President Obama on proposed corporate tax reforms

The White House released a statement from the president on his proposed framework for corporate tax reform unveiled Wednesday by Treasury Secretary Tim Geithner:

“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Our current corporate tax system is outdated, unfair, and inefficient.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. (Politico)

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