Obama Weekly Address: GOP Rewarding Corporations that Create Jobs Overseas

WASHINGTON — In this week’s address, President Obama laid out a policy agenda that would strengthen our economy and create jobs right here in America by offering tax incentives to businesses that hire new employees, making the research and experimentation tax credit permanent and providing a tax cut for clean energy manufacturing.  The  President also wants to close tax loopholes worth billions of dollars that encourage companies to invest in overseas, while Republicans in the House have voted 11 times in just the last four years to keep those loopholes open.

Remarks of President Barack Obama
As prepared for delivery
Saturday, October 16, 2010
Washington, DC

After a decade of hardship for middle class families, and a recession that wiped away millions of jobs, we are in the middle of a tough fight to rebuild this economy and put folks back to work.

Winning this fight will not depend on government alone.  It will depend on the innovation of American entrepreneurs; on the drive of American small business owners; on the skills and talents of American workers.  These are the people who will help us grow our economy and create jobs.

But government still has an important responsibility.  And that’s to create an environment in which someone can raise capital to start a new company; where a business can get a loan to expand; where ingenuity is prized and folks are rewarded for their hard work.

That’s why I fought so hard to pass a jobs bill to cut taxes and make more loans available for entrepreneurs.  It eliminated the capital gains taxes for key investments in small businesses.  It increased the deduction to defray the costs of starting a company.  And it’s freeing up credit for folks who need it.  In fact, in just the first two weeks since I signed the bill, thousands of business owners have been able to get new loans through the SBA.

But we need to do more.  So I’ve proposed additional steps to grow the economy and spur hiring by businesses across America.  Now, one of the keys to job creation is to encourage companies to invest more in the United States.  But for years, our tax code has actually given billions of dollars in tax breaks that encourage companies to create jobs and profits in other countries.

President Barack Obama - White House Photo: Lawrence Jackson

I want to close these tax loopholes.  Instead, I want to give every business in America a tax break so they can write off the cost of all new equipment they buy next year.  That’s going to make it easier for folks to expand and hire new people.  I want to make the research and experimentation tax credit permanent.  Because promoting new ideas and technologies is how we’ll create jobs and retain our edge as the world’s engine of discovery and innovation. And I want to provide a tax cut for clean energy manufacturing right here in America.  Because that’s how we’ll lead the world in this growing industry.

These are commonsense ideas.  When more things are made in America, more families make it in America; more jobs are created in America; more businesses thrive in America.  But Republicans in Washington have consistently fought to keep these corporate loopholes open.  Over the last four years alone, Republicans in the House voted 11 times to continue rewarding corporations that create jobs and profits overseas – a policy that costs taxpayers billions of dollars every year.

That doesn’t make a lot sense.  It doesn’t make sense for American workers, American businesses, or America’s economy.  A lot of companies that do business internationally make an important contribution to our economy here at home.  That’s a good thing.  But there is no reason why our tax code should actively reward them for creating jobs overseas.  Instead, we should be using our tax dollars to reward companies that create jobs and businesses within our borders.

We should give tax breaks to American small businesses and manufacturers.  We should reward the people who are helping us lead in the industries of the future, like clean energy.  That’s how we’ll ensure that American innovation and ingenuity are what drive the next century. That’s how we’ll put our people back to work and lead the global economy.  And that’s what I’ll be fighting for in the coming months.

Thank you.

  10 comments for “Obama Weekly Address: GOP Rewarding Corporations that Create Jobs Overseas

  1. lefty
    October 16, 2010 at 9:34 am

    Good for President Obama for FINALLY giving some credit where credit is due!

    FACT: The Republicans created our ECONOMIC DISASTER.

    The Gramm/ Leach/ Bliley Act (de-regulating Wall Street) & NAFTA, PNTR, etc ((exporting USA families jobs) – were ALL Republican initiatives – pandering to their pals – the ultra-GREEDY Wall Street Banksters.

    Why haven’t Democrats really pushed this atrocity – which negatively affects so many hard-working American Families?

    Because WJ Clinton – SOLD US OUT – by supporting & promoting this Republican pandering, Greedy Special Interest Agenda.

    It ultimatly made Clinton very RICH, personally – but at the cost of the middle-class, our poor, & the Democratic Party itself – who don’t want to use the Republicans WORST ACTS EVER against them – because it also reflects BADLY on “our” President, & some of the Congressional Democrats who Clinton was able to bully into supporting this – HORRIBLE, HORRIBLE, HORRIBLE – Republican legislation.

    To get back on track – we need to:

    1) Recognise our Mistakes.

    2) Admit our Mistakes.

    3) Apologize for Our Mistakes.

    4) Do our best to CORRECT OUR MISTAKES.

    Let the SOLD-OUT Republicans try to Match that!!!

    • October 16, 2010 at 11:37 am

      The Gramm-Leach-Bliley Act, (S. 900, 106th Congress – 1st Session) killed the Glass-Steagall protections for America’s commercial banking system. In 1999, during the Clinton administration, 90% of the Senate voted to kill Glass-Steagall. In the House, S. 900 was the “Financial Services Modernization Act” and 73% of the Democrats, and 93% of the Republicans voted to kill Glass-Steagall, the Banking Act of 1933. In 1999 all of the OC congressional delegation voted to kill Glass-Steagall.

      The Wall Street puppet, President Obama, kept Senate and House Glass-Steagall amendments out of his fraud “Wall Street Reform and Consumer Protection Act of 2009”.

      Fix it!
      Fixing the economy means removing Obama from office by Section 4 of the 25th Amendment to the U.S. Constitution. http://www.larouchepac.com/obamawatch The removal could happen if the Democrats lose control of Congress on November 2, 2010. There could be dozens of defeated Democrats during the lame duck session that might blame Obama for ending their political careers.

      If Obama is removed then the Wall Street owned Congress might, out of fear, ram through Glass-Steagall legislation. http://www.larouchepac.com/glass-steagall

      With Glass-Steagall legislation Congress can shut down derivatives, end the bailouts, and issue credit for the 1960’s NAWAPA project. http://www.larouchepac.com/infrastructure

      The clear choice is: Glass-Steagall bankruptcy reorganization or financial collapse.
      Or the voters can continue with their comfortable voting habits and expect a different outcome.

      • lefty
        October 17, 2010 at 6:25 am

        I’ve talked with LaRouche people on the street.

        You love the economy destroying frontman, Clinton – & are just spouting some “LaRoushe Party Line” about President Obama – who DID attempt more wide-spread Wall Street Reforms – but was foiled by Republican pandering to the Wall Street Banksters. So wisely, he took what reforms he could get.

        Looks to me that you’re anti-President Obama campaign is designed to appeal to – fear, dis-satifaction, & RACISM – primarly to raise $$$ . . . .

        You guys get a cut of the $$$ you raise? What percent?

        • October 17, 2010 at 7:55 am

          Gentle reminder — Lyndon LaRouche was convicted of and served time for mail fraud involving credit cards.

          • lefty
            October 17, 2010 at 10:34 am

            Hi Bill,

            Thanks for the thought. I know about what you mentioned, but don’t bring it up because:

            a) everyone makes mistakes,

            b) the man has paid his debt; & most importantly,

            c) issues are worthy of discussion & can stand or fall on their own “merits,” without bringing a persons personal failings” (which we all have) into a discussion – & therefor diluting said discussion.

            People only need to make it personal, when:

            1) they don’t know what they’re talking about, but insist on “being right,” anyway,

            2) they’re trying to distract attention away from their personal self-interest, or

            3) they’re flat wrong & have no other arguments to support their “case.”

            “Let he who is without sin cast the first stone.” Jesus

            “An eye for an eye makes the whole world blind.” Gandhi

        • October 17, 2010 at 11:52 am

          BARACK HUSSEIN OBAMA is a Wall Street Puppet

          Obama Out to Kill Glass-Steagall, While Pushing Weimar Hyperinflation
          May 11, 2010 • 5:15PM

          Latest Schemes to Prevent Glass-Steagall
          “Off The Cuff” OTC: AM Report Tuesday May 18, 2010

  2. lefty
    October 17, 2010 at 2:36 pm

    “You guys get a cut of the $$$ you raise? What percent?”


    Why won’t you answer the above 2 EASY questions?

    You’re folks animosity toward President Obama, & you’re praise of Clinton – is illogical. It was Clinton who pandered & sold-out to the Wall Street Banksters & pushed thru the Gramm/ Leach/ Bliley Act – which trashed Glass-Steagall.

    So, care to share the “hidden agenda?”

    If not, that’s ok, it looks pretty obvious to me – prey on ignorance, fear, pain & racism – to make some quick $$$ – is that about right?

    • October 18, 2010 at 6:26 pm

      I don’t work at the LaRouche tables, those that do, do it full time 6-days a week; they have rent, food and utility bills to pay.
      LaRouchePAC is a Political Action Committee, PAC’s raise money.

      President Clinton:
      The Gramm-Leach-Biley Act, that killed Glass-Steagall, passed in the Senate, 90 to 10, which would of been more than enough to over-ride a Clinton veto.
      In the House‘s version of the Act the vote was 73% of the Democrats voting “Yes” – kill Glass-Steagall. The Republican vote was 93% to kill Glass-Steagall. There was no point for a Presidential veto, the House would have had more than the 2/3 vote needed to over-ride any veto.

      Lyndon LaRouche supported President Obama during his first few months in office. LaRouche’s program now is to remove Obama for office via. Section 4 of the 25th Amendment to the U.S. Constitution because Obama is emotionally and intellectually unfit to be President during America’s economic crises.

      Obama keep real reform, Glass-Steagall reform, out of his Banking “Reform” legislation.

      There is no “Hidden Agenda”.
      visit http://www.LaRouchePAC.com

  3. lefty
    October 19, 2010 at 8:50 am

    In his own words on: Gramm/Leach/Bliley, & Glass-Steagall:

  4. Ferdinand Pecora
    November 16, 2010 at 12:37 am

    In France, either M. Cheminade or Mr. LaRouche, both are slandered. But more and more people study their proposition and understand 1) why they are slandered and 2) what they really are proposing.

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