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Tax Breaks for Overseas Business

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.

 
tootoobusy

Asked by tootoobusy at 7:39 AM on Oct. 16, 2010 in Politics & Current Events

Level 52 (487,465 Credits)
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Answers (30)
  • 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,"

    ***
    That would be correct! The UNITED STATES should make doing business IN the UNITED STATES more friendly, and MATCH the "breaks" foreign countries use to lure American companies!! Just think...if manufacturing companies were given a bigger/matching tax break, lots of AMERICANS would be working, and paying oodles of INCOME TAXES from their PAYCHECKS, which would make up for the "loss" in corporate tax!! Seems like a "win-win" situation for everyone!!
    LoriKeet

    Answer by LoriKeet at 11:16 AM on Oct. 16, 2010

  • This is funny, do you think outsourcing became a problem in the last two years. It became a huge problem under Bush, this has nothing to do with Obama's policies.


    Ya know.. Bush was far from innocent... But can I suggest you move away from the liberal rags you naively follow and Educate yourself on Bill Clinton~ NAFTA as well has his trade relations with China..  Start there...  Then we can talk...

    grlygrlz2

    Answer by grlygrlz2 at 12:52 PM on Oct. 16, 2010

  • This is a tough call. Not all business being done overseas is bad. What if Toyota decided to close up shop here in the US?

    In order to make the call, I would need to know what types of business are involved, what companies are involved and just how much of a break they are getting. I also would like to know what about this group makes them targets for Progressives.

    Lastly, if NAM raises objections it sort of waves a flag for me. BTW, I am a big proponent of MADE IN THE USA.
    yourspecialkid

    Answer by yourspecialkid at 9:40 AM on Oct. 16, 2010

  • The only thing sending companies overseas is Obamas policies. I'd really have to know what this bill says before placing blame. There are many companies that have businesses in the US and internationally. If you cut them off then the US loses the business that they bring. Just because business is overseas it doesn't mean the US gets no benefit. A good example is one of the companies that helped drill the hole that allowed those 33 miners to be rescued. The guy has 3 branches of his company in the US and one in Chili. Had he not had a company in Chili he may have never been asked for help. His Chili branch and his US branches work as one.
    Sure we want as many businesses in the US as possible but not all people or their companies abroad are soley running from taxes. They do add internationally because it's a good business move though partly because of the low tax rates everywhere but the US.
    itsmesteph11

    Answer by itsmesteph11 at 11:49 AM on Oct. 16, 2010

  • The only thing sending companies overseas is Obamas policies


    This is funny, do you think outsourcing became a problem in the last two years.  It became a huge problem under Bush, this has nothing to do with Obama's policies.

    mommom2000

    Answer by mommom2000 at 12:43 PM on Oct. 16, 2010

  • DAILY KOS!??!?!? Geez, why didn't you just post OWN blog?!?!? LOL :oP
    LoriKeet

    Answer by LoriKeet at 4:30 PM on Oct. 16, 2010

  • He should really be attacking the unions that have negotiated contracts that make it impossible for companies to have businesses in the US. We have "unionized" ourselves right out of a competitive market in the name of getting the best for the employee. The reason the unions were formed have long passed. OSHA looks after the safety issues and statues look after the work place actions. The only thing unions look after are the fat bosses. Get rid of unions and the tax breaks will again work in the favor of the American people.
    jesse123456

    Answer by jesse123456 at 5:16 PM on Oct. 16, 2010

  • Sounds like a good idea to me =)
    skittles1108

    Answer by skittles1108 at 9:15 AM on Oct. 16, 2010

  • He is completely right.  We need to stop this business practice, why should you get  tax break if you ship jobs overseas?  This bill is being blocked by the republicans, and the Chamber Of Commerce who dumped 75 million into the republicans campaigns, so they will be back in charge.  This bill would give a two year payroll holiday for every job brought back to America.  They are trying to give incentives to companies that keep jobs here.  Big business doesn't want this because while we are suffering as a nation, the companies that are outsourcing are seeing record profits.  The do this because they can.  We need to sop this.  What hurts the American worker, hurts all the American people.

    mommom2000

    Answer by mommom2000 at 11:40 AM on Oct. 16, 2010

  • his is a tough call. Not all business being done overseas is bad. What if Toyota decided to close up shop here in the US? In order to make the call, I would need to know what types of business are involved, what companies are involved and just how much of a break they are getting. I also would like to know what about this group makes them targets for Progressives. Lastly, if NAM raises objections it sort of waves a flag for me. BTW, I am a big proponent of MADE IN THE USA.


    Exactly...  Obama's Stimulus awarded Foreign companies money the US borrowed from China to the research/development of "green" automobiles and other products.  Quite a few Obama Supporters had no problem with it, either..  Interesting..

    grlygrlz2

    Answer by grlygrlz2 at 12:35 PM on Oct. 16, 2010