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President Obama: Weekly Address: Closing Corporate Tax Loopholes
Last edited Sat Jul 26, 2014, 01:59 PM - Edit history (2)
Source: White House
In this week’s address, the President continued his call for our nation to rally around an economic patriotism that says rather than protecting wasteful tax loopholes for a few at the top, we should be investing in things like education and job training that grow the economy for everybody.
The President highlighted the need to close one of the most unfair tax loopholes that allows companies to avoid paying taxes here at home by shifting their residence for tax purposes out of the country. The President has put forth a budget that does just that, and he has called for business tax reform that makes investment in the United States attractive, and creates incentives for companies to invest and create jobs here at home. And while he will continue to make the case for tax reform, the President is calling on Congress to take action and close this loophole now.
Read more: http://www.whitehouse.gov/the-press-office/2014/07/26/weekly-address-closing-corporate-tax-loopholes
http://www.whitehouse.gov/the-press-office/2014/07/26/weekly-address-closing-corporate-tax-loopholes
transcript
(snip)
Even as corporate profits are as high as ever, a small but growing group of big corporations are fleeing the country to get out of paying taxes. They’re keeping most of their business inside the United States, but they’re basically renouncing their citizenship and declaring that they’re based somewhere else, just to avoid paying their fair share.
I want to be clear: this is only a few big corporations so far. The vast majority of American businesses pay their taxes right here in the United States. But when some companies cherrypick their taxes, it damages the country’s finances. It adds to the deficit. It makes it harder to invest in the things that will keep America strong, and it sticks you with the tab for what they stash offshore. Right now, a loophole in our tax laws makes this totally legal – and I think that’s totally wrong. You don’t get to pick which rules you play by, or which tax rate you pay, and neither should these companies.
The best way to level the playing field is through tax reform that lowers the corporate tax rate, closes wasteful loopholes, and simplifies the tax code for everybody. But stopping companies from renouncing their citizenship just to get out of paying their fair share of taxes is something that cannot wait. That’s why, in my budget earlier this year, I proposed closing this unpatriotic tax loophole for good. Democrats in Congress have advanced proposals that would do the same thing. A couple Republicans have indicated they want to address this too, and I hope more join us.
Rather than double-down on the top-down economics that let a fortunate few play by their own rules, let’s embrace an economic patriotism that says we rise or fall together, as one nation, and as one people. Let’s reward the hard work of ordinary Americans who play by the rules. Together, we can build up our middle class, hand down something better to our kids, and restore the American Dream for all who work for it and study for it and strive for it.
45 replies
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Wonder how that happened? By all means, lets excoriate whomever it was who did this, and make 'em change it back!
- Pronto, or whenever.....
Ya know..... you could take cannabis off the Schedule I list all by yourself........
There are DUers who believe that these addresses don't exist at all and others who do hear about them who manage to perpetually complain.
narratives they've already written in their heads. The result is that they can hold onto cynicism and feel wise while nothing changes. It's a game for them and a self-fulfilling prophecy that costs them nothing.
Years ago then-Senator Barack Obama acknowledged this problem. He didn't have a simple solution though:
The bottom line is that our job is harder than the conservatives' job. After all, it's easy to articulate a belligerent foreign policy based solely on unilateral military action, a policy that sounds tough and acts dumb; it's harder to craft a foreign policy that's tough and smart. It's easy to dismantle government safety nets; it's harder to transform those safety nets so that they work for people and can be paid for. It's easy to embrace a theological absolutism; it's harder to find the right balance between the legitimate role of faith in our lives and the demands of our civic religion. But that's our job. And I firmly believe that whenever we exaggerate or demonize, or oversimplify or overstate our case, we lose. Whenever we dumb down the political debate, we lose. A polarized electorate that is turned off of politics, and easily dismisses both parties because of the nasty, dishonest tone of the debate, works perfectly well for those who seek to chip away at the very idea of government because, in the end, a cynical electorate is a selfish electorate.
http://www.dailykos.com/story/2005/09/30/153069/-Tone-Truth-and-the-Democratic-Party
There are plenty of people who count on you getting cynical and count on you not getting involved so that you don’t vote, so you give up. And you can’t give into that. America is making progress, despite what the cynics say...
Cynicism is popular these days. It’s what passes off as wisdom. But cynics didn’t put a man on the moon. Cynics never won a war. Cynics didn’t cure a disease, or start a business, or feed a young mind. Cynicism didn’t bring about the right for women to vote, or the right for African Americans to be full citizens. Cynicism is a choice.
http://www.whitehouse.gov/the-press-office/2014/07/10/remarks-president-economy-austin-tx
Please read the Rest:
http://immasmartypants.blogspot.com/2014/07/the-great-american-freak-out.html
Every word rings true and '...in the end, a cynical electorate is a selfish electorate.'
to Sheshe:
The Great American Freak-Out
http://www.democraticunderground.com/?com=view_post&forum=1002&pid=5292216
The weekly addresses are on youtube and iTunes for free. All one has to do is be willing to hear the voice and ideas of the man who was elected, not selected and paid to speak by shadowy entities who spread the message that our future was written years ago.
That's denying living in the present and the urgency of acting to help each other now. It disempowers those who believe it and hands decision making to the Libertarians and corporations.
Years ago then-Senator Barack Obama acknowledged this problem. He didn't have a simple solution though:
The bottom line is that our job is harder than the conservatives' job. After all, it's easy to articulate a belligerent foreign policy based solely on unilateral military action, a policy that sounds tough and acts dumb; it's harder to craft a foreign policy that's tough and smart. It's easy to dismantle government safety nets; it's harder to transform those safety nets so that they work for people and can be paid for. It's easy to embrace a theological absolutism; it's harder to find the right balance between the legitimate role of faith in our lives and the demands of our civic religion. But that's our job. And I firmly believe that whenever we exaggerate or demonize, or oversimplify or overstate our case, we lose. Whenever we dumb down the political debate, we lose. A polarized electorate that is turned off of politics, and easily dismisses both parties because of the nasty, dishonest tone of the debate, works perfectly well for those who seek to chip away at the very idea of government because, in the end, a cynical electorate is a selfish electorate.
http://www.dailykos.com/story/2005/09/30/153069/-Tone-Truth-and-the-Democratic-Party
There are plenty of people who count on you getting cynical and count on you not getting involved so that you don’t vote, so you give up. And you can’t give into that. America is making progress, despite what the cynics say...
Cynicism is popular these days. It’s what passes off as wisdom. But cynics didn’t put a man on the moon. Cynics never won a war. Cynics didn’t cure a disease, or start a business, or feed a young mind. Cynicism didn’t bring about the right for women to vote, or the right for African Americans to be full citizens. Cynicism is a choice.
http://www.whitehouse.gov/the-press-office/2014/07/10/remarks-president-economy-austin-tx
Please read the Rest:
http://immasmartypants.blogspot.com/2014/07/the-great-american-freak-out.html
Every word rings true and '...in the end, a cynical electorate is a selfish electorate.'
to Sheshe:
The Great American Freak-Out
http://www.democraticunderground.com/?com=view_post&forum=1002&pid=5292216
The weekly addresses are on youtube and iTunes for free. All one has to do is be willing to hear the voice and ideas of the man who was elected, not selected and paid to speak by shadowy entities who spread the message that our future was written years ago.
That's denying living in the present and the urgency of acting to help each other now. It disempowers those who believe it and hands decision making to the Libertarians and corporations.
could lead to opportunities for new players who are more socially responsible.
... 
Love it!
Just hit them with enough tarrifs equal to that they would have paid had they been in the US. Unless some free trade agreement is getting in the way of that 
