Released by The Office of the Press Secretary - The White House:
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current corporate tax system is outdated, unfair,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.
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