President Wants to Close Tax Loopholes for Overseas Job Creation
In recent remarks before the Cuyahoga Community College West Campus in Parma, Ohio, President Obama stated that for years, the U.S. tax code has given billions of dollars in tax breaks that encourage companies to create jobs and profits in other countries.
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He wants to change that; instead of tax loopholes that incentivize investment in overseas jobs, he is proposing a more generous, permanent extension of the tax credit that goes to companies for all the research and innovation in the U.S. He is also proposing that all U.S. businesses should be allowed to write off all the investment they do in 2011.