Republicans 'rewarding' firms creating jobs overseas, says Obama

In the midst of a heated mid-term Congressional election campaign, US President Barack Obama today charged the opposition Republicans with rewarding companies, which create jobs and profits overseas. Obama also laid out a policy agenda that would strengthen the US economy and create jobs in America, by offering tax incentives to businesses that hire new employees, making research and experimentation tax credit permanent, and providing a tax cut for clean energy manufacturing.

Ahead of the November Congressional polls, the President said he wanted to close tax loopholes, worth billions of dollars, which encourage companies to invest overseas, while alleging that Republicans in the House of Representatives had voted 11 times in the last four years to keep those loopholes open.

“For years, our tax code has given billions of dollars in tax breaks that encourage companies to create jobs and profits in other countries. I want to close these tax loopholes. Instead, I want to give every business in America a tax break, so they can write-off cost of all new equipments they buy next year,” Obama said in his weekly radio address.

“That’s going to make it easier for folks to expand and hire new people. I want to make the research and experimentation tax credit permanent, as promoting new ideas and technologies is how we’ll create jobs and retain our edge,” he said.