Obama Shocks India: No Tax Break For Firms Offshoring Jobs
US President Barack Obama, in his first address to a joint session of US Congress, has said that his Government will not give tax breaks to US companies that ship jobs overseas.
Thursday, February 26, 2009: ASSOCHAM president Sajjan Jindal has expressed serious concern over the Obama administration decision to deny tax benefits to US companies that outsource their jobs, adding that it will prevent free flow of goods and services under WTO regime. In a statement, Jindal said that the beneficiary of outsourcing jobs has not only been the receiving country but more so the country which has outsource their jobs in the past and the trend will remain so even in future. Estimates reveal that a US$ job outsourced fetched the outsource country more than 10 times of economic benefits and therefore discourage outsourcing by denying tax benefits can prove disastrous, Jindal added.
Thursday, February 26, 2009: ASSOCHAM president Sajjan Jindal has expressed serious concern over the Obama administration decision to deny tax benefits to US companies that outsource their jobs, adding that it will prevent free flow of goods and services under WTO regime. In a statement, Jindal said that the beneficiary of outsourcing jobs has not only been the receiving country but more so the country which has outsource their jobs in the past and the trend will remain so even in future. Estimates reveal that a US$ job outsourced fetched the outsource country more than 10 times of economic benefits and therefore discourage outsourcing by denying tax benefits can prove disastrous, Jindal added.
posted by Manoj Jain @ 1:53 AM
1 Comments:
At 4:01 PM,
EniGma said…
Obama is protecting his own country by not giving tax breaks to "patriots" who ship jobs overseas.
As an employer one must be able to take on Government's role to give working people a life (good salary, health benefits, vacations etc.). If you can't and won't give people a life they deserve, you should not be employing anyone. Corporations and large companies or any employers must remember - GIVE YOUR EMPLOYEES A LIFE. Give your people a life they can't complain about. That will make most employers so much happier than looking for a longer buck by outsourcing jobs and making both your ex-employees and US consumers unhappy.
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