President Obama is asking Congress to reform the U.S. tax code.
During a Friday press conference, Obama said the change would help promote growth and job creation.
“I’m calling on Congress to pass new legislation that requires all companies formed inside the United States, to report information about their real owners to the Treasury Department’s Financial Crimes Enforcement Network,” the president said. “That’s going to help law enforcement better investigate and prevent financial crimes.
Obama continued, saying: “I’m calling on Congress to provide the Justice Department with additional tools to investigate corruption and money launderers. I’m calling on the Senate, in particular Senator Rand Paul who’s been a little quirky on this issue, to stop blocking the implementation of tax treaties that have been pending for years. These treaties actually improve law enforcement’s ability to investigate and crack down on offshore tax evasion.”
The president stated only Congress can close the “loopholes” that wealthy people and strong corporations frequently take advantage of, which hurts the middle class.
“They’re getting out of paying their fair share of taxes,” he said. “That means the rest of us have to shoulder that burden.”
However, Obama was blunt, saying he doesn’t think Congress will act on a tax reform plan before the election. He went on to say his administration is looking to see what they can do separately to make the tax system “fair.”
Obama said that battling tax evasion and building up the global financial system have been at the forefront of his agenda since his first day in the White House.
“Combatting this kind of tax evasion and strengthening the global financial system have been priorities of mine…and they’re part of our broader, on-going efforts to make sure the rules aren’t rigged and our economy works for everybody.”