Microsoft CEO Steve Ballmer Speaks Against Obama Tax Increase

Steve Ballmer, the Chief Executive Officer of Microsoft Corporation (NASDAQ: MSFT) said that the company will move employees abroad if President Barack Obama enacts a higher tax on U.S. companies' foreign profits.

"It makes U.S. jobs more expensive," Ballmer said in an interview. "We're better off taking lots of people and moving them out of the U.S. as opposed to keeping them inside the U.S."

On May 4, Obama proposed outlawing or restricting about $190 billion in tax breaks for offshore companies over the next decade. Several business groups, such as National Foreign Trade Council, the U.S. Chamber of Commerce and the Business Roundtable were outraged about the proposal.

Under U.S. tax rules, companies can defer paying corporate tax rates as high as 35 percent on foreign profits as long as the money remains invested overseas. Obama want to rescind these tax breaks in order to make companies invest money domestically.

Ballmer is one of 10 U.S. software company executives who fighting against the tax proposals in meetings Thursday with White House officials. Ballmer also said that the proposal would reduce profits for companies that comprise the Dow Jones Industrial Average by between 10 and 15 percentage points.

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