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No more tax breaks to firms that outsource: Obama

This article was posted on Jan 29, 2010 and is filed under Market News

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 two 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.

“But the truth is, these steps won’t make up for the seven million jobs that we’ve lost over the last two years.

Source: Msn.com

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