Tax breaks only to those who create jobs in US: Obama

Washington, Sep 10 (PTI) Stepping up his campaign
against outsourcing, US President Barak Obama on Friday
asserted his administration would offer tax benefits only to
those firms which will create jobs in the country, a move that
may hit Indian IT firms in a big way.
"We believe on tax breaks for those firms that create
jobs in the US. So we are beginning to do that," Obama said at
a press conference here.
His remarks came close on the heels of the Ohio state
Governor passing an executive order to ban outsourcing, a
development that has raised concerns in India which is often
described as the world's back office.
All firms that would innovate in the US would get tax
breaks, he said.
Even though US economy is growing again, progress has
been "painfully slow", he said and insisted that his strategy
for the economic recovery was moving the country in the right
direction.
He said America, which lost 8 million jobs during the
recession, needs to remain competitive with Asian nations.
Obama said before he became President four million
people lost their jobs while the number rose to eight million
during the recession.
Obama's increasing pitch against outsourcing came amid
indications that the issue could become a hot topic in the
run-up to the November polls. (MORE) PTI NSA
RBT


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