America Should Support The Next Steve Jobs, President Obama Says

Posted on Jan 25 2012 - 5:56am by Editorial Staff

President Obama in the State of the Union address put up a blueprint of economic recovery, with number of references to the technology sector.  The president implied that the tech industry in general was a beacon of hope for America’s blighted economy multiple times.

“An economy built to last is one where we encourage the talent and ingenuity of every person in this country,” the President said, with Steve Jobs’ wife Laurene Powell Jobs in audience, “That means women should earn equal pay for equal work. It means we should support everyone who’s willing to work; and every risk-taker and entrepreneur who aspires to become the next Steve Jobs.”

We have gathered the most relevant passages below,

Tonight, my message to business leaders is simple: Ask yourselves what you can do to bring jobs back to your country, and your country will do everything we can to help you succeed.

We should start with our tax code. Right now, companies get tax breaks for moving jobs and profits overseas. Meanwhile, companies that choose to stay in America get hit with one of the highest tax rates in the world. It makes no sense, and everyone knows it.

So let’s change it. First, if you’re a business that wants to outsource jobs, you shouldn’t get a tax deduction for doing it. That money should be used to cover moving expenses for companies like Master Lock that decide to bring jobs home.

Second, no American company should be able to avoid paying its fair share of taxes by moving jobs and profits overseas. From now on, every multinational company should have to pay a basic minimum tax. And every penny should go towards lowering taxes for companies that choose to stay here and hire here.

Third, if you’re an American manufacturer, you should get a bigger tax cut. If you’re a high-tech manufacturer, we should double the tax deduction you get for making products here. And if you want to relocate in a community that was hit hard when a factory left town, you should get help financing a new plant, equipment, or training for new workers.

My message is simple. It’s time to stop rewarding businesses that ship jobs overseas, and start rewarding companies that create jobs right here in America. Send me these tax reforms, and I’ll sign them right away.

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Editorial Staff

Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.