Obama has recently came up with his new plans regarding tax havens and regarding elimination of tax breaks for the US companies/corporates that do overseas business. The current law allow US companies to defer taxes without limitations on the income from overseas business. But Obama's plan will have deductions - this made bitterness for the group of Tech and other industries. The opponent group for Obama's plan argues that the change will surely make US companies difficult to compete in their Business abroad.
But Obama cited that there are loop holes in the law for the US companies that create jobs in other countries. He also mentioned that these Overseas companies are enjoying excessive rewards. The major companies like HP, Oracle Cisco are reporting their revenues mostly(more than 50%) from Overseas business.
He also has made some layouts how to get $60 million and $40 million dollars from those companies.(for more info. click here)
It seems like US president wants socialist economy in US.
These plans of Obama will make US better not their Business in Overseas. This is the right chance for the the Other countries to compete with US giants.
Sure these plans will bring down their fame and quality which in turn make other country's companies to flourish. A nice time for Global growth and the Global market will e opened for all the corporates around the world. Also a nice season for a new giants to be created.
More expectations from China, India in Tech side... Will they overtake US???
Cheers!!!
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