Obama to Act Against Outsourcing Jobs

Indian industry is due to suffer a major blow, as President Obama is getting ready to end the tax break for companies who are outsourcing jobs overseas.

He accused opposition republicans, of putting politics before economy and encouraging companies to outsource jobs and profits to other countries.

He was speaking during a mid-term campaign in Ohio Wednesday. He emphasized that the tax breaks should go the companies who create jobs in America. He also vowed that he would allow Bush era tax-cuts to expire for the people who earn more than $250,000, which the tax-cuts would be extended for the people who earn less.

He is also determined to push a new $350 billion plan to recover a failing economy which includes tax cuts for business to write off 100% new investments and to purchase new equipments. White House officials estimate as result of this plan, 1.5 million companies will benefit and it will be largest temporary investment incentive in American History.

He also highlighted a new proposal for the investment in infrastructure and also for extending tax credits for new research and development to businesses.

He emphasized that the difference between the vision of republican and democratic is of vision. While Bush era, allowed tax-cuts to be given to companies, who outsourced jobs and profits to other countries. While he is going to encourage companies, who will retain jobs and profits in America.

He also urged the Senate to pass the small business job bill that is stalled due to the differences between Republican and Democratic differences.

It should be noted that a major part of profits of Indian IT and BPO Jobs comes from outsourced jobs and services of American companies.

Source: indianviral.com