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Obama Wants to End Tax Breaks for Companies that Move Jobs Overseas

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President Obama blamed Republicans Saturday for blocking bills that would take away tax breaks for U.S. corporations that move jobs to subsidiaries in other countries. Republicans in Congress, he said, "have consistently fought to keep these corporate loopholes open."

In the last four years, the president charged, "Republicans in the House voted 11 times to continue rewarding corporations that create jobs and profits overseas -- a policy that costs taxpayers billions of dollars every year" in revenue lost to the U.S. Treasury.

President Obama says close tax loopholes for companies moving jobs overseasObama wants action on a stalled Senate Bill that would end tax credits and tax deferrals for companies with overseas operations. Instead, he wants to give tax breaks for American firms to write off the cost of new equipment in 2011, and also make a tax credit for research and experimentation permanent. "These are common sense ideas," he said in his weekly Internet address.

But there is resistance to Obama's push against favorable treatment for overseas operations, and it isn't coming solely from Republicans and business interests. Some Democrats also fear that ending the tax help could put the United States at a competitive disadvantage. The president acknowledged that "a lot of companies that do business internationally make an important contribution to our economy." But he said "there's no reason why our tax code should actively reward them for creating jobs overseas."

Republicans, in their weekly remarks, said the House of Representatives should return from recess immediately to act on the Bush-era tax cuts due to expire in January. "The prosperity of the American people is more important than the political fortunes of any politician or any political party," said Rep. Mike Pence (R-Ind.) Democratic leaders say they will deal with the tax issue after the Nov. 2 election.

Here is Obama's statement

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317 Comments

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Blessings Dottie

Ok in the same article here it says Republicans are to blame and then several paragraphs down it says that there are Dems who also are blocking the bill. Another misleading title AOL.

October 25 2010 at 6:37 AM Report abuse +1 rate up rate down Reply
abcdferris

Ending the tax breaks for conglomerates is a great idea.

October 23 2010 at 1:52 PM Report abuse +1 rate up rate down Reply
msgusarmyret77

I would like to see them investigate all the large companies who bring workers in to fill jobs they claim they can't fill with US workers. From what I have read they only have to fill out a form and state they can't get workers from the US so they have to bring them in from India and else where. There is no check to see if they are true or not. Most of these jobs are technical type workers and if we don't have those people in the US there is something wrong with our educational system.

October 17 2010 at 11:44 AM Report abuse +7 rate up rate down Reply
drb107

This is great reform Mr President, I salute you, although there are a few things you have done i disagree with but I wholeheartedly support you on this bill and will contact my Senators and House Reps to pass this bill. America this is something you all should be getting behind and pushing it, let the Republicans stand up for the working people once and you tea party folkes whats wrong with this bill?

October 17 2010 at 10:41 AM Report abuse +6 rate up rate down Reply
1 reply to drb107's comment
michellepthuron

Am I the only one who sees this as "treason?" I was taught to take care of HOME first! ~ Also, all this campaign money coming in from unknown sources is SCARY. We do have a National Debt - oh wait- why not take that exorbitant amount of money and pay off...Oh right... you'd have to be a an altruistic Patriot with a conscious for that to happen

October 20 2010 at 8:03 AM Report abuse rate up rate down Reply
Shirley Davidson

Outsourcing wrecked American Industry. Closed plants and put workers out of business with jobs. It took awhile for it to hit middle class but it did and now there are no jobs. No money to eat out or buy much. Simple fact. Putting a tax on outsourced goods coming back from foreign makers will make new jobs here in America faster than any stimulus. Buying American made is getting harder and harder to do. What does America make anymore?

October 17 2010 at 9:00 AM Report abuse +5 rate up rate down Reply
Shirley Davidson

Outsourcing wrecked American Industry. Closed plants and put workers out of business with jobs. It took awhile for it to hit middle class but it did and now there are no jobs. No money to eat out or buy much. Simple fact. Putting a tax on outsourced goods coming back from foreign makers will make new jobs here in America faster than any stimulus. Buying American made is getting harder and harder to do. What does America make anymore?

October 17 2010 at 9:00 AM Report abuse +5 rate up rate down Reply
nanan1937

How dare Obama think of making the big glorious companies pay their way? Can not believe that anyone would object to this. A tax break for companies moving jobs out of America is like making condemed prisioners pay for the rope to hang them.

October 17 2010 at 8:24 AM Report abuse +3 rate up rate down Reply
tkobran

The problem is, Obama would lose all of his tax breaks because his policies have caused jobs to move overseas! The United States has the 2nd highest corporatve taxes in the WORLD, causing many companies to move some if not all of their operations overseas!

October 17 2010 at 12:27 AM Report abuse -3 rate up rate down Reply
1 reply to tkobran's comment
MEK

tmtee- The most recent policy is the health care plan, which increases the cost of labor on businesses.

October 17 2010 at 1:10 PM Report abuse -1 rate up rate down Reply
dcnashinsc

Remember the article written by the woman that pointed out the true cost of gas. She factored in the cost of protecting the oil fields with tax dollars etc. She said it is more than the $4 you pay at the pump. It is also true that when you buy on-line too often or buy products made over seas the true cost is higher than you think. The sales people that lose their jobs and the store fronts that close end up costing you money to cover the taxes they are not paying when they become un employed. The property taxes not being paid but the closed store front and the cost to the utility company you have to cober when they are out of business. When you buy too many products made over seas you end up having to cover the expenses that the unemployed factory worker can no longer cover.

October 16 2010 at 11:57 PM Report abuse +10 rate up rate down Reply
dmgg711

Why don't you all go and do a little research in the internet and see how Congress votes on bills. You can see who voted for or against any bill or reform and that will tell you who is for the people or big money. Copy and paste to your browser: http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=109&session=1&vote=00229

October 16 2010 at 11:44 PM Report abuse +6 rate up rate down Reply

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