Sunday, August 31, 2008

Obama to end tax benefits to firms that ship jobs overseas

Washington, Aug 31 (PTI) Democratic Party's US presidential candidate Barack Obama has underlined his commitment to halt outsourcing of jobs overseas by ending tax breaks to companies that ship works to other countries, a policy that could adversely affect India.

In one of his first major campaign events in the aftermath of the Democratic Convention in Denver, Colorado, last week, Senator Obama stressed that he and his running mate Senator Joseph Biden is going to put an end to tax breaks to companies that ship jobs overseas.

Making a strong anti-outsourcing pitch, Senator Obama said "Joe Biden and I are going to change this tax code".

"We're going to take away tax breaks to companies that ship jobs overseas. We are giving (will give) them to companies that invest right here," Obama said in Dublin, Ohio.

Playing to the gallery on the hot button issue of outsourcing, Obama kept up with the rhetoric on the subject that has been a staple during his campaign for the party's ticket.

"You are working harder and harder just to get by. Tens of thousands, hundreds of thousands of manufacturing jobs have left. People have lost not just their job, but their healthcare, their pensions," Senator Obama pointed out.

The Democratic Party's leaders took broad swipe at the soon to be official Republican nominee Senator John McCain for being nothing but a shadow of what has transpired over the Bush era at the White House.

Flaying the Republican-led administration, he said, "John McCain and George Bush share the basic idea...That says you're on your own".

"They call it the ownership society, but it really means you're on your own. Your job gets shipped overseas, tough luck, you're on your own," Senator Obama noted.

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