Mr Obama’s trip comes amid signs of economic improvements even as battling
Republican presidential contenders appeal to conservatives by sounding
increasingly hostile to his policies.
Looking to increase domestic manufacturing, Mr Obama in Tuesday’s speech
reiterated his proposal to eliminate tax incentives that make it more
attractive for companies to ship jobs overseas. The proposal would require
American companies to pay a minimum tax on their overseas profits in order
to prevent other countries from attracting US businesses with unusually low
tax rates.
Mr Obama also wants to eliminate tax deductions companies receive for the cost
of shutting down factories and moving production overseas. He wants to
create a new tax credit to cover moving expenses for companies that close
production overseas and bring jobs back to the US. He also wants to reduce
tax rates for manufacturers and double the tax deduction for hi-tech
manufacturers in order to create more manufacturing jobs in the US.
Source: Associated Press
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