Skip to main content

President Obama: Stop Rewarding Businesses That Ship Jobs Overseas

Continuing his administration's efforts to increase jobs and grow the economy, President Obama has set a new precedent designed to do away with tax breaks to companies that ship jobs overseas.

In a statement today, President Obama called the current tax system outdated and unfair, and vows to eliminate tax loop holes.

His full remarks are below.

"In my State of the Union, I laid out a blueprint for an economy that’s built to last -- where everyone gets a fair shot, everyone pays their fair share, and everyone plays by the same set of rules.  That includes a tax code that rewards companies who invest and create jobs in the United States of America. 

Our current corporate tax system is outdated, unfair, and inefficient.   It provides tax breaks for moving jobs and profits overseas and hits companies that choose to stay in America with one of the highest tax rates in the world.  It is unnecessarily complicated and forces America’s small businesses to spend countless hours and dollars filing their taxes. It’s not right, and it needs to change. 

That’s why my administration released a framework for reform that simplifies the tax code, eliminates dozens of tax loopholes and subsidies, and promotes job creation right here at home.  It’s a framework that lowers the corporate tax rate and broadens the tax base in order to increase competitiveness for companies across the nation.  It cuts tax rates even further for manufacturers that are creating new products and manufacturing goods here in America. Finally, because no company should be able to avoid paying its fair share of taxes by moving jobs and profits overseas, this framework includes a basic minimum tax for every multinational company.  This reform is fully paid for, and it won’t add a dime to the deficit.

As I said in the State of the Union, it is time to stop rewarding businesses that ship jobs overseas, and start rewarding companies that create jobs right here in America."

This will certainly not sit well with Republicans, who for so long, have made millions off tax loopholes for decades.

Recently, however, Congress did pass the payroll tax plan, giving middle-class families an added $40 each week in their pay (according to the administration) which will most certainly be used to offset the rising cost of gasoline, reportedly to reach the $5 mark by spring.

Comments

Popular posts from this blog

President Biden's EV Agenda

  Electric Vehicles   President Biden’s Investing in America Agenda is Unleashing a Manufacturing and Clean Energy Boom and Accelerating the Production of Affordable Electric Vehicles   As part of President Biden’s goal of having 50 percent of all new vehicle sales be electric by 2030, the White House is announcing the first set of public and private commitments to support America's historic transition to electric vehicles (EV) under the EV Acceleration Challenge.   These commitments are part of President Biden's  Investing in America  agenda to spur domestic manufacturing, strengthen supply chains, boost U.S. competitiveness and create good-paying jobs. Because of President Biden’s leadership and historic investments, electric vehicle sales have tripled and the number of publicly available charging ports has grown by over 40 percent since he took office. There are now more than three million EVs on the road and over 135,000 public EV chargers across the country.     President

President Biden discusses America's economy during July 4th address to military families.

"Our Economy is the strongest in the world."  " . ..  Our economy is growing, but not without pain.  Liberty is under assault -- assault both here and abroad.  In recent days, there's been reason to think that this country is moving backward, that  freedom  is being reduced, that rights we assumed were protected are no longer.  A reminder that we remain in an ongoing battle for the soul of America, as we have for over 200 years.  4th of July photo courtesy of - the Internet. I know it can be exhausting and unsettling.  But tonight, I want you to know we're going to get through all of this -- for all that we have faced, that we are going to get through this, and look how far we've come.    We're reclaiming our way of life in a pandemic.  Vaccines are nearly available to every American, restrictions lifted, the Fourth of July together again at the White House.    And for all the challenges, America has the strongest economy in the world.  More people are wo

(OTR): The White House on Hamas Terrorist Attack

 Tip: long read. FOR IMMEDIATE RELEASE October 10, 2023 VIRTUAL ON-THE-RECORD GAGGLE BY NSC COORDINATOR FOR STRATEGIC COMMUNICATIONS JOHN KIRBY ON HAMAS TERRORIST ATTACKS IN ISRAEL   Via Teleconference 5:54 P.M. EDT   MR. KIRBY:  Good evening, everybody.  As you know, the White House has been closely following the situation in Israel, and the President has been actively engaged, regularly receiving updates on the latest developments from the national security team.  In fact, this morning, he met with members of the senior team -- including the Secretary of State; National Security Advisor; the Principal Deputy National Security Advisor; the Homeland Security Advisor, Liz Sherwood-Randall; and, of course, the White House Chief of Staff, Jeff Zients -- all to receive the latest update from -- from the morning.     He has also spoken twice with Prime Minister Netanyahu this -- over the weekend, certainly to express our deep sympathy for all those missing, wounded, and killed and to pledge