Obama To Reward Businesses That Invest In U.S.
WASHINGTON (AP) — President Barack Obama said Wednesday he wants to reward companies that invest in America and eliminate tax breaks for companies that don't, and he's planning new tax proposals to do it.
A day after his Republican foes competed in the New Hampshire primary, Obama sought to grab back the spotlight and underscore his focus on the economy by convening a White House forum on how to increase employment and bring back jobs that have fled overseas.
The president planned to tell business executives and members of his Cabinet that rising American productivity and increasingly competitive costs here at home means it's good business to keep jobs in the U.S. rather than overseas. And he argues there's a moral case for it, too, and that business leaders have a responsibility to invest in their country.
"So my message to business leaders today is simple: ask yourselves what you can do to bring jobs back to the country that made our success possible — and I will do everything in my power to help you do it," the president said in prepared remarks released ahead of the event in the East Room. "We must seize this moment. Right now. It can make all the difference for the strength of our economy."
The White House gave the session a high profile in the wake of Mitt Romney's victory in New Hampshire, which solidified his lead over the GOP presidential field. Romney has targeted Obama as a foe of free enterprise. Obama's forum aimed in part to counter that message.
Obama is highlighting big and small firms ranging from Ford to a North Carolina specialty furniture company as examples of enterprises that have invested in the U.S. rather than abroad. He's calling on other companies to do the same with the help of government incentives.
The White House says the president will propose $12 million in his 2013 budget to promote business investment from overseas in the United States. Obama said he'd propose tax changes in the next few weeks but he didn't provide details.