Tuesday, May 5, 2009

Say no to Bangalore, yes to Buffalo: Obama

Continuing the anti-outsourcing card, US president Barack Obama on Tuesday said while America cannot "shy away" from globalisation, it would have to take measures to ensure that jobs are not shipped overseas.

"We have to stop providing tax breaks for companies that are shipping jobs overseas and give those tax breaks to companies that are investing here in the United States of America,"

"We can't have toys with lead paint in them that our children are playing with. We can't have medicines that are actually making people more sick instead of better because they're produced overseas," Obama said.

U.S. President Barack Obama is leaving no stone unturned in his effort to bring the ailing American economy back on track. Keeping his promises, Obama has announced an end to the years of tax incentives to those U.S. firms which create jobs overseas in places like Bangalore. And instead, the incentives would now go to those creating jobs inside the U.S., in places like the Buffalo, a city bordering Canada in upstate New York.

Obama said, "We will stop letting American companies that create jobs overseas take deductions on their expenses when they do not pay any American taxes on their profits. We will use the savings to give tax cuts to companies that are investing in research and development here at home so that we can jump start job creation, foster innovation, and enhance America's competitiveness."

No comments:

Post a Comment

When reproducing our materials in whole or in part, hyperlink to the articles should be strictly made Creative Commons License This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 2.5 India License. To advertise here contact :abhishek2u@in.com