State of the Union Addresses of Barack Obama, 2009-2016Obama, Barack
General
State of the Union Addresses of Barack Obama, 2009-2016
Obama, Barack
Presidents -- United States -- Messages; United States -- Politics and government -- Sources
So we have a huge opportunity at this moment to bring manufacturing
back. But we have to seize it. Tonight my message to business leaders
is simple: Ask yourselves what you can do to bring jobs back to your
country, and your country will do everything we can to help you succeed.
We should start with our Tax Code. Right now companies get tax breaks
for moving jobs and profits overseas. Meanwhile, companies that choose
to stay in America get hit with one of the highest tax rates in the
world. It makes no sense, and everyone knows it. So let's change it.
First, if you're a business that wants to outsource jobs, you shouldn't
get a tax deduction for doing it. That money should be used to cover
moving expenses for companies like Master Lock that decide to bring
jobs home.
Second, no American company should be able to avoid paying its fair
share of taxes by moving jobs and profits overseas. From now on, every
multinational company should have to pay a basic minimum tax. And every
penny should go towards lowering taxes for companies that choose to
stay here and hire here in America.
Third, if you're an American manufacturer, you should get a bigger tax
cut. If you're a high-tech manufacturer, we should double the tax
deduction you get for making your products here. And if you want to
relocate in a community that was hit hard when a factory left town, you
should get help financing a new plant, equipment, or training for new
workers.
So my message is simple: It is time to stop rewarding businesses that
ship jobs overseas, and start rewarding companies that create jobs
right here in America. Send me these tax reforms, and I will sign them
right away.
We're also making it easier for American businesses to sell products
all over the world. Two years ago, I set a goal of doubling U.S.
exports over 5 years. With the bipartisan trade agreements we signed
into law, we're on track to meet that goal ahead of schedule. And soon
there will be millions of new customers for American goods in Panama,
Colombia, and South Korea. Soon there will be new cars on the streets
of Seoul imported from Detroit and Toledo and Chicago.
I will go anywhere in the world to open new markets for American
products. And I will not stand by when our competitors don't play by
the rules. We've brought trade cases against China at nearly twice the
rate as the last administration, and it's made a difference. Over a
thousand Americans are working today because we stopped a surge in
Chinese tires. But we need to do more. It's not right when another
country lets our movies, music, and software be pirated. It's not fair
when foreign manufacturers have a leg up on ours only because they're
heavily subsidized.
Public-domain text, read in full here on John Shaqi.
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