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President Obama says he soon will propose tax incentives for companies that bring jobs back to the United States from their overseas operations, a trend known as “insourcing.” Obama unveils the initiative at an event at the White House featuring business leaders from small and large companies that have brought jobs back from overseas or invested in new facilities in the United States. In his remarks, Obama notes that American manufacturers have added jobs for two years in a row. “But when a lot of folks are still looking for work, now is the time for us to step on the gas,” the president says. “And that's why, in the next few weeks, we're also going to put forward new tax proposals that reward companies that choose to bring jobs home and invest in America—and we're going to eliminate tax breaks for companies that are moving jobs overseas.”
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