Time to end tax breaks to firms that outsource jobs: Obama

[ChromeFoundry]

Source: Economic Times of India

28 Jan 2010, 1339 hrs IST, PTI

WASHINGTON: US President Barack Obama today said it was time to end tax breaks to American firms that farm out jobs overseas and help those who create employment within the country, but acknowledged that this alone would not compensate for the seven million jobs lost over last 2 years.

"To encourage ... businesses to stay within our borders, it is time to finally slash the tax breaks for companies that ship our jobs overseas, and give those tax breaks to companies that create jobs right here in the United States of America.

"Now, the House has passed a jobs bill that includes some of these steps. As the first order of business this year, I urge the Senate to do the same, and I know they will. They will. People are out of work. They're hurting. They need our help. And I want a jobs bill on my desk without delay," he told in the customary State of Union address.

India has been one of the biggest beneficiaries of outsourcing and could be the worst hit by this move to end tax breaks. The turn of this century saw American companies move jobs abroad that helped them save costs, with no dent on services as countries like India boast of an English-educated workforce -- be it IT engineers or for jobs that had to be done over phone. This trend gave India the name "back-office of the world" and birth to the term 'Bangalored' that means outsourced.



Read more: http://economictimes.indiatimes.com/Infotech/ITeS/Time-to-end-tax-breaks-to-firms-that-outsource-jobs-Obama/articleshow/5508662.cms

[Parche]

1. yes yes yes yes

do it today....get it done....

fuk companies that outsource overseas, or send jobs overseas...no more ...:hi:

[OhioChick]

2. Talk is cheap...

I want to see something actually done, already.

[Phlem]

12. What she said!!!

All he's been doing is talk for a year on things that really matter to all of us. I'm done with the talking.

GET IT DONE MR. PRESIDENT, YESTERDAY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

-phlem

[denverbill]

14. +1. Of course, good luck getting 60 votes too.

But I will tell you one thing.

If Democrats do this it will give them a HUGE bump in the polls. And good luck to Republicans in states with a lot of unemployed IT workers who vote against it.

[jgraz]

38. Maybe they can pretend they're nominating another incompetent, reactionary Fed chair

Then they'll only need 50.

[Mithreal]

18. +1

[Luciferous]

20. +1000!

[DJ13]

3. Thats a good start

I would actually impose punitive taxes on them instead of stopping at not giving them any more breaks.

One step at a time I guess.

[Tippy]

10. Agreed this must be a two pronged approach

[denverbill]

15. I'd require them to pay unemployment taxes for every outsourced worker on their books.

As long as they outsource, they pay the tax, regardless if the worker they dumped gets a new job or not.

[whathehell]

26. Precisely....As Thom Hartmann points out,

this is what America used to do...Bring back Tariffs!

[lib_wit_it]

32. With ya. Call it "punishment" or not. I don't give a flying fuck. Get our fucking money back from

the bastards to whom Dumbuya & Dr. Evil shoveled it!

[Dappleganger]

4. Can I get an AMEN on this?!?

[Newsjock]

6. Namaste!

:sarcasm:

[Arctic Dave]

9. How a Lou ya!

[DrDan]

5. about time . . . this is simply an insane giveaway

rewarding those that outsource jobs with a tax break - insane

now . . . let's really do it - not talk about it

[Vincardog]

7. t is time to finally slash the tax breaks for companies that ship our jobs overseas, and give those

tax breaks to companies that create jobs right here in the United States of America.
It is also time to renegotiate NAFTA CAFTA and ALL the pro business anti labor policies of the last 20 years.

[glitch]

8. AND contribute to political campaigns.

And that goes for churches too.

[winyanstaz]

11. Well now...this is more like it!

Dang good idea who's time is waaaaay overdue!

[WriteDown]

13. So now it's time, but it wasn't time before?

:shrug:

[Gin]

16. talk is cheap.....he campaigned on this...now do it

g

[Fire1]

19. No, too busy trying to get HCR and still trying on that. Too busy

rebuilding the fucked up credibility of this so called nation. Too busy keeping us out of a Depression. Too busy trying to close Guantanamo and begging states to take the damned prisoners (even though they get compensated for playing the host.), too busy with fuckin pirates, fruit of the boom terrorists, and easing his way out of Iraq and deploying troops where we should have been in the first place. Whew! Hell, I'M tired and I only typed the shit and I left out a HOST of things.

[Mithreal]

29. But not too busy to make excuses

[hootinholler]

17. Then slap a $50K excise on each H1B visa.

That will level the tech jobs playing field.

-Hoot

[LiberalEsto]

25. You are ABSOLUTELY right!

I'm sick of seeing American IT professionals with huge student loan debts being unable to find work, while foreigners on H1B visas, most of whom got free college educations, take all the IT jobs.

[Igel]

21. What tax breaks?

I keep hearing that we have to eliminate "the" tax breaks, but I don't recall ever seeing a list.

[Romulox]

23. Here's a place to begin your research

http://lmgtfy.com/?q=internet+search+engines

[boppers]

24. My thought exactly. Every corporation that pays taxes has deductions...

...and in the same speech Obama talked about giving small businesses bigger tax breaks. So, a small business that outsources jobs but invests more in equipment gets... what, exactly?

[Romulox]

22. OK. Get ready for him to walk this back! nt

[C_Lawyer09]

27. I'd say put some damn teeth in the tax code

And make sure that shell companies can't be so easily created, with something as simple as a p.o. box. We are missing billions of dollars in tax revenue from huge corporations as several on du blather about the "rich people" need to pony up more. If rich people need to kick in more.. fine, but at least collect on what needs to be collected. Especially because those corporations benefit from our infrastructure, and fine environment(as compared)have a big footprint, and pay nothing for the advantages they have. While we are on the subject, I know I'll get torn to ribbons on this one, but a 2,000 page health care bill! Really? Call me old fashioned, but that is ludicrous, and I want my State Rep. and/or Senator to read it. I guarantee if I was the aformentioned I would.

[panzerfaust]

28. Does that include the Pentagon and it's Mercs?

[Overseas]

30. K&R. I applauded this one. Hope it happens. //nt

[OhioChick]

31. Indian companies unfazed by Obama’s anti-outsourcing call

Indian companies unfazed by Obama’s anti-outsourcing call

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x514000

[jtrockville]

33. What rationale was used for giving tax breaks to offshore jobs?

Just curious. It seems like a really bad idea on its face.

[DisgustedInMN]

34. But ... but ... but..

... we don't have "60"...

Sorry, can't actually do anything about it, folks, but it did make a great sound bite..

.. 'cuz those damn Repubs are being mean to us again and saying they don't like it!


**Fool me once,
That's shame on you.
Fool me twice,
That's shame on me.**

[City Lights]

35. Wish I could rec this more than once!

:applause: :patriot:

[NJmaverick]

36. Guess India will spend a few million to make sure it never passes congress

[Odin2005]

37. YES, please!

[progressoid]

39. Rhetoric.

But it gets everyone working up so I guess it works.

Plus DUers get to click on the rec button. :)

[classysassy]

40. A resounding no

from the rethugs.