The White House Blog: The President
- Posted byon July 24, 2014 at 2:43 PM EDT
Today, President Obama is heading to Los Angeles Trade Technical College, where he's calling for a kind of "economic patriotism" that's based on investing in the things that we know grow the economy for everyone (like education and job training) — not protecting wasteful loopholes for a few at the top.
And he's calling attention to one kind of corporate merger deal in particular — called an "inversion" — a word you might be seeing in a lot of news headlines lately.
It's not the most intuitive name for a corporate tax loophole, so we're going to break it down for you.
Q: So what exactly is an "inversion"?
A corporate "inversion" is what happens when a U.S.-based multinational with operations in other countries restructures itself so that the U.S. "parent" is replaced by a foreign corporation — and usually one that's in a country with a lower tax rate than the United States. As a result, on the whole, this means that corporate income tax that would otherwise be paid to the United States ends up going overseas.
In other words, right now, our tax code allows any American company to merge with a foreign company (so long as that company’s shareholders own 20% of the combined firm) — and then “relocate” or “invert” to another country for tax purposes. This maneuver — which changes nothing about the actual operations that continue in the U.S. — allows companies to dramatically reduce the taxes they owe in the U.S. by taking advantage of loopholes in our tax system.
Meanwhile, they would continue enjoying the benefits and protections of the American economy — provided by our tax dollars. It's a big loophole — and right now, it’s completely legal.
- Posted byon July 22, 2014 at 7:00 PM EDT
Forty-five years ago today, two American astronauts -- Buzz Aldrin and Neil Armstrong -- landed on the moon's Sea of Tranquility, and Neil Armstrong planted the first footprint on the surface of the moon. As he made those first steps, Armstrong uttered that simple phrase we still remember today: "That's one small step for man, one giant leap for mankind."
Today, President Obama joined all Americans honoring that giant leap forward, by inviting Neil Armstrong's wife, Carol, Michael Collins, the astronaut who piloted the spacecraft that orbited the moon, and Buzz Aldrin, to the White House. Armstrong passed away in 2012.
In the President's statement on today's meeting, he honored the bravery and leadership that these heroes displayed, and acknowledged the influence that their mission has had on mankind:
The United States of America is stronger today thanks to the vision of President Kennedy, who set us on a course for the moon, the courage of Neil, Buzz, and Michael, who made the journey, and the spirit of service of all who’ve worked not only on the Apollo program, but who’ve dared to push the very boundaries of space and scientific discovery for all humankind.
As we commemorate that day, we take a look back at the Apollo 11 mission and the extraordinary influence of the U.S. space program.
- Posted byon July 22, 2014 at 6:20 PM EDT
President Barack Obama signs H.R. 803, the Workforce Innovation and Opportunity Act after delivering remarks on job training, in the Eisenhower Executive Office Building South Court Auditorium, July 22, 2014. (Official White House Photo by Amanda Lucidon)
We need to make sure workers in America can find jobs that meet their skills, or get trained with the skills they need for a better job.
That's why, in this year's State of the Union address, President Obama tasked Vice President Biden with leading a review of our country's job-training programs to make sure that they have one mission: training our workers with the skills employers need, and matching them to good jobs that need to be filled right now.
The effort to make our federal training programs more job-driven was also bolstered by the bipartisan passage of the Workforce Innovation and Opportunity Act (WIOA), which President Obama signed into law this afternoon.
- Posted byon July 22, 2014 at 4:06 PM EDT
President Obama visited the Embassy of the Netherlands this morning, signing a condolence book for those killed in the shoot-down of Malaysia Airlines Flight MH17 in Ukraine. In the condolence book, the President wrote:
On behalf of the American people, I extend our deepest condolences to the people of the Netherlands as they mourn the loss of so many family and friends. No words can adequately express the sorrow the world feels over this loss. It is made more acute by the deep ties of friendship between our two countries. Bound by that friendship, we will not rest until we are certain that justice is done.
- Posted byon July 22, 2014 at 2:59 PM EDT
Last week, we had the privilege of meeting with President Obama, members of his Cabinet, and 24 other state, local, and tribal leaders for the fourth and final meeting of the President’s Task Force on Climate Preparedness and Resilience. It was an important milestone in a productive and collaborative process.
We discussed the Task Force’s draft recommendations, including many steps that we hope federal agencies will take to help states and communities like ours get ready for climate change, and the Administration announced bold new actions it is taking to support climate preparedness.
Sitting there together, we recalled how the partnership between Vermont and Fort Collins, Colorado, began in far less auspicious circumstances. In September 2013, floods devastated many Colorado communities along the front range. Vermont, having recently rebuilt hundreds of bridges, roads, and homes after the record-setting Tropical Storm Irene, sent a team led by Vermont’s former recovery officer and current transportation Deputy Sue Minter, to provide advice and support to Colorado leaders as they faced the epic challenge of organizing a swift recovery.
The experience of a severe disaster in both our jurisdictions, and our deep concern that the risk of such events is worsening with climate change, has galvanized our determination to strengthen the resilience of our state and city, and to work together with leaders across the country as we “bounce forward," and make our communities safe and prosperous during a time of increased climate-related risks.
President Obama at My Brother’s Keeper Town Hall: “America Will Succeed If We Are Investing in Our Young People”Posted byon July 21, 2014 at 8:26 PM EDT
This afternoon, President Obama visited the Walker Jones Education Campus in Washington, D.C. to participate in a town hall with youth, and to announce new commitments in support of the My Brother’s Keeper Initiative.
As the President said today, "We want fewer young men in jail; we want more of them in college. We want fewer young men on the streets; we want more in the boardrooms. We want everybody to have a chance to succeed in America. And it’s possible if we’ve got the kind of team that we set up today."
Watch President Obama answer questions during today’s town hall:
- Posted byon July 21, 2014 at 6:38 PM EDT
At a ceremony at the White House this afternoon, President Obama presented the Medal of Honor to Staff Sergeant Ryan M. Pitts for his unwavering courage in one of the fiercest battles of the Afghanistan war.
In the summer of 2008, when our forces in Afghanistan were stretched thin across isolated outposts, Ryan was serving alongside 48 American soldiers charged with using little resources to defend a post with significant vulnerabilities. Mountains stood sky-high on every side of the village of Wanat, diverting aerial surveillance and delaying the heavy equipment they needed for their defense.
In the pre-dawn darkness of one fateful July morning, while manning this small, unfinished base, Ryan and his fellow soldiers were attacked by 200 assailants who were determined to take their post. “Those 200 insurgents were firing from ridges and from the village and from trees,” President Obama said. “Down at the base, a vehicle exploded—scattering its missiles, back at our soldiers. It was, said a soldier, ‘hell on earth.’”
- Posted byon July 21, 2014 at 6:12 PM EDT
Earlier today, President Obama signed an Executive Order that prohibits federal contractors from discriminating on the basis of sexual orientation or gender identity. The Order also ensures that federal employees – who are already protected on the basis of sexual orientation – will now formally be protected from discrimination based on gender identity as well.
In response to the President's actions today, many national organizations dedicated to LGBT equality, civil rights, and religious freedom expressed their support.
This is one of the most important actions ever taken by a president to eradicate LGBT discrimination from America's workplaces. By signing this order, President Obama is building on a bipartisan tradition, dating back over 70 years, of barring discrimination without exception when taxpayer dollars are involved.
- Posted byon July 21, 2014 at 3:00 PM EDT
President Barack Obama delivers remarks before he signs an executive order regarding further amendments to Executive Order 11478, Equal Employment Opportunity in the Federal Government, and Executive Order 11246, Equal Employment Opportunity, to protect LGBT employees from workplace discrimination, in the East Room of the White House, July 21, 2014. (Official White House Photo by Amanda Lucidon)
"Many of you have worked for a long time to see this day coming."
Those were President Obama's words to the audience in the East Room of the White House this morning, before he signed an Executive Order prohibiting federal contractors from discriminating on the basis of sexual orientation or gender identity.
At the signing, the President explained how, because of their "passionate advocacy and the irrefutable rightness of [their] cause, our government -- government of the people, by the people, and for the people -- will become just a little bit fairer."
- Posted byon July 21, 2014 at 12:38 PM EDT
This morning, President Obama made a statement on the current situation in Ukraine, in the wake of Malaysia Airlines Flight MH17 being shot down last week over territory controlled by Russian-backed separatists in Ukraine.
Following his press statement on Friday, the President restated today that "our immediate focus is on recovering those who were lost, investigating exactly what happened, and putting forward the facts. We have to make sure that the truth is out and that accountability exists."
He also noted that international investigators are already on the ground, prepared and organized to conduct "the kinds of protocols and scouring and collecting of evidence that should follow any international incident like this." President Obama then called on Russia -- and President Vladimir Putin in particular -- to "insist that the separatists stop tampering with the evidence, [and] grant investigators who are already on the ground immediate, full, and unimpeded access to the crash site."