Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: VAT RATES :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: due date for vat payment :: TDS :: ACCOUNTING STANDARDS :: form 3cd :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: empanelment
« News Headlines »
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17
 Non-taxing GST apps to make filing income tax return less painful

No tax cuts for outsourcing: Obama
February, 26th 2009

Indian companies received a bad news from US President Barack Obama on Wednesday, when in his first address to the Congress he said that there will be no tax breaks in outsourcing.

He said, "In this budget, we will end education programs that dont work and end direct payments to large agribusinesses that dont need them. Well eliminate the no-bid contracts that have wasted billions in Iraq, and reform our defense budget so that were not paying for Cold War-era weapons systems we dont use."

"We will root out the waste, fraud, and abuse in our Medicare program that doesnt make our seniors any healthier, and we will restore a sense of fairness and balance to our tax code by finally ending the tax breaks for corporations that ship our jobs overseas," added Obama.

'US will emerge stronger from crisis'

Brack Obama also struck a balance between grim economic reality and a more hopeful outlook to try to reassure worried Americans their country will emerge from crisis "stronger than before."

Riding high in opinion polls, Obama was careful to include a sober assessment of the economy in his first speech to Congress, seeking to temper expectations that his administration's rescue efforts would yield quick fixes.

But the politician whose memoir was called "The Audacity of Hope" and who won the White House in last November's election amid chants of "yes, we can" was also back in stride, telling recession-weary Americans they can expect better days ahead.

"While our economy may be weakened and our confidence shaken, though we are living through difficult and uncertain times, tonight I want every American to know this: We will rebuild, we will recover," Obama said in a televised speech five weeks after taking office.

"And the United States of America will emerge stronger than before," he said to loud applause from lawmakers, cabinet members and invited guests.

The Democratic president wasted little time before leveling a barrage of indirect criticism at his Republican predecessor George W. Bush for the country's economic plight and bloated debt, warning that the "day of reckoning" had arrived.

Underscoring his break with some of Bush's more divisive policies that damaged America's image overseas, Obama also reiterated that the United States "does not torture." He has ordered the closing of the internationally condemned Guantanamo Bay military prison where foreign terrorism suspects are held.

He also highlighted a shift in the US military
focus from Iran to Afghanistan, saying he would soon announce a way forward in Iraq that "responsibly ends" the unpopular war launched by Bush in 2003.

First and foremost, however, Obama pressed the case for his economic plans while laying out a broader agenda, including a much-anticipated push for a healthcare overhaul and a stepped-up US role in the fight against climate change.

The primetime State of the Union-style address to a joint session of the Senate and House of Representatives comes against a backdrop of growing anxiety across the country in the face of the worst financial meltdown in decades.

While his public support is strong, Wall Street remains skeptical of his economic remedies.

Jittery investors sent US stocks to a 12-year low on Monday, but the markets rallied on Tuesday on Federal Reserve Chairman Ben Bernanke's assurances that the country's troubled banks should be able to weather the downturn without being nationalized.

Despite that, Obama said more money may be needed to fix debt-laden banks and revive the economy, warning that "while the cost of action will be great, I can assure you that the cost of inaction will be far greater."

But he seemed to take a harder line against troubled US automakers, saying that while he supports revamping the car business to make it competitive the government would not protect the companies from their own bad decision-making.

Trying to show he will make good on his promise of fiscal responsibility, Obama said he had identified $2 trillion in budget cuts over the next decade.

Obama, who rolls out his first budget proposal on Thursday, has vowed to halve the $1 trillion-plus annual deficit he inherited from Bush by the end of his term.

That may be difficult, critics say, if he moves swiftly on his pledge to undertake a costly healthcare overhaul while the economy is still slumping and tax revenues are down.

But some analysts were cheered by his words.

"Obama is obviously trying to allay concerns that there will be a budget blowout. Whether he can deliver it or not is tough to say, but it is the rhetoric that matters," said Amy Auster, head of foreign exchange
and international economics research at ANZ Bank in Melbourne.

In what was sure to be his most closely watched speech since his inauguration, Obama offered a candid review. But with misgivings among some fellow Democrats that his tone has become too gloomy, he also injected a clear note of optimism.

Mindful that the recession tops the public's concerns, he devoted only a small portion of his address to foreign policy. That was in sharp contrast to his first days in office, when he quickly delved into Middle East diplomacy and launched reviews of unfinished wars in Iraq and Afghanistan.

The economy took center stage in today's speech.

"The only way this century will be another American century is if we confront at last the price of our dependence on oil and the high cost of health care, the schools that aren't preparing our children and the mountain of debt they stand to inherit," he said.

Obama's first weeks in office have been marked by a $787 billion economic stimulus package, a retooled financial industry bailout program and a home mortgage rescue plan.

But he has also faced embarrassing miscues in the completion of his cabinet and criticism that some of his early financial proposals have been lacking in specifics.

Taking a page from Obama's upbeat tone as a candidate in delivering the Republican response, Louisiana Governor Bobby Jindal, a rising star in the opposition party and a potential presidential candidate in 2012, entitled his rebuttal "Americans can do anything."

Jindal insisted Republicans were ready to work with him on the economy but also tore into the president and Democrats who control Congress for legislation he said will "saddle future generations with debt.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions