Washington, D.C. April 15th 2009

"I was encouraged to hear that Alan's business is going strong on a whole bunch of clean energy measures that he's helping to promote in his area."     President Barack Obama

Real Tax Cuts Making a Real Difference from White House on Vimeo.

Note, this video is very long and takes several minutes to load.

Second, we are helping small businesses keep their doors open so they can weather this economic storm and create good jobs. Instead of the normal two years, small businesses are now allowed to offset their losses during this downturn against the income they've earned over the last five years. This could provide a record number of refunds for small businesses, which will provide them with the lifeline they need to maintain inventory and pay their workers.

Third, we are helping Americans get the education they need to succeed in a global economy. For years, we've seen the price of tuition skyrocket at the same time that it became more and more important to earn a college degree.

And that's why we are making college more affordable for every American that needs a hand. That is why we are committed to simplifying the student loan process so more families can get the help they need.

And that's also why our $2,500 tax credit for all four years of college will help us reach a goal that will help our country lead in the 21st century. By 2020, Americans once again will have the highest proportion of college graduates in the world.

Fourth, we are helping more Americans purchase homes that they can afford. Just as we must put an end to the irresponsible lending and borrowing that created the housing bubble, we must restore the home as a source of stability and an anchor of the American dream.

That's why we're providing a tax credit of up to $8,000 for first-time home buyers, which will put a home within reach for hard- working Americans who are playing by the rules and making responsible choices.

And, by the way, there are at least a couple of folks here who have already used that $8,000 credit. And I think it's wonderful to see that this is already prompting some willingness for people to go ahead and make that first-time purchase, where they thought, maybe, it was out of reach before.

Fifth, we know that tax relief must be joined with fiscal discipline. Americans are making hard choices in their budgets, and we've got to tighten our belts in Washington as well.

And that's why we've already identified $2 trillion dollars in deficit reductions over the next decade. And that's why we're cutting programs that don't work, contracts that aren't fair and spending that we don't need.

We're also doing away with the unnecessary giveaways that have thrown our tax code out of balance.

I said this during the campaign. I'm now saying it as president: We need to stop giving tax breaks to companies that stash profits or ship jobs overseas so that we can invest in job creation here at home.

And we need to end the tax breaks for the wealthiest 2 percent of Americans, so that people like me, who are extraordinarily lucky, are paying the same rates that the wealthiest 2 percent of Americans paid when Bill Clinton was president.

Finally, we need to simplify a monstrous tax code that is far too complicated for most Americans to understand, but just complicated enough for the insiders who know how to game the system.

So I've already started by asking Paul Volcker and my Economic Recovery Board to do a thorough review of how to simplify our tax code, and to report back to me by the end of this year.

It's going to take time to undo the damage of years of carve-outs and loopholes, but I want every American to know that we will rewrite the tax code so that it puts your interests over any special interests. And we'll make it easier, quicker and less expensive for you to file a return, so that April 15 is not a date that is approached with dread every year.
 

Now, I just had a conversation with these wonderful Americans, and like people I talked to all across the country, they're not looking for a free ride. Every single person here is working hard and deserves a chance to get ahead.

You know, they're a family like -- families like the Kirkwoods, who just want to own their own business and put away some money away for their kids' college tuition. They're workers like Clark Harrison behind me, who's worked hard and wants to be able to purchase that first home. They're business owners like Alan Givens, who wants his company to sustain itself through bad times as well as the good.

And I was encouraged to hear that Alan's business is going strong on a whole bunch of clean energy measures that he's helping to -- to promote in his area.

For too long, we've seen taxes used as a wedge to scare people into supporting policies that actually increased the burden on working people instead of helping them live their dreams. And that has to change, and that's the work that we've begun.

We've passed tax cuts that will help our economy grow. We've made a clear promise that families that earn less than $250,000 a year will not see their taxes increase by a single dime. And we have kept to those promises that were made during the campaign.

We've given tax relief to the Americans who need it and the workers who have earned it. And we're helping more Americans move toward their American dream by going to school, owning a home, keeping their business and raising their family.

So on this April 15, we're reminded of the enormous responsibility that comes with handling people's tax dollars and we're renewing our commitment to a simpler tax code that rewards work and the pursuit of the American dream.

And I just, again, want to personally thank all of the families and folks who've joined me here today, because they inspire me to do what I do every single day.

Thank you, everybody.

© 2009 United Press International, Inc. All Rights Reserved.

Additional info at Whitehouse.gov