Tax breaks only to those who create jobs in US: Obama

[OhioChick]

Source: Economic Times of India

10 Sep, 2010, 10.34PM IST,PTI

WASHINGTON: Stepping up his campaign against outsourcing, US President Barak Obama today asserted his administration would offer tax benefits only to those firms which will create jobs in the country, a move that may hit Indian IT firms in a big way.

"We believe on tax breaks for those firms that create jobs in the US. So we are beginning to do that," Obama said at a press conference here.

His remarks came close on the heels of the Ohio state Governor passing an executive order to ban outsourcing, a development that has raised concerns in India which is often described as the world's back office.

All firms that would innovate in the US would get tax breaks, he said.


Read more: http://economictimes.indiatimes.com/tech/ites/Tax-breaks-only-to-those-who-create-jobs-in-US-Obama/articleshow/6532666.cms

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