Obama's New Tax Rules Against India And China

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WASHINGTON : It was bad news for IT - BPO Sectors in China and India, U.S President Barack Obama Said that the american firms that move jobs to other countries would face severe taxes. Also he said that this will make the american companies to stay within their borders.
He also said that this will provide more number of jobs back to americans.

Mr. Obama said: “Because of the steps we took, there are about two million Americans working right now who would otherwise be unemployed.” Pushing for the bill, he said job creation would be the country’s number-one focus in 2010. The bill will provide for taking $30 billion of the money Wall Street banks repay and use it to help community banks give small businesses the credit they need.

“Now, the true engine of job creation in this country will always be America’s businesses. But the government can create the conditions necessary for businesses to expand and hire more workers,” Mr. Obama said.

As we already know that the IT companies in India and China already booming up a great economical growth for their countries. Obama is palanning to recover the severe financial crisis that made their economy worse. Mr Obama also announced new tax rules so that he will end tax breaks to American firms that outsorce jobs to other countries.

According to NASSCOM reports, IT sector’s revenue accounted for 5.8 per cent of India’s gross domestic product in 2008-09, up from 1.2 per cent in 1997-98.

 

Comments (1)

  1. china + india = end of america

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