Obama Rejects Tax Cuts for the Rich, Calls for Big Oil to Pay Fair Share

Published on political affairs pa, by Joel Wendland, Sept. 9, 2010.

… Referring to the jobs bill passed by Congress last month, President Obama explained that the closed tax loopholes will help pay to keep teachers in schools, cops on the beat, and firefighters protecting our families.

But Boehner “dismissed these jobs … as quote ‘government jobs’ – jobs that I guess he thought just weren’t worth saving,” President Obama added.

“Mr. Boehner and the Republicans in Congress said no to these projects. Fought them tooth and nail,” Obama emphasized. 

“Though I should say that didn’t stop a lot of them from showing up at the ribbon-cutting ceremonies and trying to take credit,” he said, referring to to the fact that numerous Republicans who voted against the recovery act have claimed credit for money brought to their home districts. “That’s always a sight to see.”

Republican obstructionism and hypocrisy earned additional fire from White House Director of Communications Dan Pfeiffer who told reporters by a teleconference with the press, Sept. 8, Boehner and the Republicans want to return to the same policies that caused the crisis and hurt America’s working families in the first place.

“We know the policies that Leader Boehner and the Republicans are advocating,” Pfeiffer said, citing the huge deficits, the financial meltdown, and jobs crisis. “We know what they’ll do. We’re still reaping the consequences of that.”

Deputy Assistant to the President for Economic Policy Jason Furman touted the Obama administration’s accomplishments in the economy. In addition to the recovery act, President Obama’s legislative accomplishments include the “cash for clunkers” program, extension of the homebuyer tax credit, tax credits for businesses to hire unemployed workers and those involved in infrastructure projects, and the passage of the new jobs bill last month.

Furman also noted that new tax credits the President has proposed would be designed to benefit companies who do research and development here in the U.S. He added that the President wants to pay for new tax credits and infrastructure projects by ending massive government tax subsidies for the biggest oil companies.

“The big oil companies actually pay lower tax rates on their profits than most other corporations in the economy,” he said. “Get rid of those tax breaks so the big oil companies are being treated just the same as every other corporation when it comes to taxes.”

Furman added that new revenue could be created by closing some 350 remaining loopholes that still provide incentives for companies who move their profits, investments and jobs out of the country. (full text).

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