Business, Finance & Economics

Obama proposes tax incentives for job growth within the US


US President Barack Obama



President Barack Obama will propose new tax incentives for companies that bring jobs back from overseas and onto American soil, the Wall Street Journal reported.

During a forum at the White House this afternoon, with representatives from more than a dozen companies, such as Ford Motor Co. and Intel Corp., Obama said he will do more to encourage business investment and job creation with the nation, Bloomberg BusinessWeek reported.

Read more at GlobalPost: Obama: Payroll tax cut clock is ticking

"I will put forward new tax proposals that reward companies that choose to bring jobs home and invest in America—and eliminate tax breaks for companies that move jobs overseas,” Obama said, the WSJ reported.

Obama said companies who moved jobs outside of the United States would not receive tax breaks, which would be part of a 2013 fiscal budget plan, and will be sent to Congress in the first week of February, Bloomberg BusinessWeek reported.

“So my message to business leaders today is simple: ask yourselves what you can do to bring jobs back to the country that made our success possible — and I’m going to do everything in my power to help you do it. We’re going to have to seize this moment,” Obama said, the Associated Press reported.

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Although the Obama administration didn’t give specifics about the new tax break ideas, it repeated it’s call for Congress to enact some that were already put fourth, such as making a research and development tax credit permanent, allowing businesses to write off new equipment and providing a hiring credit for adding new employees, Reuters reported.

Obama’s latest effort to increase job growth in the country came a day after Mitt Romney won New Hampshire’s Republican primary election.