• search

No tax cut for outsourcing US companies: Obama

Written by: Staff
|

Washington, Feb 25: In his first formal address to the joint session of the United States Congress, President Barack Obama promised the nation that the $787 bn economic rescue package will create about 3.5 million jobs in the next two years. He also announced his plans to cut tax there by reviving the ailing economy.

Obama said that most of the jobs will be in private sector. The President went on to say that the flow of credit is the 'lifeblood of economy'. He assured the Americans that their money is safe in US banks. Obama also announced a tax cut to be effective from Apr 1, 2009.

Giving a jolt to the Indian IT and BPO industry, Obama made it clear that there will no tax concession for the US companies that outsource their jobs. This in-turn will reduce the prospect of Indian and other South Asian outsourcing sector.

OneIndia News

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more