Report from the The Wall Street Journal
President Barack Obama said he will propose new tax incentives to encourage businesses to “bring jobs home,” a move that could sharpen differences with Republicans in an election year.
Mr. Obama also said Wednesday he would suggest eliminating “tax breaks for companies that move jobs overseas.” Administration officials said details won’t be released until the president issues his proposed budget next month.
In past years, most of the administration’s plans to limit tax breaks for multinationals have stalled amid opposition from businesses and Republicans. Tax experts said the proposals could include new investment subsidies such as more-generous depreciation, lower tax rates for income derived from innovation produced in the U.S. or expanded breaks for domestic research or manufacturing.