Obama To Propose Tax Breaks For ‘Insourcing’ Jobs

Photo Credit: Mandel Ngan, AFP

President Obama will propose tax breaks for companies that bring jobs back to the United States as part of an effort to boost the economic recovery.

Obama also will include $12 million in his proposed 2013 budget, to be released next month, to add staffing to a federal program that seeks to attract new businesses to the U.S.

The president made those announcements Wednesday at a White House forum on ‘insourcing’ jobs — bringing them back from overseas. He also said he will propose eliminating tax breaks for companies that outsource jobs to foreign countries.

“I do not want America to be a nation known for financial speculation and outsourcing and racking up debt buying stuff from other nations,” Obama said. “I want us to be known for making and selling products all over the world stamped with three proud words: ‘Made in America.’

“I don’t want the next generation of manufacturing jobs taking root in countries like China or Germany. I want them taking root in places like Michigan and Ohio, Virginia and North Carolina.”

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