Obama Turns The Tables and Uses Economic Patriotism To Blast GOP Corporate Enablers

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President Obama used the idea of “economic patriotism” to push forward his budget, in which he closed one of the tax loopholes that lets companies avoid paying taxes by Romneying themselves to another country just to avoid paying taxes here. That does seem pretty unpatriotic, lazy, and entitled especially since said companies use the resources that U.S. taxpayers fund. It is currently legal to do this, if “you” are a certain kind of big money company.

The President also pushed for business tax reform that would create incentives for companies to create jobs here.

Watch here:

Transcript from the White House:

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 on Earth.

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.

Thanks, and have a great weekend.

It’s true that companies who know the right people and have enough money can legally pick and choose if they want to pay taxes here even if they actually do business here. Do not try this if you are a person. Do see the Supreme Court about the difference, or lack thereof.

Democrats have proposed closing the tax loophole, but naturally, there is no time for piddling matters of legislation, finance, economics, tax reform, or patriotism when there are Obama witch hunts to be manufactured out of nothing. And now that the taxpayers are paying for Speaker John Boehner and the House GOP to sue the President while they take even more days off, it would be foolish to expect anything from this Congress.

Oh, wait. I stand corrected. Republicans did make time for matters of finance and tax reform. They have been trying to add $310 billion (some say closer to a trillion all told) to the deficit in unpaid for, permanent tax credits for businesses. These tax credits were supposed to be temporary to “stimulate” the economy (trickle down already!) but since they didn’t work according to Republicans, who claim the Obama economy is awful, Republicans figured why not devastate the deficit permanently just in case it might start working (do not apply this logic to “stimulating” the economy with long term unemployment benefits, because this actually works, so naturally it won’t be done). So much for “it must be offset” as an excuse for why Republicans won’t pass legislation. “It must be offset UNLESS it benefits big business.”

It has become quite clear that this Congress will do absolutely nothing except troll President Obama on your dime when they aren’t robbing you blind to make things cushier for their corporate masters, unless and until they are replaced with actual lawmakers who take pride in a days work. We need some economic patriotism, but we also need a little legislative patriotism.

21 Replies to “Obama Turns The Tables and Uses Economic Patriotism To Blast GOP Corporate Enablers”

  1. I just read an article earlier that said the Senate has voted to debate President Obama’s proposal from two years ago to stip tax breaks to companies that move jobs offshore and to give tax breaks to companies that bring jobs back.

    Of course it still has to get 60 votes to proceed to an actual vote on the bill. This is just Republicans trying to look reasonable in an election year, they know the heat is on. Of course if it does pass the Senate, the hose will have none of it.

    Such phonies.

  2. This man is a phenomenal human being, a great leader, and a fine man. I appreciate all that he’s endured for America and I support him 1000%.

  3. The free market has failed miserably for most Americans, what we need are well regulated FAIR MARKETS!!!!!!!

  4. Just as Mark Cuban recently asserted that he’ll sell off stock of any company that uses inversion to eliminate their tax bill, all public pension hedge funds should threaten to divest from companies that shirk their taxpaying duties, and follow through on those who do.

  5. That’s the only way to deal with these people, hit them in the pocketbook. They have no patriotism, their allegiance is to money.

  6. I say if they renounce their citizenship charge them import tariffs. Whether the product is made here or elsewhere. 1 of 4 corporations pays no taxes. The effective tax rate on corporations right now is 14% which is less then the average American pays

    Tell them if you go overseas, move your manufacturing and your product overseas. There are plenty of people just waiting to get out from under monopoly’s to start their own companys for the same products

  7. The problem is also other countries that set their tax rates low, to encourage this sort of activity. Remove Most Favored Nation trading status from those countries, as well. Their gain is our loss, and we should make them compete on a even playing ground with countries that DON’T jigger their tax policies to headhunt profitable US firms, with no repercussions. They need access to our markets more than we need their sweatshop-produced wears.

  8. OK, let’s hear from the right wing trolls. Tell us, please tell us, why losing $100 billion a year in corporate taxes is bad for the country. Tell us he how evil the President is. Tell us why corps should avoid taxes.

  9. Tariffs let those corporations off too easy. If a corporation commits economic treason by moving offshore to dodge taxes then the corporate death penalty is warranted, and should be enforced on them.

  10. I can’t wait for boner to impache him. He’s a bad PUTOS, I know this cuz the grl with the sknny ankles on Fox News TeeVee told me so and besides I listen to real jurnlst on the Raadeeo like my hero Rush Limburger and he’s the man, so there!

  11. Our president has done so much more than any other president and with a congress that hates him, noone could have done as much as President Obama has done with the worst congress in history and yet the american people has given him a horrible approval, come on Americans, please give him a high approval rating and i think that would stop all those radicals and republicans from talking lawsuits and even impeachment. The republicans want us to believe that all americans want the president to be impeached or even unlawful lawsuits. Americans president has our back we need to have his back before the radical republicans and tepartiers destroy this country. please get out and vote in 2014 so we can get the house back and keep the senate, if we don’t they will be complete majority and have our president impeached, take everything away from middle income people and poor people, student loans they will repeal obamacare, social security, medicare and anything else that hurts the americans.

  12. An interesting thing happened here in GA. In the GOPTP primary, Jack Kingston was the Cham. of Comm’s man. The CoC spent millions trying to buy the U.S. Senate seat for Kingston. His challenger, Perdue, tied Kingston to the CoC and peppered the airwaves with ads about it the weekend before the primary. Kingston lost. It appears that the TPers are pissed at the CoC because it supported Cochran, not McDaniel, in MS. If TPers are truly pissed at the CoC, it could work against GOPTPers in Congress who oppose closing corporate loopholes, especially if the CoC makes a statement opposing it, and the GOPTP tools in Congress vote against a bill to close some of them. It will make it harder for GOPTPers in competitive districts to explain to their TP constituents why they aligned themselves with the CoC, and it could mean some of them could lose their seats in Nov. GOPTP pols never saw this coming. I think the TPers are turning on the CoC and the RW pols who do their bidding.

  13. The truly hateful, hate filled, hate mongering, habitually lying republican liar Mitt Romney really is what is wrong with this country. The despicable republican job killing, Union busting, workers rights thief Romney is himself responsible for the loss of tens of thousands of good paying American jobs, the billionaire republican tax evader is the epitome of everything wrong with Wall Street to the poor house economy he has created. The name Romney is synonymous with income tax evasion in America. Well done Mr. President, to finally put the true name ( Romney ) to what is wrong with republican America and republican controlled American business.

  14. These free-market corporate capitalists are more concerned about “green” than “red, white, and blue”.

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