President draws contrast with Republicans on jobs at home vs. overseas
President Obama used this week's address to draw a sharp contrast between his policies and those of the Republicans on corporate tax breaks. President Obama argued that tax breaks should be directed at driving job growth here at home rather than encouraging companies to create jobs overseas. However, President Obama warned that Republicans have a history of supporting the opposite by voting for tax breaks that encourage companies to create jobs out of the country:
"Over the last four years alone, Republicans in the House voted eleven times to continue rewarding corporations that create jobs and profits overseas - a policy that costs tax payers billions of dollars every year. That doesn't make a lot of sense. It doesn't make sense for American workers, American businesses, or America's economy."
In contrast, the President offered the recent Jobs Bill as a better fit for our economy:
"It eliminated the capital gains taxes for key investments in small businesses. It increased the deduction to defray the cost 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."
In addition to the recently passed Jobs Bill, the President explained that he wants to close the tax loopholes that support businesses that create jobs overseas instead of here in the United States. Instead, as an attempt to spur job growth at home, the President wants to give businesses a tax break that would allow them to write off all new equipment that they purchase next year. President Obama also stated that he wants to make the Research and Experimentation tax credit permanent as well as give a tax cut for clean energy manufacturing that takes place in this country.
The President's Weekly Address:
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