Obama on Balancing Needs of Small Business and Multinationals
Posted by: John Tozzi on July 29, 2009
We just published an interview that BW editor Stephen Adler and Washington Bureau Chief Jane Sasseen did with President Obama in the Oval Office earlier this week. Among other things, the president points to his record to refute critics who call him antibusiness. Here’s a snippet of his response to a question about his administration’s approach to taxes:
We now live in a 21st century global economy. And so we’re going to have to update a whole host of rules, and tax policy is one of them. I would like to see a lower corporate tax rate. I’d like to see fewer loopholes to go with it so that we don’t lose revenue in the process. I also have to think about the relationship between multinational businesses and small businesses. So all those folks at the Aspen Institute may get really ginned up about the prospect of changing multinational taxation. On the other hand, I’ve got a bunch of local companies here who are paying 35% taxes when some Fortune 100 company is paying an effective rate of 12%.
What I hope develops is a healthy debate with business in which we are trying to find a stable, sustainable set of policies—regulatory policies, tax policies, environmental policies—that create a level playing field and that are predictable enough that companies are able to thrive and compete. What you haven’t seen from our Administration is a suggestion of a bunch of command-and-control, top-down, heavy-handed bureaucratic regulations that would bog businesses down. That’s not our model. That’s not how we think about these problems. That’s not going to be our approach.
Read the whole thing here.