Stepping up his campaign against outsourcing, US president Barack Obama on Wednesday announced a series of measures that would offer incentives to those firms which will create jobs in the country, a move that may also affect companies in India.
Using his last state of the union speech before the November election to paint himself as the champion of the middle class, he sought higher taxes for millionaires and tight reins on Wall Street.
?If you?re a business that wants to outsource jobs, you shouldn?t get a tax deduction,? Obama said in his state of the union address during which he presented an economic blueprint to take his country away from outsourcing, bad debt and phony financial profits.
Many of his proposals centered on changes to the tax code, including limiting deductions for companies that move jobs overseas, rewarding companies that return jobs to the United States and increasing taxes on wealthy Americans.
“My message is simple. It’s time to stop rewarding businesses that ship jobs overseas, and start rewarding companies that create jobs right here in America. Send me the tax reforms and I’ll sign them,? Obama told lawmakers.
