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Obama Offering Breaks for Repatriating Jobs

Companies could be rewarded with tax breaks for repatriating jobs.

Perhaps trying to continue the improvement in the unemployment rate, President Barack Obama is trying to push through a tax break for multinational companies that bring jobs back to the United States.

"I do not want America to be a nation known for financial speculation and outsourcing and racking up debt buying stuff from other nations," Obama said in prepared remarks. "I want us to be known for making and selling products all over the world stamped with three proud words: 'Made in America.'"

In his comments, Obama praised companies such as Master Lock and Ford Motor Company, particularly the latter's promise that by 2015, it would invest $16 billion in the U.S. to locate production domestically and move 2,000 jobs back to Ohio, Missouri and other states.

USA Today points out that the idea of tax repatriation has been kicked around for years, with advocates arguing that it would foster more business and give a much-needed boost to a struggling economy. Indeed, Obama himself has proposed similar plans before, Portfolio reports, yet they've fallen flat because they did not constitute a "comprehensive tax reform."