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Tax Changes for Overseas Firms

obama-newAmerican President Barack Obama proposed changing provisions in the tax code that he says encourage U.S. companies to move jobs overseas, as part of a broader package aimed at saving $210 billion over 10 years.

Obama will seek to follow through on a campaign promise to change the tax treatment of American firms with overseas operations. That portion of his plan — opposed by such firms as Pfizer Inc and Oracle Corp — would raise more than $100 billion in revenue over the next decade.

In an echo of a line he used often on the campaign trail last year, Obama vowed in a February address to the U.S. Congress to make the tax code more fair by “finally ending the tax breaks for corporations that ship our jobs overseas.”

Currently, U.S. firms are allowed to defer paying taxes on profits earned overseas if they plow those profits back into their foreign subsidiaries. An array of firms signed onto a letter to congressional leaders in March opposing changes to the so-called deferral provision, saying they would make U.S. businesses less competitive.

May 3, 2009 Posted by | Business sector, News, Personal | , , , , , | Leave a comment

India and Pakistan to Fight against Terrorism

indo-pak-newUS government wishes that India and Pakistan, the two neighboring asian countries must join their hands together in eliminating terrorism. The US government has urged India to support Pakistan in its war against Al Qaeda and Taliban insurgents along the Afghan border.It will be important for India to make clear that as Pakistan takes steps to deal with extremists on its own territory and India will be supportive.

Steinberg said that New Delhi has a ‘huge stake’ in making sure both Pakistan and its neighbour Afghanistan is stable.The US has also called on India to pull back its troops that were deployed on the Pakistan border after the Mumbai terror attacks last year, the report said. Over 170 people were killed and many more injured in the attack.Pakistan, in response, moved thousands of its soldiers from its border with Afghanistan to the Indian border. Read more..

April 22, 2009 Posted by | Fact, India, Issues, News, Personal | , , , | 3 Comments

Obama to abolish limits on Cuba?

obamaBarack Obama, the reputed president of the United States of America, has decided to fulfill a campaign promise and allow Cuban Americans and Cuban emigres to freely visit and send money to their families.A White House official confirmed the administration’s intentions to lift the restrictions, but said the measure was not a new policy statement and was not imminent.

The administration has conveyed that our policy towards Cuba is being reviewed and the president has stated that there’s a sense that restrictions on family visits and cash remittances should be lifted and the focus remains on the need for democratic reforms and human rights in Cuba.

The removal of limits on family travel and cash remittances would allow Cubans living in the United States to travel freely to the island, instead of once a year as at present. It would also remove the ceiling of $1,200 per person in cash remittances to needy family members in Cuba.

This is a good humanitarian move that honors Cuban Americans’ right to visit and aid their relatives as they see fit but it creates one class of Americans who can travel to Cuba at will, so it will add to the momentum in Congress to lift restrictions on all other Americans, who have a right to travel too. The move was probably meant to signal a new attitude toward both Cuba and other Latin American countries that have pressed Washington to end a trade embargo that has sought to isolate Havana for more than four decades.

April 4, 2009 Posted by | Fact, Issues, News, Personal | , , , , , , , | 3 Comments