Obama: End Tax breaks to stop overseas hiring

[JYD]

http://www.washingtontimes.com/news/2010/oct/16/obama-end-tax-breaks-stop-overseas-hiring/

 

WASHINGTON (AP) — President Barack Obama is renewing his call for Congress to close tax breaks that reward some U.S. companies with overseas subsidiaries, a proposal that has raised concerns among some lawmakers in the president's own party.

 

In his weekly radio and online address, Obama said the tax breaks encourage companies to create jobs and profits in other countries.

 

"There is no reason why our tax code should actively reward them for creating jobs overseas," Obama said. "Instead, we should be using our tax dollars to reward companies that create jobs and businesses within our borders."

 

At issue is a bill that stalled in the Senate last month that would end some tax credits and deferrals for U.S. companies for operations overseas.

 

Though Obama singled out Republican opposition, the bill also failed to get support from some Democrats, including Senate Finance Committee Chairman Max Baucus, D-Mont., who expressed concern that change would put the U.S. at a competitive disadvantage.

 

The ending of the tax loopholes has been opposed by business groups, including the National Association of Manufacturers.

 

Obama said that while companies that conduct business internationally do make an important contribution to the U.S. economy, it doesn't make sense to grant them tax breaks when companies at home are struggling to rebound from the economic crisis.

 

Obama has said he wants revenue collected from closing the loopholes to be used for other business tax breaks by making permanent research and development tax credits and allowing businesses next year to write off all new equipment costs.

 

Meantime, Rep. Mike Pence, R-Ind., urged House Speaker Nancy Pelosi, D-Calif., to call Congress back into session to take an immediate vote on whether to extend Bush-era tax cuts. In the weekly Republican address, Pence said, "the prosperity of the American people is more important than the political fortunes of any politician or any political party."

 

Pelosi and Senate Majority Leader Harry Reid, D-Nev., have said the tax issue will be taken up in a lame-duck session after the Nov. 2 election.

 

The tax cuts have been a point of contention between the president and Republicans in the lead-up to the midterm elections. The GOP wants to extend the tax cuts for all Americans, including the top income earners, while Obama wants to extend the tax cuts only for the middle class — those families earning less than $250,00 a year.

 

 

Since no one ever credits Obama for a damn thing on this site...lets argue about this. :lol:

[Flash]

The tax cuts have been a point of contention between the president and Republicans in the lead-up to the midterm elections. The GOP wants to extend the tax cuts for all Americans, including the top income earners, while Obama wants to extend the tax cuts only for the middle class — those families earning less than $250,00 a year.

 

I just don't see the point in increasing taxes on any group during this economic climate.

Edited October 19, 2010 by Flash

[JYD]

I just don't see the point in increasing taxes on any group during this economic climate.

But yet the fiscal conservatives want to cut the goods and services because of the debt, but when he wants to raise taxes on a group that can afford it (I'm not saying a huge tax increase, but rather go back to the tax policies of the Clinton admin.) you're up in arms. I simply just can't comprehend that to put it in a respectful way bro.

[Flash]

But yet the fiscal conservatives want to cut the goods and services because of the debt, but when he wants to raise taxes on a group that can afford it (I'm not saying a huge tax increase, but rather go back to the tax policies of the Clinton admin.) you're up in arms. I simply just can't comprehend that to put it in a respectful way bro.

 

They might be able to afford it, but its still a ton of money coming out of their pockets and in a time of uncertainty in our economy I don't think we should see any tax increases on anyone. If we were in a time of a little economic stability then I could see maybe, just maybe a small increase being reasonable. I just don't think its right to make the ones who pay the most already to pay even more. This won't affect the big millionaires/billionaires but those on the fringe will be affected more than you think.

Edited October 19, 2010 by Flash

[JYD]

They might be able to afford it, but its still a ton of money coming out of their pockets and in a time of uncertainty in our economy I don't think we should see any tax increases on anyone. If we were in a time of a little economic stability then I could see maybe, just maybe a small increase being reasonable. I just don't think its right to make the ones who pay the most already to pay even more.

What? It makes perfect sense that someone who makes 250K a year pays a litte more then someone who makes 75K a year. And someone who is making 250K a year in this economic climate is not feeling near the effects of someone making 75. Like I said, I'm not for absolutely taxing the [expletive] out of them or something, but if you Repub's want to "close" this budget gap maybe we should go back to economic policies that made sense (aka the 90's)

[Flash]

What? It makes perfect sense that someone who makes 250K a year pays a litte more then someone who makes 75K a year. And someone who is making 250K a year in this economic climate is not feeling near the effects of someone making 75. Like I said, I'm not for absolutely taxing the [expletive] out of them or something, but if you Repub's want to "close" this budget gap maybe we should go back to economic policies that made sense (aka the 90's)

 

Everyone is feeling the effects of the economy whether you believe it or not. Those making 250k are already paying more than those making 75k are they not? I don't think increasing taxes right now is going to improve anything.

[JYD]

Everyone is feeling the effects of the economy whether you believe it or not. Those making 250k are already paying more than those making 75k are they not? I don't think increasing taxes right now is going to improve anything.

Well, increasing taxes slightly on the 250k+ bracket would help put funding towards programs or projects that are in need of it, and give more money back to the middle class so they'd have more to pump into the economy. so it could help. who knows though.

 

I honestly am not sure anyone can help this economy right now to be honest...

Edited October 19, 2010 by JYD