Washington, DC – Tonight, in his annual State of the Union address, President Obama articulated a commitment to American manufacturing jobs and talked about the need to make sure the wealthiest Americans pay their fair share to restore economic stability. U.S. Senator Sheldon Whitehouse (D-RI), who is fighting to end a tax policy that rewards manufacturers for sending jobs overseas, released the following statement regarding the speech.
“President Obama put forward a strong vision for our nation’s long-term stability focusing on a renewed commitment to American manufacturing, education, and economic fairness. Manufacturing has long been a central part of our Rhode Island economy, but I’ve heard from many local manufacturers who are struggling to keep up with global competition. The President made clear that we need to stop providing incentives for businesses to send jobs overseas, and start supporting jobs here in America – and I couldn’t agree more.
“The President also spoke about the need to restore economic fairness to our current system. We need to put an end to the loopholes and special deals that allow millionaires and billionaires to pay a lower tax rate than middle class Rhode Islanders, and I look forward to working with President Obama in the coming weeks to advance legislation to accomplish that goal.
“Finally, at a time when other nations are doubling down on their commitment to education, I was glad to hear President Obama talk about the need to give our students the education necessary to compete in the global economy. My guest this evening, Travis Escobar, is an example of how investments like Pell Grants can help our children achieve their dreams, and it’s important that we continue to support those goals.”
Whitehouse is the sponsor of the Offshoring Prevention Act, legislation that would end a costly tax loophole that rewards companies for moving factories overseas. He also spoke last year about the need to give middle class Americans a “straight deal” by cracking down on unfair credit card rates, ending offshore tax havens, and making sure that millionaires and billionaires pay taxes “at least at the rate that ordinary American taxpaying families pay.”