05-05-2009, 05:09 AM
<b>Say no to Bangalore, yes to Buffalo: Obama</b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Hitting hard at the current taxation system, to which he had been very critical since his election days and as a Senator, Obama said: "It's a tax code that says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York."
Reiterating his campaign rhetoric, the US President said: "The way we make our businesses competitive is not to reward American companies operating overseas with a roughly 2 per cent tax rate on foreign profits; a rate that costs taxpayers tens of billions of dollars a year."
Obama said he wants US companies to remain most competitive in the world. "But the way to make sure that happens is not to reward our companies for moving jobs off our shores or transferring profits to overseas tax havens," he argued.
Announcing a set of proposals to crack down on illegal overseas tax evasion, close loopholes, and make it more profitable for companies to create jobs in the US, Obama said his series of tax reforms would save $210 billion in the next 10 years.
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Reiterating his campaign rhetoric, the US President said: "The way we make our businesses competitive is not to reward American companies operating overseas with a roughly 2 per cent tax rate on foreign profits; a rate that costs taxpayers tens of billions of dollars a year."
Obama said he wants US companies to remain most competitive in the world. "But the way to make sure that happens is not to reward our companies for moving jobs off our shores or transferring profits to overseas tax havens," he argued.
Announcing a set of proposals to crack down on illegal overseas tax evasion, close loopholes, and make it more profitable for companies to create jobs in the US, Obama said his series of tax reforms would save $210 billion in the next 10 years.
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