President Obama visited a Boeing production facility in Everett, Washington today to lay out a plan to support American manufacturers at home and in overseas markets:
First, if you're a business that wants to outsource jobs, that's your choice. But you shouldn't get a tax deduction for doing it. That money should be used to cover moving expenses for companies that are deciding to bring jobs back home--that's who should be getting tax breaks.
Second, no American company should be able to avoid paying its fair share of taxes by moving jobs and profits overseas. My attitude is every multinational company should have to pay a basic minimum tax. You should not have an advantage by building a plant over there over somebody who's investing here and hiring American workers. And every penny of that minimum tax should go towards lowering taxes for companies like Boeing that choose to stay and hire here in the United States of America.
Number three, if you're an American manufacturer, you should get a bigger tax cut. And if you're a high-tech manufacturer, we should double the tax deduction you get for making your products here. And finally, if you want to relocate in a community that's been hit hard by factories leaving town, then you should get help financing that new plant, or financing that equipment, or training for new workers.
I will go anywhere in the world to open up new markets for American products. And by the way: I will not stand by when our competitors don't play by the rules. That's why I directed my administration to create a Trade Enforcement Unit that just has one job: investigating unfair trade practices in countries like China or places like Europe.
That's why it's so important for Congress to reauthorize the Export-Import Bank. This bank is led by Fred Hochberg, who's right here and the Export-Import Bank helps companies like this one sell its products. It also helps thousands of small businesses. And today, the Bank will be launching a new program to help small businesses get the financing they need to sell more products overseas. I'm also instructing the Bank to give American companies a fair shot by matching the unfair export financing that their competitors receive from other countries. American workers you're the most productive on Earth. You can compete with anybody. You will outwork anybody as long as the playing field is level. You can compete with any worker anywhere any time--in China, in Europe--it does not matter. If we have a level playing field, America will always win because we've got the best workers.