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As part of his focus on manufacturing on Wednesday, Obama's trip to Arizona marks his second visit to an Intel plant. He traveled to the firm's Oregon campus in 2011, when Intel announced it would spend $5 billion on a new computer chip manufacturing facility. Intel's CEO, Paul Otellini, is a member of the President's Council on Jobs and Competitiveness. Looking to increase domestic manufacturing, Obama on Tuesday reiterated his proposal to eliminate tax incentives that make it more attractive for companies to ship jobs overseas. The proposal would require American companies to pay a minimum tax on their overseas profits in order to prevent other countries from attracting U.S. businesses with unusually low tax rates. Obama also wants to eliminate tax deductions companies receive for the cost of shutting down factories and moving production overseas. He wants to create a new tax credit to cover moving expenses for companies that close production overseas and bring jobs back to the U.S. He also wants to reduce tax rates for manufacturers and double the tax deduction for high-tech manufacturers in order to create more manufacturing jobs in the U.S.
[Associated
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