Obama Says Nation Needs Changes in Tax Laws

By: Ken Thomas, Associated Press
By: Ken Thomas, Associated Press

Washington, D.C. (AP) - President Barack Obama told business leaders Tuesday that the nation needs to reform its tax system to help boost the economy, saying the American people "instinctually understand" that the U.S. needs a more balanced approach to solve its economic problems.

"The economy is getting stronger and the recovery is speeding up. The question now is how do we make sure it keeps going," Obama said to the Business Roundtable, an association of chief executive officers of top U.S. corporations.

The president told more than 90 executives that the nation would "have to deal with revenue and that's something that I think the American people instinctually understand, that if we do this in a balanced way, we can solve our problems." He said the nation was not in a similar situation as debt-laden Greece, saying "we don't have to cut by 25 percent and raise taxes by 25 percent."

"These are relatively modest adjustments that can stabilize our economy, give you the kind of business confidence that you need to invest and make sure America wins for the future," Obama said, adding the business community would be an "important voice" in the debate.

Obama outlined his administration's efforts to jumpstart manufacturing, noting that the U.S. auto industry had rebounded following the economic downturn, and noted the passage of trade agreements with South Korea, Panama and Colombia, and the administration's work to bring Russia into the World Trade Organization.

Obama recently outlined a corporate tax overhaul that would lower rates but eliminate loopholes and subsidies supported by the business world. The plan is unlikely to pass in an election year but sets up a debate with Obama's Republican opponents on taxes.

Republicans noted that a former chairman of the Business Roundtable, Ivan Seidenberg of Verizon, accused Obama in 2010 of creating an "increasingly hostile environment for investment and job creation" and the organization had expressed disappointment over Obama's rejection of the Keystone XL pipeline in January.

The president's plan would lower the corporate tax rate to 28 percent, and Obama has called for Bush era tax cuts to end on individuals making more than $200,000, thus increasing their taxes, and for a 30 percent minimum tax on taxpayers who make $1 million or more. The plan has been assailed by Republicans, who contend it will curb business development.

Republican Mitt Romney, for example, has called for a 25 percent corporate tax rate, in line with what some congressional Republicans have sought. He has proposed lowering the top personal income tax rate to 28 percent from the current 35 percent.

Obama said it was important to reform taxes to reward "companies that are investing here in the United States, making sure we are able to cut our tax rates here but also broaden the base. That is going to be a difficult task. Anybody who has been in tax discussions in any legislation, but especially Congress, knows it's like pulling teeth but it's the right thing to do for us to become more competitive."

Attendees included James McNerney of Boeing, Jamie Dimon of JP Morgan Chase, Brian Moynihan of Bank of America, and Ursula M. Burns of Xerox Corp. The organization is led by former Michigan Gov. John Engler, a Republican.


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:

Read Comments

Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Anonymous on Mar 13, 2012 at 06:14 AM
    Anyone who votes for Obama has their taxes raised......
  • by i'm sorry, you're wrong on Mar 12, 2012 at 12:31 PM
    What we need is a change in the White House and hopefully it's coming in the next election.
    • reply
      by Anonymous on Mar 12, 2012 at 05:59 PM in reply to i'm sorry, you're wrong
      Not unless the GOP has been hiding somebody worth voting for in the back of the broom closet.
      • reply
        by say what?? on Mar 13, 2012 at 10:01 AM in reply to
        You'd rather have Obummer than any of the the GOP candidates? That's just wrong. I'd take the village idiot over Obummer.
        • reply
          by tom on Mar 13, 2012 at 05:40 PM in reply to say what??
          Can't you "Obummer" idiots come up with something more original? That is so stupid and worn out that those who use it sound like morons.
  • by tom Location: Tallahassee on Mar 9, 2012 at 05:48 PM
    All you Obama haters are very entertaining. I'm particularly amused by those who still call the president "Owebummer". That is SO worn out and plain dumb, but they are too lame to think of anything else - figures with that bunch. Too bad you'll be so "bummed out" when President Obama is re-elected for another 4 years. The GOP goons will continue with their circular shooting gallery egged on by their guru Darth Limbaugh, while the world and the election carries on around them.....Pathetic!
    • reply
      by Anonymous on Mar 10, 2012 at 03:00 AM in reply to tom
      a goon has been in the white house for the last twenty years and four more is guaranteed either way
  • by say what?? on Mar 7, 2012 at 03:47 PM
    This moron has been in office for 3 1/2 years and now he thinks this is a good thing to tackle? Politicians will say anything to get reelected. I wonder if the idiot realizes that 48% of the people pay no income tax at all? Go to a flat tax and let everyone pay, but that's way too simple. It would put the IRS and the accountants out of business which is a good thing. This dude has also made the federal deficit get so high that even our unborn grandkids won't be able to pay it off. You talk about change - the first change we need is to get this idiot out of office. I will be so glad to see him climb on that helicopter for the last time.
    • reply
      by Gerry on Mar 7, 2012 at 10:49 PM in reply to say what??
      Obama has been in office less than 3 years and 2 months. Can't you do simple arithmetic? He was inaugurated on January 20, 2009. It isn't March 20, 2012 as yet. I don't think you understand the difference between deficit and debt. What is the difference? When does the debt have to be paid off?
      • reply
        by Gerry II or too or two on Mar 8, 2012 at 05:52 AM in reply to Gerry
        You can definitely tell this is Gerry because it is a narcissistic and argues about the the trees and misses the forest.
        • reply
          by Gerry on Mar 9, 2012 at 07:25 AM in reply to Gerry II or too or two
          Petty vandalism!
      • reply
        by please help you on Mar 13, 2012 at 10:05 AM in reply to Gerry
        You are so petty. Climb back under your rock.
    • reply
      by Anonymous on Mar 9, 2012 at 09:25 PM in reply to say what??
      Agreed. Too late for this idea to be effective or genuine. A flat tax would be fair and simplify things. Suppose we all pay 20% and any funds for spending above that total amount collected is cut from the country's budget. Don't mind Gerry since he posts during school hours eventually the truant officer will cart him off.
      • reply
        by Dr. Freud on Mar 10, 2012 at 10:17 AM in reply to Anonymous
        I believe you mean that the care staff will eventually cart him off.
  • by Gerry Location: Tallahassee on Mar 7, 2012 at 01:29 PM
    I also didn't write the posts at 1:24 PM, 2:25 PM, 2:26 PM and 2 at 2:48 PM. That would be the cyberstalker.
  • by ConservativeHippie on Mar 7, 2012 at 12:30 PM
    Yes we do need to reform our tax system. Instead of the backward system we now have of taxing work (income), we need to be taxing consumption. Under this system everyone pays and if someone wants to pay less; they simply buy less.
    • reply
      by Anonymous on Mar 8, 2012 at 03:40 PM in reply to ConservativeHippie
      A smart country would never tax production. Hippie speaks truth
  • by Reagan Republican on Mar 7, 2012 at 11:36 AM
    We do need changes to our Federal tax system to make it less complicated, eliminate many reductions, and change percentages to include a wider population of Americans. Also, we should not be sending BILLIONS of Federal tax refund money every year to people who don't pay a dime in Federal taxes. Are you guys aware that $750,000 of our tax dollars was recently spent on Gitmo prisoners for a soccer field with shade shields on the fence and a soft circular track for recreation. Outrageous! The massive waste of our tax dollars needs to be tackled FIRST then tackle tax code reform. Pres. Obama is all about TRILLION dollar fiscal year spending plans because he wants control of how to spend your money.
    • reply
      by Gerry on Mar 7, 2012 at 01:49 PM in reply to Reagan Republican
      You forgot to mention that the total debt increased $1.4 trillion during the last year of George W. Bush's administration. Tax revenues didn't totally disappear that year. If the debt increased $1.4 trillion, much more than $1.4 trillion was spent.
      • reply
        by Reagan Republican on Mar 8, 2012 at 05:54 AM in reply to Gerry
        You are using selected facts and ignoring the big picture.
    • reply
      by Gerry on Mar 7, 2012 at 03:21 PM in reply to Reagan Republican
      Your facts are wrong and you quoted no sources.
      • reply
        by Reagan Republican on Mar 7, 2012 at 08:40 PM in reply to Gerry
        @Gerry Tell me what facts are wrong in my post, if you disagree. I don't think you can debate and defend Pres. Obama anymore because of the truth.
        • reply
          by Anonymous on Mar 8, 2012 at 05:57 AM in reply to Reagan Republican
          I believe big government spending is good so I must think Bush did a better job than Obama. Dang facts don't lie. But if government spending in a recession causes a recovery, how did the recession start in the first place when big spending Bush was cranking up the debt? I guess that three year old cyber stalker will have to educate us some more on Austrian economics.
      • reply
        by Gerry on Mar 7, 2012 at 09:30 PM in reply to Gerry
        I didn't write this post. I think it was written by a cyberstalker.
        • reply
          by Reagan Republican on Mar 7, 2012 at 11:10 PM in reply to Gerry
          @Gerry The cyberstalker uses your post name and my post name to get attention like a three year old child. It is very weird!
        • reply
          by Anonymous on Mar 8, 2012 at 05:53 AM in reply to Gerry
          three year old child taking you both to task
    • reply
      by Anonymous on Mar 8, 2012 at 05:58 AM in reply to Reagan Republican
      When Romney is elected and nothing changes you both will be saying I was right again.
      • reply
        by Reagan Republican on Mar 8, 2012 at 10:05 AM in reply to
        @ Anonymous You never did explain to me how Romney's policies and Pres. Obama's policies are the same. If you are going to try to take me to task then you have some explaining to do. You and I are somewhat on the same page unlike Gerry and I certainly welcome any help debating a liberal but please use your post name.
  • by Moishe on Mar 7, 2012 at 11:10 AM
    The guy is a charlatan. He will say anything to get this election out of the way. He calls Ms. Fluke to commiserate but never called the parents of the border guard that was murdered with guns his administration allowed into Mexico. He will give away untold billions this year to cement his base. Free birth control pills. Breakfast, lunch and dinner in the public schools. It's great to be king.
  • by Jim Location: Gadsden County on Mar 7, 2012 at 07:57 AM
    Why now? You have been in office almost 4 years. This is not a new problem. More Change and Hope from the Snake Oil Salesman. What's the price of gas at your station. Took office $1.87 now $3.72. You folks that voted for this person just because you wanted to see a half black president in office in your lifetime. Enjoy....
    • reply
      by Gerry on Mar 7, 2012 at 08:53 AM in reply to Jim
      Obama has been in office less than 3 years and 2 months. Regular gasoline was over $4.00 per gallon average price nationwide, the week of June 30, 2008, according to consumerreports.org.
      • reply
        by Anonymous on Mar 7, 2012 at 09:47 AM in reply to Gerry
        Having kept all my fuel receipts (for a business), I was paying 1.90ish a gallon (ish meaning average for the month)
        • reply
          by union electrician on Mar 7, 2012 at 10:49 AM in reply to
          @Anonymous and jim how is it obamas fault when the speculators actions dictate what oil prices are.Now when reagan,bushes and clinton deregulated wall street and "free market capitalism" is what is causing this problem.
        • reply
          by Gerry on Mar 7, 2012 at 01:30 PM in reply to
          I believe an anonymous poster rather than a known source anyone can check by searching the Internet. Who wouldn't?
        • reply
          by Gerry on Mar 7, 2012 at 10:50 PM in reply to
          I believe an anonymous poster who cites no source.
      • reply
        by Anonymous on Mar 7, 2012 at 10:23 AM in reply to Gerry
        $1.61 in Dec 2008.
        • reply
          by Gerry on Mar 7, 2012 at 10:50 PM in reply to
          I believe an anonymous poster who provides no source.
      • reply
        by Gerry on Mar 7, 2012 at 11:25 AM in reply to Gerry
        High gas prices are expected when the economy was booming. The democrats got control of Congress and in less than 2 years they crashed the economy and we still have high gas prices
        • reply
          by Gerry on Mar 7, 2012 at 11:48 AM in reply to Gerry
          I agree.
        • reply
          by Gerry on Mar 7, 2012 at 03:22 PM in reply to Gerry
          I agree too.
        • reply
          by Gerry on Mar 7, 2012 at 10:51 PM in reply to Gerry
          All 3 of these posts were written by a cyberstalker.
        • reply
          by Gerry on Mar 8, 2012 at 11:28 AM in reply to Gerry
          I'm the real Gerry,and even I agree.
        • reply
          by Gerry on Mar 9, 2012 at 10:10 AM in reply to Gerry
          Me too!
  • by Hopey Changey Thang Location: Soup Kitchen on Mar 7, 2012 at 07:03 AM
    Yes, we need a complete overhaul of the tax code, and while we are at it, we need a complete overhaul at the White House and Senate. I'm embarrass to tell folks that I'm a Democrat.
  • Page:
WCTV 1801 Halstead Blvd. Tallahassee, FL 32309
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 141704743 - wctv.tv/a?a=141704743
Gray Television, Inc.