Obama on the Record: Taxes

THE PRESIDENT: Good morning. I decided not to bring Bo today — because he stepped on my economic speech yesterday. (Laughter.)

Good morning. I know that April 15th isn’t exactly everyone’s favorite date on the calendar. But it is an important opportunity for those of us in Washington to consider our responsibilities to the people who sent us here and who pay the bills. And I’ve brought some friends of mine who sent me here and pay the bills.

Across America, families like the people who join me have had tough choices forced upon them because of this economic downturn. Many have lost a job; many are fighting to keep their business open. Many more are struggling to make payments, to stay in their home, or to pursue a college education. And these Americans are the backbone of our economy, the backbone of our middle class. They’re the workers, the innovators, the students who are going to be powering our recovery. So their dreams have to be our own. They need a government that is working to create jobs and opportunity for them, rather than simply giving more and more to those at the very top in the false hope that wealth automatically trickles down.

And that’s why my administration has taken far-reaching action to give tax cuts to the Americans who need them, while jump-starting growth and job creation in the process. We start from the simple premise that we should reduce the tax burden on working people, while helping Americans go to college, own a home, raise a family, start a business and save for retirement.
Those goals are the foundation of the American Dream, and they are the focus of my tax policy.

First, we’ve passed a broad and sweeping tax cut for 95 percent of American workers. This tax cut was a core focus of my campaign, it was a core component of the American Recovery and Reinvestment Act, and it is the most progressive tax cut in American history. And starting April 1st, Americans saw this tax cut in the extra money that they took home with each paycheck.

Make no mistake: This tax cut will reach 120 million families and put $120 billion directly into their pockets, and it includes the most American workers ever to get a tax cut. This is going to boost demand, and it will save or create over half a million jobs. And the Congressional Budget Office has found that tax cuts like these for American workers are more than three times more effective in stimulating recovery than tax breaks for the very wealthiest Americans.

This tax cut also keeps a fundamental promise: that Americans who work hard should be able to make a decent living. It lifts more than 2 million Americans out of poverty. And together with the child tax credit, it ensures that a working parent will be able to support their family.

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