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Obama proposes more America-first policies for manufacturers

Published by Steve Coleman on January 25, 2012

US President Barack Obama's state of the nation speech on Jan. 24 may create an uphill climb for Canadian manufacturers in 2012.

The US leader announced plans for an America-first policy, including better tax breaks for American businesses, more inspections at the border and the creation of a new Trade Enforcement Unit to deal with countries that may not be following the rules.

Suggestions from Obama included eliminating tax deductions that allow companies to move jobs overseas and setting a minimum tax to make sure the loopholes disappear.

"No American company should be able to avoid paying its fair share of taxes by moving jobs and profits overseas," Obama said. "From now on, every multinational company should have to pay a basic minimum tax. And every penny should go towards lowering taxes for companies that choose to stay here and hire here in America."

The White House is also looking to give manufacturers a larger piece of the pie, double the tax break if you're a high-tech manufacturer looking to sell products in the US. The president also suggested companies looking to relocate in a community that lost a factory should get financial help building a new plant, buying equipment or training new workers.

Plans to double US exports are also on track with free trade agreements coming into effect with Panama, Colombia, and South Korea.

For a closer look at Obama's Blueprint for an America Built to Last, check the following link.

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