Business
Obama to propose tax breaks for companies that relocate outsourced jobs back
President Barack Obama said Wednesday that he would propose tax incentives for companies to bring home manufacturing jobs they had moved overseas, and curtail tax breaks for those that keep relocating jobs abroad.
Flanked by executives from the aerospace, chemical and furniture industries – all of whom are building or expanding factories in the United States – Obama declared that the nation was beginning to see the reversal of a long-term trend toward outsourcing. He called the new trend, perhaps inevitably, “insourcing.”
“We’re at a unique moment, an inflection point, a period where we’ve got the opportunity for those jobs to come back,” Obama said in the White House, after meeting with the executives. The U.S. economy, he noted, has added manufacturing jobs for two years in a row, after more than a decade of losses.
