Obama points to Intel chip plant as example for future

{mosads}Intel CEO Paul Otellini announced the firm’s intent to build the plant during a visit from Obama to the firm’s Oregon facility last February. Intel could have saved as much as $1 billion by building the plant outside the United States, but the firm has emphasized its commitment to hiring American workers.

“Right now, companies get all kinds of tax breaks when they move jobs and profits overseas. But when a company chooses to stay in America, it gets hit with one of the highest tax rates in the world. That doesn’t make sense,” Obama said.

“Let’s stop rewarding businesses that ship jobs overseas. Let’s reward companies like Intel that are investing and creating jobs right here in the United States of America.”

Obama added that since we live in a global economy, companies that want to do business overseas should be allowed to do so. But he said the United States shouldn’t subsidize such firms and instead direct tax breaks at firms like Intel that bring jobs back from overseas.