuters
source:gmanetwork.com
Showing posts with label Insourcing American Jobs. Show all posts
Showing posts with label Insourcing American Jobs. Show all posts
Wednesday, January 11, 2012
Saturday, January 7, 2012
Obama discourages US firms from outsourcing jobs
WASHINGTON - President Barack Obama kicked off an effort to encourage US businesses to keep jobs at home instead of outsourcing them overseas, as he rolled out a new election-year theme on Saturday aimed at courting middle-class voters.
In his weekly radio and video address, Obama previewed an event he will hold next week with business executives to highlight the advantages of investing in the United States.
"We'll hear from business leaders who are bringing jobs back home and see how we can help other businesses follow their lead," Obama said.
The White House forum on "Insourcing American Jobs" will be held on Wednesday. Executives from more than a dozen companies will attend, including padlock maker Master Lock, furniture company Lincolnton Furniture, software application developer GalaxE Solutions, and chemicals company DuPont.
The emphasis on keeping US jobs at home is in line with a populist economic message championed by Obama that could play well with union workers, whose support the Democratic president will need to win re-election in November.
The White House sees an increasing trend of companies deciding to "insource" jobs and invest in U.S.-based plants and factories, according to a White House official. It wants to encourage more businesses to follow that trend, the official said.
The practice of US companies moving jobs to foreign countries such as India and China, where labor is cheaper, is a source of concern to many U.S. workers.
The issue resonates strongly in Midwest industrial states such as Ohio and Michigan that have been hard hit, not only by the 2007-2009 economic crisis, but also by years of shrinkage in the manufacturing jobs sector. Many of those states are battlegrounds that are vital to Obama's re-election hopes.
Republicans vying to challenge Obama in November, including front-runner Mitt Romney, have hammered him over his economic stewardship. They contend that his regulatory policies, including new rules for Wall Street and the overhaul of the healthcare system, have discouraged investment. They also say his fiscal stimulus measures have not succeeded in bringing down high unemployment.
But the White House was encouraged by the December jobs report, released on Friday, which showed a drop in the jobless rate to 8.5 percent, its lowest level in nearly three years.
"We're heading in the right direction. And we're not going to let up," Obama said. — Reuters
source:gmanetwork.com
In his weekly radio and video address, Obama previewed an event he will hold next week with business executives to highlight the advantages of investing in the United States.
"We'll hear from business leaders who are bringing jobs back home and see how we can help other businesses follow their lead," Obama said.
The White House forum on "Insourcing American Jobs" will be held on Wednesday. Executives from more than a dozen companies will attend, including padlock maker Master Lock, furniture company Lincolnton Furniture, software application developer GalaxE Solutions, and chemicals company DuPont.
The emphasis on keeping US jobs at home is in line with a populist economic message championed by Obama that could play well with union workers, whose support the Democratic president will need to win re-election in November.
The White House sees an increasing trend of companies deciding to "insource" jobs and invest in U.S.-based plants and factories, according to a White House official. It wants to encourage more businesses to follow that trend, the official said.
The practice of US companies moving jobs to foreign countries such as India and China, where labor is cheaper, is a source of concern to many U.S. workers.
The issue resonates strongly in Midwest industrial states such as Ohio and Michigan that have been hard hit, not only by the 2007-2009 economic crisis, but also by years of shrinkage in the manufacturing jobs sector. Many of those states are battlegrounds that are vital to Obama's re-election hopes.
Republicans vying to challenge Obama in November, including front-runner Mitt Romney, have hammered him over his economic stewardship. They contend that his regulatory policies, including new rules for Wall Street and the overhaul of the healthcare system, have discouraged investment. They also say his fiscal stimulus measures have not succeeded in bringing down high unemployment.
But the White House was encouraged by the December jobs report, released on Friday, which showed a drop in the jobless rate to 8.5 percent, its lowest level in nearly three years.
"We're heading in the right direction. And we're not going to let up," Obama said. — Reuters
source:gmanetwork.com
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