Obama Economic Plan To Discourage Outsourcing, Reward 'Insourcing'

Just in time for the election.  Remember how he was going to renegotiate NAFTA?  All he has to do is restore tariffs and the problem is solved.  Or is it just a cynical ploy to ensnare the working and middle classes?  Meanwhile, the brain dead Republicans still can't figure out that you can't cut benefits and balance the budget when people don't have jobs and can't pay taxes.  It is depressing.---rng

from the Huffington Post.

WASHINGTON -- On the heels of President Barack Obama's State of the Union address, senior economic advisers to the president on Wednesday shared more details on Obama's blueprint for the economy, including a plan to strip incentives for companies to move jobs overseas and instead encourage the return of manufacturing jobs to U.S. soil.

Arguing that the country should build on the relative strength of its manufacturing sector, National Economic Council (NEC) Director Gene Sperling told reporters that Congress needs to remove the tax deductions that corporations can claim on moving expenses when they ship jobs overseas. In addition, he said the president is proposing a 20 percent income tax credit for companies that choose to bring jobs back to the U.S. Taken together, the two measures would be revenue-neutral, Sperling added.

"Moving jobs is not something we should be subsidizing," Sperling said. "The companies have a 

to read complete article