THE WHITE HOUSE

Office of the Press Secretary

EMBARGOED UNTIL 6:00 AM ET, SATURDAY, July 26, 2014

WHITE HOUSE VIDEO MESSAGE: Embracing Economic Patriotism

WASHINGTON, DC In this weeks message, Director of the White House Domestic Policy Council Cecilia Muoz highlighted the progress our economy has made since September 2008, but also discussed the small but growing group of big corporations that are fleeing the country to avoid paying taxes, even as corporate profits are as high as ever. The best way to level the playing field, as the Presidents budget earlier this year proposed, is through tax reform that lowers the corporate tax rate, closes wasteful loopholes, and simplifies the tax code for everybody.

The audio of the address and video of the message will be available online HERE.

Remarks of Cecilia Muoz

Spanish Weekly Address

The White House

July 26, 2014

Hi, everybody. Our businesses have now added nearly 10 million new jobs over the past 52 months. The unemployment rate is at its lowest point since September 2008 the fastest one-year drop in nearly 30 years.

But theres another trend that threatens to undermine the progress youve helped make. Even as corporate profits are as high as ever, a small but growing group of big corporations are fleeing the country to get out of paying taxes. Theyre keeping their headquarters, and most of their business, inside the United States, but theyre basically renouncing their citizenship and declaring that theyre based somewhere else, just to avoid paying their fair share.

I want to be clear: this is only a few big corporations so far. The vast majority of American businesses play by the rules. But these companies cherrypick their taxes. It damages the countrys finances.

The best way to level the playing field is through tax reform that lowers the corporate tax rate, closes wasteful loopholes, and simplifies the tax code for everybody. In the Presidents budget earlier this year, he proposed closing this unpatriotic tax loophole for good.

Together, we can build up our middle class, hand down something better to our kids, and restore the American Dream for all who work and study and strive for it.

Thanks, and have a great weekend.

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