Transcript: Debate excerpts – President Obama on corporate tax reform

Edited by Jenny Jiang

Excerpts from President Barack Obama’s remarks on corporate tax reform at the first presidential debate held at the University of Denver, Colorado on Oct. 3, 2012:

“The oil industry gets $4 billion a year in corporate welfare. Basically, they get deductions that those small businesses that Governor Romney refers to, they don’t get.

“Now, does anybody think that ExxonMobil needs some extra money, when they’re making money every time you go to the pump? Why wouldn’t we want to eliminate that? Why wouldn’t we eliminate tax breaks for corporate jets? My attitude is, if you got a corporate jet, you can probably afford to pay full freight, not get a special break for it.

“When it comes to corporate taxes, Governor Romney has said he wants to, in a revenue neutral way, close loopholes, deductions — he hasn’t identified which ones they are — but that thereby bring down the corporate rate.

“Well, I want to do the same thing, but I’ve actually identified how we can do that. And part of the way to do it is to not give tax breaks to companies that are shipping jobs overseas.

“Right now, you can actually take a deduction for moving a plant overseas. I think most Americans would say that doesn’t make sense. And all that raises revenue.”

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3 Comments on “Transcript: Debate excerpts – President Obama on corporate tax reform

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