Qa'dah 08, 1431 / Oct. 16, 2010, SPA -- US President Barack Obama on Saturday said he wants to strengthen the labor market by closing tax loopholes that would encourage companies to send jobs overseas. To encourage companies to invest in the US and refrain from shipping jobs to other countries, President Obama said he's aiming to replace the tax loopholes with new policies that would allow companies to write off the cost of new equipment, provide tax breaks for clean-energy manufacturing and make the research and experimentation tax credit permanent. "These are common-sense ideas," the President said in his weekly radio address. "When more things are made in America, more families make it in America; more jobs are created in America; more businesses thrive in America." President Obama said today that he's aiming to replace the tax loopholes with new policies that would allow companies to write off the cost of new equipment, provide tax breaks for clean-energy manufacturing and make the research and experimentation tax credit permanent. Week after week, the president has used his radio address to highlight his plans for creating jobs, encouraging clean energy technology and strengthening education. President Obama argued that congressional Republicans would reward companies that create jobs and profits overseas instead of fighting to close tax loopholes. "We should give tax breaks to American small businesses and manufacturers," the President said. "That's how we'll put our people back to work and lead the global economy."
