- President Obama on IRC 107! I wrote to President Obama regarding his vision as to the future of IRC 107 in light of Judge Crabbs recent ruling that IRC 107(2) is UNconstitutional and his Justice Department has announced its intention to appeal Judge Crabbs ruling. Heres the evasion, runaround, non-answer: -------------------- The White House Washington Thank you for writing. I understand the strong views many Americans have about taxes, and I appreciate your perspective. This is a make-or-break moment for the middle class and those trying to reach it. That is why my top priority is growing the economy and creating jobs by building a rising, thriving middle class. To do that, we need a tax code that rewards hard work and ensures everyone—especially the wealthiest Americans and big corporations—pays their fair share and plays by the same rules. As we move forward to address our ongoing fiscal challenges, we need a balanced approach that both cuts spending and asks the wealthy to do a little more so we can protect the investments in education, manufacturing, clean energy, and small business that help America thrive. Since I took office, my Administration has cut taxes for the middle class, families, and small businesses. The Recovery Act cut taxes for 95 percent of American workers, assisting 120 million families. Further tax relief I enacted helps bring the cost of college within reach for students, enables more seniors to make ends meet, and assists responsible first-time homebuyers. To uphold our commitments to our service members, I signed the Returning Heroes and Wounded Warriors tax credits into law—rewarding companies that hire our Nation’s unemployed and disabled veterans. And in January 2013, I signed the American Taxpayer Relief Act, which permanently extended income tax cuts for 98 percent of Americans while asking the wealthiest households to pay a little more to help reduce the deficit. Finally, I have signed 18 tax breaks for small businesses to help jumpstart the private sector and help them expand and hire. But there is more work to do. We need bipartisan, comprehensive tax reform that creates jobs and cuts the deficit in a balanced way. I am ready to reform our tax code to eliminate loopholes for the wealthiest taxpayers and biggest corporations, special interest carve-outs, and other tax expenditures that stack the deck against small business owners and middle-class families. For too long, our tax code has benefited the wealthy and well-connected at the expense of the majority of Americans. That is why I am committed to making our tax system simpler and fairer for the middle class and ensuring everyone plays by the same rules. I have urged Congress to enact the Buffett Rule, which would prevent millionaires and billionaires from using loopholes and special tax breaks to pay taxes at a lower rate than middle-class families. As we all come together to make tough choices, we cannot afford to continue allowing some of the wealthiest Americans to avoid paying their fair share. Our current corporate tax system is outdated, unfair, and inefficient. Worst of all, it even provides tax breaks for companies that ship jobs overseas. It is unnecessarily complicated and forces America’s small businesses to spend countless hours and dollars filing their taxes. That is why my Administration released a framework for reform that simplifies the tax code, eliminates dozens of tax loopholes and subsidies, and promotes job creation right here at home. To increase competitiveness for companies across our Nation, our framework lowers the corporate tax rate, cuts tax rates further for manufacturers who are creating new products here in America, and includes a basic minimum tax for every multinational company—because no company should be able to avoid paying its fair share of taxes by moving jobs and profits out of the United States. I have also repeatedly called on Congress to stop giving away $4 billion a year in oil subsidies to an industry that has never been more profitable, and instead pass clean energy tax credits to create jobs and homegrown clean energy technology. The American story is not about what we can do on our own; it is about what we can accomplish together. Our Nation’s success is possible only because previous generations sacrificed to make investments on our behalf. We must now join together in the same spirit to do what is right for our country’s future. To learn more about my tax reform plans, please visit WhiteHouse.gov/issues/taxes. Thank you, again, for writing. Sincerely, Barack Obama Visit WhiteHouse.gov ---------------
Posted on: Mon, 10 Mar 2014 18:23:06 +0000
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