Obama's corporate tax plan unnerves Indian outsourcing industry

President Obama's proposal to change the American corporate tax system is winning few fans in India, where some say it is aimed at curbing the country's outsourcing industry. The president vowed Monday to overhaul a tax code that allowed companies to pay less tax, as he put it, to "create a job in Bangalore, India, than if you create one in Buffalo, New York." One element to that change could be the elimination of a deduction for American companies when they invest in subsidiaries outside the United States.

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