Media

Contact: TJ Helmstetter
Communications Director
Email: thelmstetter@americansfortaxfairness.org 

“We support the President’s call for closing corporate loopholes and special deductions for the rich that would help pay down the deficit and grow our economy. A fair budget agreement requires substantial new revenue from the richest 2 percent of Americans and from big corporations like GE and Verizon that get away with paying nothing in federal income taxes. As President Obama’s remarks seemed to imply, new revenues should not be used to lower income tax rates for the wealthy or big corporations,” said Frank Clemente, Campaign Manager, Americans for Tax Fairness.

Transcript of President Obama’s remarks specific to revenue:

“But in order to achieve the full $4 trillion in deficit reductions that is the stated goal of economists and our elected leaders, these modest reforms in our social insurance programs have to go hand-in-hand with a process of tax reform, so that the wealthiest individuals and corporations can’t take advantage of loopholes and deductions that aren’t available to most Americans.

“Leaders in both parties have already identified the need to get rid of these loopholes and deductions.  There’s no reason why we should keep them at a time when we’re trying to cut down on our deficit.  And if we are going to close these loopholes, then there’s no reason we should use the savings that we obtain and turn around and spend that on new tax breaks for the wealthiest or for corporations.  If we’re serious about paying down the deficit, the savings we achieve from tax reform should be used to pay down the deficit, and potentially to make our businesses more competitive.”

Link to the full remarks as provided by The White House: http://1.usa.gov/Xm3Mz0