President Barack Obama vowed to help bring jobs home from overseas andpromised new tax proposals to reward companies that invest in America as he launched an election-year effort on Wednesday to show he istackling high unemployment.
Obama’s latest jobs push appeared timed to steal back the spotlight and draw a contrast with Republican presidentialfront-runner Mitt Romney, whose rivals have accused him of oncebeing a ruthless corporate raider who laid off US workers andshipped jobs overseas.
Highlighting what the White House touts as a growing trendbut which some economists say has yet to gather much steam,Obama put the focus on businesses that have chosen to “in-source”jobs from abroad and urged others to follow their lead.
“In the next few weeks, I will put forward new tax proposalsthat reward companies that choose to bring jobs home and investin America and we’re going to eliminate tax breaks for companiesthat are moving jobs overseas,” Obama told business leaders andstate and local officials.
The White House declined to give specifics about the newideas but repeated its call for Congress to enact some of thosealready put forth, including making a research and developmenttax credit permanent, allowing businesses to write off newequipment and providing a hiring credit for adding new workers.
Any new tax initiatives would require approval by Congress,where the Democratic president faces continued stiff resistanceon tax policy from his Republican foes.