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President Barack Obama Weekly Address July 26, 2014 (Video/Trascript )
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
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.