Tuesday, January 25, 2011
Of course, the education race doesn't end with a high school diploma. To compete, higher education must be within reach of every American. That's why we've ended the unwarranted taxpayer subsidies that went to banks, and used the savings to make college affordable for millions of students. And this year, I ask Congress to go further, and make permanent our tuition tax credit — worth $10,000 for four years of college.
Over the years, a parade of lobbyists has rigged the tax code to benefit particular companies and industries. Those with accountants or lawyers to work the system can end up paying no taxes at all. But all the rest are hit with one of the highest corporate tax rates in the world. It makes no sense, and it has to change.
So tonight, I'm asking Democrats and Republicans to simplify the system. Get rid of the loopholes. Level the playing field. And use the savings to lower the corporate tax rate for the first time in 25 years — without adding to our deficit. ...
Now, I’ve heard rumors that a few of you have some concerns about the new health care law. So let me be the first to say that anything can be improved. If you have ideas about how to improve this law by making care better or more affordable, I am eager to work with you. We can start right now by correcting a flaw in the legislation that has placed an unnecessary bookkeeping burden on small businesses.
And if we truly care about our deficit, we simply cannot afford a permanent extension of the tax cuts for the wealthiest 2% of Americans. Before we take money away from our schools, or scholarships away from our students, we should ask millionaires to give up their tax break. ...
In fact, the best thing we could do on taxes for all Americans is to simplify the individual tax code. This will be a tough job, but members of both parties have expressed interest in doing this, and I am prepared to join them.
- Accounting Today, Obama Calls for Tax Reform
- Associated Press, Obama Calls for Overhaul of Corporate Taxes
- Bloomberg, Obama Backs Corporate Rate Cut Only If It Won't Affect Deficit
- Citizens for Tax Justice, Close Corporate Tax Loopholes — But Don’t Give the Revenue Back to Corporations as a Rate Cut
- Fornes, Obama’s Tax Reform: Corporate, Individual, Or Both?
- Huffington Post, Will Business Kill Tax Reform?
- PolitiFact, Obama Says U.S. Corporate Tax Rate Is Among World's Highest
- Start Making Sense (Dan Shaviro (NYU)), Corporate Tax Reform
- Start Making Sense (Dan Shaviro (NYU)), Tax Discussion in the State of the Union Address
- U.S. News & World Report, Both Parties Want to Take on Tax Reform
- Wall Street Journal, A Call to Overhaul Corporate Taxes