Obama Targets Tax Loopholes for Wealthy Americans, Corporations

Obama Targets Tax Loopholes for Wealthy Americans, CorporationsPresident Obama is not slowing down much in his quest to get more wealthier Americans and corporations to help cut the deficit.
In his weekly Internet and radio address, Obama said rich Americans and companies can help avoid spending cuts vital to the middle-class by giving up “loopholes and deductions that aren’t available to most Americans.”
“I believe we can find more places to cut spending without shortchanging things like education, job training, research and technology all which are critical to our prosperity in a 21st century economy,” Obama said. “But spending cuts must be balanced with more reforms to our tax code.  The wealthiest individuals and the biggest corporations shouldn’t be able to take advantage of loopholes and deductions that aren’t available to most Americans.”
Obama signed into law this week the fiscal-cliff legislation that raises income-tax rates on couples to 39.6 percent for annual income above $450,000. He reiterated today that he would refuse to negotiate with Republicans over borrowing authority.
“And as I said earlier this week, one thing I will not compromise over is whether or not Congress should pay the tab for a bill they’ve already racked up,” Obama said. “If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic.”
The U.S. reached its $16.4 trillion legal debt limit on Dec. 31. Meanwhile, the Treasury Department initiated  measures to finance the government.
Obama will soon ask Congress to raise the ceiling to meet the country’s financial obligations. He warned Republicans to reconsider another political fight.

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