Obama: End Tax Breaks to Stop Overseas Hiring

Obama: End Tax Breaks to Stop Overseas Hiring (Full Version)

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rulemylife -> Obama: End Tax Breaks to Stop Overseas Hiring (10/16/2010 6:33:50 AM)
I think this raises an interesting question. Should we ban tax subsidies for companies that use cheap overseas labor instead of providing jobs here or do we ultimately benefit from the lower cost of those products? **Obama: End Tax Breaks to Stop Overseas Hiring** End tax breaks that reward some U.S. companies with overseas subsidiaries and encourage those businesses to create jobs in other countries, President Barack Obama is telling Congress. Yet it's an idea that has raised concerns even among some lawmakers in the president's own party. At issue is a bill, now stalled in the Senate, that would do away with some tax credits and deferrals for U.S. companies for operations abroad. "There is no reason why our tax code should actively reward them for creating jobs overseas," Obama said in his weekly radio and Internet address Saturday. "Instead, we should be using our tax dollars to reward companies that create jobs and businesses within our borders." Though Obama singled out Republican opposition, the bill also failed to get support from some Democrats, including the chairman of the Senate Finance Committee, Sen. Max Baucus, D-Mont. He has expressed concern that the change would put the U.S. at a competitive disadvantage. The ending of the tax provisions has run into opposition from 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 ending the tax provisions to go to other business tax breaks, by making permanent research and development tax credits and allowing businesses next year to write off all new equipment costs.

Moonhead -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/16/2010 8:46:50 AM)
Strange how popeye has nothing to say about this after all of his hooting about outsourcing and illegals.

DarkSteven -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/16/2010 9:21:18 AM)
I am against subsidies in general, but subsidizing companies that are not supporting the US economy is insane. Obama will have some pushback because the companies affected give political contributions, but this could be a banner issue in an election year.

subrob1967 -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/16/2010 9:32:50 AM)
quote: ORIGINAL: DarkSteven I am against subsidies in general, but subsidizing companies that are not supporting the US economy is insane. Obama will have some pushback because the companies affected give political contributions, but this could be a banner issue in an election year. Subsidies in general are insane, the government shouldn't have to subsidize anything. But when the government passes so many fucking "regulation" laws, and is is so anti business, like ours is becoming, the government has to do something, to keep enough people employed to pay for the fucking subsidies. Catch 22

Moonhead -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/16/2010 9:36:31 AM)
Actually, your government (and the last three or four governments before it) is very far from being anti business. That's like saying Sooty had issues over being fisted by Matthew Corbett.

rulemylife -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/16/2010 10:02:28 AM)
quote: ORIGINAL: DarkSteven I am against subsidies in general, but subsidizing companies that are not supporting the US economy is insane. I guess that was my main question. Are they or aren't they supporting the economy? I'm no fan of giving tax breaks to companies who manufacture goods overseas and then sell them here, but by the same token how many of these goods do we buy everyday and will we be happy paying more to have them produced here?

rulemylife -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/16/2010 10:07:20 AM)
quote: ORIGINAL: subrob1967 Subsidies in general are insane, the government shouldn't have to subsidize anything. But when the government passes so many fucking "regulation" laws, and is is so anti business, like ours is becoming, the government has to do something, to keep enough people employed to pay for the fucking subsidies. Catch 22 What exactly are you talking about? In one breath you say government shouldn't be subsidizing business and in the next you say government is anti-business.

slvemike4u -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/16/2010 10:46:29 AM)
Are you actually asking him to explain one of his incomprehensible notions ? Silly man,one should not ask the impossible of another.It's just not fair.

MrRodgers -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/16/2010 11:44:17 AM)
quote: ORIGINAL: rulemylife quote: ORIGINAL: subrob1967 Subsidies in general are insane, the government shouldn't have to subsidize anything. But when the government passes so many fucking "regulation" laws, and is is so anti business, like ours is becoming, the government has to do something, to keep enough people employed to pay for the fucking subsidies. Catch 22 What exactly are you talking about? In one breath you say government shouldn't be subsidizing business and in the next you say government is anti-business. That is a good question but the whole idea of over regulation is a ruse anyway. The US has less regulation for businesses than almost all other industrialized countries. Subsidies are purchased in our plutocracy. The farmer has to rate No. 1 for longevity and total $$ and especially now when Bush & Co added the ethanol subsidy after raising crop subsidies to $20billion a year. That results in negative energy savings, does not help the environment with engine systems compensating for it. It also raises the price of feed corn and the costs of food it produces. Then it takes get this kinkroids...2500 gals. of fresh water to grow (enough corn) to make ONE gal. of ethanol. Subsidies in general not to mention the entire rip-off of taxpayers are testimony to our plutocracy...govt. of money, by money...for money. (soon the content and production will go up to supply 15% ethanol mixture, plus we have a .51 profit-protecting tariff on Brazilian sugar ethanol) We not only have tax money subsidizing inflation and at a complete loss to the whole of American taxpayers and society at large but... ...tax breaks for exporting jobs is a'kin to wall street getting a bonus for losing $trillions upon which $billions in commissions had already been paid. Are we rich yet ? You too big to fail yet ? Are you an American Billionaire socialist yet ?

Nnytheangel -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/16/2010 12:03:40 PM)
I agree with this article in that it won't have that much of an affect on the outsourcing at the moment.

AlwaysLisa -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/16/2010 1:36:13 PM)
It's heartening to see at least a step in the right direction. Will this pass Senate? Probably not, with the track record lately. Tax breaks are one way to hit a company, however, we also need to look at the books. If a company, lets say Amazon because I know they outsource to India, pays employees minimum wage for that country and no benefits or payments to work comp, SSI, etc, they will still be miles ahead even without the tax break. Currently min wage in Rupees is 230, which is $4.60 an hour in US dollars. Stopping tax breaks will take little bite out of their profit, but it still might not be enough to sway them from hiring overseas. But I'm encouraged...at least he is not ignoring the issue. It might be too little too late, we'll see. Something needs to be done to create jobs. Part of the problem is that companies have made do with less for so long, they simply reorganized their employees to pick up the slack and now have come to realize they don't need to rehire.

Fellow -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/17/2010 2:23:50 PM)
I see the import tariffs as a real solution. The companies routinely avoid taxation. They will find a way around. The bad news and the good news is US in very near future will not be able to afford the current level trade deficits because the credit dries out. US Treasury bonds are now being bought by the Federal Reserve instead of foreign countries. This practice can not continue long. In the future US companies will produce outside and they will mostly sell outside. It could be a good thing if there was any chance to tax them in the US somehow (unfair and unlikely, of course). The US government is broken and dangerous. During times that require real solutions Obama administration is impotent.

DarkSteven -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/17/2010 3:06:35 PM)
quote: ORIGINAL: rulemylife I guess that was my main question. Are they or aren't they supporting the economy? I'm no fan of giving tax breaks to companies who manufacture goods overseas and then sell them here, but by the same token how many of these goods do we buy everyday and will we be happy paying more to have them produced here? If they can make stuff more cheaply by using overseas labor, that's one thing. But if our government is subsidizing them to do so, so that they have more financial incentive to not hire USA, that's an outrage. We shouldn't be making the playing field less level, discouraging US employment, using taxpayer dollars. It may not lead to more US hiring. But at least we won't be wasting tax money for companies that are not contributing to the US economy.

thishereboi -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/17/2010 3:33:00 PM)
I would have to agree with him. Lower prices are nice, but they don't do much good if you don't have a job.

servantforuse -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/17/2010 5:57:27 PM)
Get rid of the EPA. Companies and jobs will come back on shore.

DomKen -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/17/2010 6:03:57 PM)
quote: ORIGINAL: servantforuse Get rid of the EPA. Companies and jobs will come back on shore. Along with rivers that catch fire, subdivisions built on toxic waste dumps, the near extinction of all raptor species, acid rain, smog emergencies etc. Nixon didn't get a lot right but the EPA was one of them.

thornhappy -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/17/2010 6:31:15 PM)
That damn commie!!! [:D]

DarkSteven -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/17/2010 6:47:10 PM)
quote: ORIGINAL: servantforuse Get rid of the EPA. Companies and jobs will come back on shore. Nope. The environmental and other regs are a deterrent, but the cheap labor is a huge factor.

rulemylife -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/17/2010 8:15:25 PM)
quote: ORIGINAL: DarkSteven quote: ORIGINAL: rulemylife I guess that was my main question. Are they or aren't they supporting the economy? I'm no fan of giving tax breaks to companies who manufacture goods overseas and then sell them here, but by the same token how many of these goods do we buy everyday and will we be happy paying more to have them produced here? If they can make stuff more cheaply by using overseas labor, that's one thing. But if our government is subsidizing them to do so, so that they have more financial incentive to not hire USA, that's an outrage. We shouldn't be making the playing field less level, discouraging US employment, using taxpayer dollars. It may not lead to more US hiring. But at least we won't be wasting tax money for companies that are not contributing to the US economy. That's a wonderful sentiment, and I agree with you entirely. But when it comes down to it we'll see each other at Wal-Mart buying the cheap Chinese junk. My point being that we don't practice what we preach. We complain about the corporations and the government but we are actually the ones subsidizing this.

Hippiekinkster -> RE: Obama: End Tax Breaks to Stop Overseas Hiring (10/17/2010 8:20:46 PM)
quote: ORIGINAL: servantforuse Get rid of the EPA. Companies and jobs will come back on shore. Yes. Fuckin' A. We need one, two, three, MANY Love Canals. "Sorry your baby has two heads, ma'am, but Merka needs jobs!"

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