President Obama & Vice President Joe Biden

President Obama & Vice President Joe Biden

Saturday, July 26, 2014

Closing Corporate Tax Loopholes

Remarks of President Barack Obama
Weekly Address
The White House
July 26, 2014
Hi, everybody.  Our businesses have now added nearly 10 million new jobs over the past 52 months.  The unemployment rate is at its lowest point since September 2008 – the fastest one-year drop in nearly 30 years.  401(k)s are growing, fewer homes are underwater, and for the first time in more than a decade, business leaders around the world have declared that the world’s number one place to invest isn’t China; it’s the United States of America – and our lead is growing.
None of this is an accident.  It’s thanks to the resilience and resolve of the American people that our country has recovered faster and come farther than almost any other advanced nation on Earth.
But there’s another trend that threatens to undermine the progress you’ve helped make.  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.
Thanks, and have a great weekend.

Saturday, July 19, 2014

Equipping Workers with Skills Employers Need Now and for the Future

Remarks of President Barack Obama
Weekly Address
The White House
July 19, 2014
 
Hi, everybody.  Over the past 52 months, our businesses have created nearly 10 million new jobs.  The unemployment rate has fallen to its lowest point since 2008.  Across lots of areas – energy, manufacturing, technology – our businesses and workers are leading again.  In fact, for the first time in over a decade, business leaders worldwide have declared that China is no longer the world’s best place to invest – America is.
 
None of this is an accident.  It’s thanks to your resilience, resolve, and hard work that America has recovered faster and come farther than almost any other advanced country on Earth.
 
Now we have the opportunity to ensure that this growth is broadly shared.  Our economy grows best not from the top-down, but from the middle-out.  We do better when the middle class does better.  So we have to make sure that we’re not just creating more jobs, but raising middle-class wages and incomes.  We have to make sure our economy works for every working American.
 
My opportunity agenda does that.  It’s built on creating more jobs, training more workers, educating all our kids, and making sure your hard work pays off with higher wages and better benefits.
 
On Thursday, I traveled to Delaware to highlight how we’re trying to create more good, middle-class jobs rebuilding America: rebuilding roads and bridges, ports and airports, high-speed rail and internet.
 
This week, Vice President Biden will release a report he’s been working on to reform our job training system into a job-driven training system.  And I’ll visit a community college in L.A. that’s retraining workers for careers in the fast-growing health care sector. Because every worker deserves to know that if you lose your job, your country will help you train for an even better one.
 
In recent days, both parties in Congress have taken some good steps in these areas.  But we can do so much more for the middle class, and for folks working to join the middle class.  We should raise the minimum wage so that no one who works full-time has to live in poverty.  We should fight for fair pay and paid family leave.  We should pass commonsense immigration reform that strengthens our borders and our businesses, and includes a chance for long-time residents to earn their citizenship.
 
I want to work with Democrats and Republicans on all of these priorities.  But I will do whatever I can, whenever I can, to help families like yours.  Because nothing's  more important to me than you -- your hopes, your concerns, and making sure this country remains the place where everyone who works hard can make it if you try.  Thanks so much, and have a great weekend.