AOL NEWS: President Obama blamed Republicans Saturday for blocking bills that would take away tax breaks for U.S. corporations that move jobs to subsidiaries in other countries. Republicans in Congress, he said, “have consistently fought to keep these corporate loopholes open.”
In the last four years, the president charged, “Republicans in the House voted 11 times to continue rewarding corporations that create jobs and profits overseas — a policy that costs taxpayers billions of dollars every year” in revenue lost to the U.S. Treasury.
Obama wants action on a stalled Senate Bill that would end tax credits and tax deferrals for companies with overseas operations. Instead, he wants to give tax breaks for American firms to write off the cost of new equipment in 2011, and also make a tax credit for research and experimentation permanent. “These are common sense ideas,” he said in his weekly Internet address. … (more)
How do you feel about the Republican huge win in the election yesterday? You have to believe that when places like Michigan go nearly totally Red, people in the United States are pretty dissatisfied with his performance up until now.