STEP FOUR - KNOCKING DOWN BARRIERS FOR U.S. BUSINESSES
Simplify the Tax Code
"... over the years, a parade of lobbyists has rigged the tax code to benefit particular companies and industries. Those with accountants or lawyers to work the system can end up paying no taxes at all. But all the rest are hit with one of the highest corporate tax rates in the world. It makes no sense, and it has to change.
"So tonight, I'm asking Democrats and Republicans to simplify the system. Get rid of the loopholes. Level the playing field. And use the savings to lower the corporate tax rate for the first time in 25 years - without adding to our deficit."
Trade Agreements
"To help businesses sell more products abroad, we set a goal of doubling our exports by 2014 - because the more we export, the more jobs we create here at home. Already, our exports are up. Recently, we signed agreements with India and China that will support more than 250,000 jobs here in the United States."
"And last month, we finalized a trade agreement with South Korea that will support at least 70,000 American jobs. This agreement has unprecedented support from business and labor, Democrats and Republicans - and I ask this Congress to pass it as soon as possible."
"... before I took office, I made it clear that we would enforce our trade agreements, and that I would only sign deals that keep faith with American workers and promote American jobs.
That's what we did with Korea, and that's what I intend to do as we pursue agreements with Panama and Colombia and continue our Asia Pacific and global trade talks."
Health Care Reform, Government Regulations
"To reduce barriers to growth and investment, I've ordered a review of government regulations. When we find rules that put an unnecessary burden on businesses, we will fix them. But I will not hesitate to create or enforce common-sense safeguards to protect the American people."
"Now, I have heard rumors that a few of you still have concerns about our new health care law. So let me be the first to say that anything can be improved.
"If you have ideas about how to improve this law by making care better or more affordable, I am eager to work with you. We can start right now by correcting a flaw in the legislation that has placed an unnecessary bookkeeping burden on small businesses.
"What I'm not willing to do - what I'm not willing to do is go back to the days when insurance companies could deny someone coverage because of a preexisting condition."
Budget Deficit, Federal Spending Freeze
"Now, the final critical step in winning the future is to make sure we aren't buried under a mountain of debt.
"We are living with a legacy of deficit spending that began almost a decade ago. And in the wake of the financial crisis, some of that was necessary to keep credit flowing, save jobs and put money in people's pockets."
"I am proposing that starting this year, we freeze annual domestic spending for the next five years. Now, this would reduce the deficit by more than $400 billion over the next decade and will bring discretionary spending to the lowest share of our economy since Dwight Eisenhower was president.
"This freeze will require painful cuts. Already, we've frozen the salaries of hardworking federal employees for the next two years. I've proposed cuts to things I care deeply about, like community action programs.
"The Secretary of Defense has also agreed to cut tens of billions of dollars in spending that he and his generals believe our military can do without."
Social Security
"To put us on solid ground, we should also find a bipartisan solution to strengthen Social Security for future generations. We must do it without:
- putting at risk current retirees, the most vulnerable, or people with disabilities;
- without slashing benefits for future generations and
- without subjecting Americans' guaranteed retirement income to the whims of the stock market.
"And if we truly care about our deficit, we simply can't afford a permanent extension of the tax cuts for the wealthiest 2 percent of Americans.
"Before we take money away from our schools or scholarships away from our students, we should ask millionaires to give up their tax break. It's not a matter of punishing their success. It's about promoting America's success."
Government Efficiency, Competency
"Let me take this one step further. We shouldn't just give our people a government that's more affordable. We should give them a government that's more competent and more efficient."
"We live and do business in the Information Age, but the last major reorganization of the government happened in the age of black-and-white TV... we've made great strides over the last two years in using technology and getting rid of waste.
"In the coming months, my administration will develop a proposal to merge, consolidate and reorganize the federal government in a way that best serves the goal of a more competitive America. I will submit that proposal to Congress for a vote - and we will push to get it passed."
"Because you deserve to know exactly how and where your tax dollars are being spent, you'll be able to go to a website and get that information for the very first time in history.
"Because you deserve to know when your elected officials are meeting with lobbyists, I ask Congress to do what the White House has already done - put that information online.
"And because the American people deserve to know that special interests aren't larding up legislation with pet projects, both parties in Congress should know this: If a bill comes to my desk with earmarks inside, I will veto it. I will veto it."
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