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Obama to discourage overseas hiring
[Iran Press TV] US president Barack B.O.Obama is asking Congress to approve a bill that would end tax breaks encouraging US companies to create jobs in other countries. The new bill, now stalled in the Senate, would abolish Bush era tax cuts and deferrals for US companies with foreign operations. "There is no reason why our tax code should actively reward them (US businesses) for creating jobs overseas," Obama said in his weekly radio-internet address this Saturday, adding that policy-makers "should be using our tax dollars to reward companies that create jobs and businesses within our borders." The bill, which has faced Republican's opposition, has even failed to get support from some Democrats, including the chairman of the Senate Finance Committee, Senator Max Baucus. Sighting the current economic hardship, businesses are currently facing tough times in the US, said Obama, adding that he wanted the revenue collected from ending the current tax provisions to go directly to businesses that create jobs within the US. The Federal Reserve Bank of San Francisco has estimated that the economy will need to generate as many as 300,000 net jobs every month to reduce the unemployment rate to 8 percent over the next two years. Posted by: Fred 2010-10-18 |
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