Category: Tax break

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President Obama To Offer Tax Breaks To Companies Bringing Jobs Back Home

Report from the The Wall Street Journal

President Barack Obama said he will propose new tax incentives to encourage businesses to “bring jobs home,” a move that could sharpen differences with Republicans in an election year.

Mr. Obama also said Wednesday he would suggest eliminating “tax breaks for companies that move jobs overseas.” Administration officials said details won’t be released until the president issues his proposed budget next month.

In past years, most of the administration’s plans to limit tax breaks for multinationals have stalled amid opposition from businesses and Republicans. Tax experts said the proposals could include new investment subsidies such as more-generous depreciation, lower tax rates for income derived from innovation produced in the U.S. or expanded breaks for domestic research or manufacturing.

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Politics Tax break

Republicans Cut Education Funding To Pay Corporate Big Wigs

As if the Republicans couldn’t stoop any lower, we introduce you to those in Lansing Michigan. These Republicans want to cut $1 billion from local schools to pay for a $1.8 billion tax break for rich CEOs and corporate special interests.

Although this is as disgraceful as one could imagine, this action by these Republicans is not surprising. Cutting back on educating the youth of tomorrow is a sure way to win the race to the bottom, a race these Republicans are determined to win… for America! An uneducated and uninformed electorate can be easily led, and this is what today’s Republicans are banking on.

So onward with cutting education funding. Today’s uninformed will be tomorrow’s Republican voter.

Thanks to @MEAOnline for this info.

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Barack Obama Politics Republican Tax Tax break United States

President Obama – “Wealthiest Americans Must Pay Their Fair Share!”

In his weekly address to the nation, President Obama continued his push for a balanced approach to the nation’s debt problem, and called for Republicans to agree to raising revenues along with spending cuts.

“The truth is, you can’t solve our deficit without cutting spending. But you also can’t solve it without asking the wealthiest Americans to pay their fair share – or without taking on loopholes that give special interests and big corporations tax breaks that middle-class Americans don’t get.

It’s pretty simple. I don’t think oil companies should keep getting special tax breaks when they’re making tens of billions in profits. I don’t think hedge fund managers should pay taxes at a lower rate than their secretaries. And I don’t think it’s fair to ask nothing of someone like me when the average family has seen their income decline over the past decade – and when many of you are just trying to stretch every dollar as far as it will go.

We shouldn’t put the burden of deficit reduction on the backs of folks who’ve already borne the brunt of the recession. It’s not reasonable and it’s not right. If we’re going to ask seniors, or students, or middle-class Americans to sacrifice, then we have to ask corporations and the wealthiest Americans to share in that sacrifice.”

The President:

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Barack Obama George Bush Politics Republican Tax break United States

More On The Debt Ceiling From President Obama

President Obama again spoke directly to the American people to let them know what he expects on the upcoming vote to raise the Debt Ceiling. Republicans, who approved massive spending under George Bush, are now willing to put the country into default, to  now pay the bills incurred under their spending spree.

President Obama signaled his willingness to cut spending, if Republicans will agree to raising the tax rate on millionaires and billionaires.

To get there, I believe we need a balanced approach.  We need to take on spending in domestic programs, in defense programs, in entitlement programs, and we need to take on spending in the tax code — spending on certain tax breaks and deductions for the wealthiest of Americans.  This will require both parties to get out of our comfort zones, and both parties to agree on real compromise.

I’m ready to do that.  I believe there are enough people in each party that are willing to do that.  What I know is that we need to come together over the next two weeks to reach a deal that reduces the deficit and upholds the full faith and credit of the United States government and the credit of the American people.

President’s address below.

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