Which president was it that gave companies tax credits to create jobs overseas instead of in america, and when? How could I find out which congressmen and senators voted for this? Obama claimed he would fix this and hasn't yet to my knowledge.

I think it was Reagan. I don't understand why so many people think this is a good thing.
I also don't think Obama is fixing it. I heard that with what he is doing more businesses are fearing they are going to have to leave.

http://usatoday30.usatoday.com/money/perfi/taxes/2008-03-20-corporate-tax-offshoring_N.htm

At issue is the U.S. tax code's treatment of profits earned by foreign subsidiaries of American corporations. Profits earned in the United States are subject to the 35% corporate tax. But multinational corporations can defer paying U.S. taxes on their overseas profits until they return them to the USA — transfers that often don't happen for years. General Electric, for example, has $62 billion in "undistributed earnings" parked offshore, according to recent Securities and Exchange Commission filings. Drug giant Pfizer boasts $60 billion. ExxonMobil has $56 billion.

I know this is an old thread but a real important one. This thread shows how Americans are misguided

There is no specific tax break for the sole purpose of relocating a U.S. job to another country,

The other confusion is all the U.S. companies wanted to send jobs overseas but for the most part many didn't. The biggest reason Jobs went over seas started in 2000 when President Clinton spearheaded and signed the China Trade Act, which historically lowered the U.S. Import tax/tariff that was the buffer of U.S. wages VS foreign wages this also explains why over 60% of what we now buy, comes from overseas

Because of that trade bill U.S. factories had 2 choices, shut down or try to stay alive and send some or much of its works overseas. From 2000 to 2009 US lost 42,400 factories in that time slot. By 2009 U.S. had less factories then we had before the bombing of Pearl Harbor

Manufacturing employment dropped to 11.7 million in October 2009, a loss of 5.5 million or 32 percent of all manufacturing jobs since October 2000. The last time fewer than 12 million people worked in the manufacturing sector was in 1941. In October 2009, more people were officially unemployed (15.7 million) than were working in manufacturing.

Since the U.S is the second highest tax country In the world (35%) many U.S. companies to stay alive and save money moved their headquarters to Zug Switzerland (8% taxes) which has a pop of 30,0000 yet there's over 30,000 corporations headquarters there and many are US companies like Coke a cola.

Ironically the Media doesn't mention WHY the U.S doesn't get TAX money form those 60% of what we buy comes from foreign countries.

Obama or any president since Clinton can't fix this problem, the 2000 trade act is permanent. To change that would be labeled as “Protectionism “ which can cause warring between countries. This is why the U.S can't get a healthy economy started.

Talking Tax Breaks for Offshoring

Is that deduction for business expenses to move jobs overseas one of the loopholes that should be closed? The congress can act.

My logic is government can't run our poverty stricken cites so why would one think they can overseas

That would be local governments and states, not the federal government.

Nope Obama/Fed gov has many times played hard ball to control the state/local government

Political saying “Congress can act”,mmmmm WHY should they on this??

Again there aren’t business deductions for going over seas. All that business did was reduce its operating cost in a lower tax bracket A deduction is a business expense applied against its gross revenue.

Lib media wants to paint different pictures. The Lib media and the president has been promoting hate against business that went overseas and again misleading the public to another economic disaster

So lets play out if Obama /Congress changed this legal law for business taxes diff, being overseas.

The primary purpose to be in business is to make money and answer to their stockholders by constantly controlling and when possible reducing it’s operating expenses and make more profit. Those business are on the U.S. and world Stock exchange for others to invest in and also make money, The Democrats seem to hate Wall Street and big business, and as usual the Democrats doesn’t think long term. The Libs think that Equality should be applied to big business and misunderstand Capitalism. Which built the U.S. Consumers don’t buy Equality products they want Quality products.

So if we hurt business in more taxes this will bring their profit and stock values down and could collapse the Stock market. To compensate for that they either shut down, lay off millions more causing another recession or possibly a great depression. To compensate for that after laying off more people they raise the price of their products, which we buy. This is simple basic economics 101

There’s 18 trillion in retirement invested in business 401Ks and Roth’s IRA accounts. So where does the added money come from to build those all but tax-free retirement accounts. That money is reinvested in Wall Street Stocks to add to that person wealth for retirement. State and local governments also invest in the stock market.

Many of those retirement’s accounts lost half of its value because of Clinton causing the recession. So if Obama and Congress taxed overseas business (close the loop hole as the Dems say) what moneys left over in personal retirement accounts and the states and local government investment will go away

So what was the president point here when math says messing with this will create more poverty
End game is if that law was changed

Fed gets more revenue
Business lays off more people/Fed gets less personal tax return revenue
States loose their stock investments and need more fed money
Laid off people can't put money in for Retirement will need fed help
Current/ soon coming retires loose money and will need fed money to live

So better pray Obama and Congress won't act on the Dems overseas issues

I don't know BoatMan, the cost of shutting down a plant here and building another in a foreign country has to be huge and a great deductions. Take away that deduction would sure take a lot of incentive for chasing cheap labor anywhere you can find it.

Congress can act on that.