Barack Obama

yesterdai i spoke about the futur of the american_economi at the nasdaq __PUNCT__

and in mani wai __PUNCT__ nasdaq is a symbol of the new economi that take hold __PUNCT__ the wealth creat __PUNCT__ the boom and bubbl __PUNCT__ the technolog that help to drive growth __PUNCT__ and the interconnected that now span the globe __PUNCT__

it no secret that a fundament transform of our economi is take place __PUNCT__

in book and on balanc_sheet __PUNCT__ at polici_institut and around kitchen_tabl __PUNCT__ peopl ar try to make_sens of where the swift and strong current of global ar take us __PUNCT__

what we do know is that american ar live and work in a rapidli chang econom_realiti __PUNCT__

thi isn't the first time thi ha happen __PUNCT__

time and again __PUNCT__ the american_economi ha undergon upheav __PUNCT__ from slave to free __PUNCT__ from agricultur to industri __PUNCT__ from peac to war __PUNCT__ time __PUNCT__ and from war __PUNCT__ time to peac __PUNCT__

and time and again __PUNCT__ the american economi ha emerg stronger __PUNCT__

the on constant ha been the advanc of individu opportun __PUNCT__

there ar few principl more basic to our countri __PUNCT__ and there is none more basic to our economi __PUNCT__

we believ that there is a place in the american economi for everi american_dream __PUNCT__

and we know that when we extend that dream of opportun to more american __PUNCT__ all of us gain __PUNCT__

american also know that opportun doesn't come easi __PUNCT__

you have to work for it __PUNCT__

here i think of my father __PUNCT__ in __PUNCT__ law __PUNCT__ fraser robinson __PUNCT__

he rais hi two children with hi wife marian in 1960 chicago __PUNCT__

thei face what other african __PUNCT__ american_famili face at the time __PUNCT__ both hidden and overt form of racism that limit their effort to get ahead __PUNCT__

and thei face an addit obstacl __PUNCT__

at ag___NUM__ fraser wa diagnos with multipl sclerosi __PUNCT__

and yet __PUNCT__ everi dai of hi life __PUNCT__ even when he had to leav an hour earlier in the morn and reli on a walker to get him there __PUNCT__ he went to work at the local water filtrat plant while marian stai_home with the children __PUNCT__

and on that singl salari __PUNCT__ fraser robinson provid for hi famili __PUNCT__ send my wife michel and her brother craig to princeton __PUNCT__

thi is an american stori that plai out in million of famili each and everi dai __PUNCT__

it is a stori that is share by the caregiv who is up befor dawn and the teacher who never miss the bell __PUNCT__ by the trader who work late and the janitor on the night shift __PUNCT__

it is the stori of a societi that valu work __PUNCT__ and of peopl who work to creat a better futur for their famili __PUNCT__

thi stori could not exist without a basic social compact in thi countri __PUNCT__

that compact sai that if you work_hard __PUNCT__ your work will be reward __PUNCT__

that everybodi ha an opportun to make a decent live __PUNCT__ to rais a famili __PUNCT__ to give their children the best chanc at success __PUNCT__ and to look forward to a secur retir __PUNCT__

that peopl like fraser and marian robinson can give their children the chanc to dream bigger __PUNCT__ and to reach new horizon __PUNCT__

that social compact is start to crumbl __PUNCT__

in our new economi __PUNCT__ there is no shortag of new wealth __PUNCT__

but wage ar not keep pace __PUNCT__

worker ar more vulner to job_loss and more worri about retir __PUNCT__

those american fortun enough to have health_care ar pai more for it __PUNCT__ health care premium have risen nearli __NUM__ __PUNCT__ in the last six year __PUNCT__

american ar face deeper person debt __PUNCT__

from fill up the ga tank to pai for a colleg_educ __PUNCT__ everyth seem to cost more __PUNCT__

thi is not just happen by chanc __PUNCT__

it not someth we can just chalk up to temporari shock __PUNCT__

it happen in part becaus of the choic we make __PUNCT__ and the wai that we make those choic __PUNCT__

it happen becaus we gone too far from be a countri where we all in thi togeth __PUNCT__ to a countri where everyon on their own __PUNCT__

todai __PUNCT__ i go to focu on on aspect of our econom_polici where we need to make differ choic __PUNCT__

becaus nowher is thi shift in our prioriti more evid than in our tax_polici __PUNCT__

instead of work to find wai to reliev the burden on the middl_class __PUNCT__ we develop creativ wai to remov the burden from the well __PUNCT__ off __PUNCT__

instead of have all of us pai our fair_share __PUNCT__ we got over __MONEY___trillion worth of loophol in the corpor_tax tax_code __PUNCT__

thi isn't the invis_hand of the market at work __PUNCT__

it the success work of special_interest __PUNCT__

for decad __PUNCT__ we seen a success strategi to ride anti __PUNCT__ tax sentiment in thi countri toward tax_cut that favor wealth __PUNCT__ not work __PUNCT__

and for decad __PUNCT__ we seen the gap in wealth in thi countri grow wider __PUNCT__ while the cost to work_peopl ar greater __PUNCT__

we got a shift in our tax valu that disproportion benefit the wealthiest american __PUNCT__ corpor carv __PUNCT__ out that serv no nation purpos __PUNCT__ tax_break that allow compani to stash their profit oversea __PUNCT__ a govern that paralyz when deal with offshor tax_haven countri __PUNCT__ an overload tax_code that too complic for ordinari folk to understand __PUNCT__ but just complic enough to work for someon who know how to work the system __PUNCT__

when big_busi doesn't like someth in the tax_code __PUNCT__ thei can hire a lobbyist to get it chang __PUNCT__ but most work_peopl can't afford a high __PUNCT__ price lobbyist __PUNCT__

instead of honor that core american valu __PUNCT__ opportun for all __PUNCT__ we had a system in washington where our law and regul have carv out opportun for the few __PUNCT__

the number don't lie __PUNCT__

at a time when incom_inequ is grow sharper __PUNCT__ the bush_tax_cut gave the wealthiest___NUM___percent of american a tax_cut that wa twice as larg as the middl_class __PUNCT__

at a time when american ar work_harder than ever __PUNCT__ we ar tax incom from work at nearli twice the level that we tax gain for investor __PUNCT__

talk about thi in polit compani __PUNCT__ and sooner or later you get accus of wage class_warfar __PUNCT__

as if it distast to point out that some ceo make more in ten_minut than a worker make in ten_month __PUNCT__

or __PUNCT__ as my friend warren buffet put it to me __PUNCT__ if there class_warfar go on in america __PUNCT__ then my class is win __PUNCT__

what warren_buffett know is what all american have to rememb __PUNCT__ to get through these uncertain time __PUNCT__ we have to recogn that we all have a stake in on anoth success __PUNCT__

when folk ar hurt out there on main_street __PUNCT__ that not good for wall_street __PUNCT__

when the chang in our economi ar leav too mani peopl behind __PUNCT__ the competit of our countri risk fall behind __PUNCT__

when that dream of opportun is deni to too mani american __PUNCT__ then ultim that pain ha a wai of trickl up __PUNCT__

we welcom success_stori here in america __PUNCT__

we admir those who have climb to the top of the ladder __PUNCT__

we just need to be sure that the ladder doesn't get taken awai from the rest of us __PUNCT__

we want a system_base on fair __PUNCT__ not special_favor __PUNCT__

to steer a cours through the chang that take hold __PUNCT__ we have to hold tight to that core_principl __PUNCT__ that our economi must advanc opportun for all american __PUNCT__

my own experi over two decad tell me that when you give peopl a chanc at that opportun __PUNCT__ thei will take it __PUNCT__

that what i found as a commun_organ on the south_side of chicago __PUNCT__ where we set up job_train train_program and after school program and counsel program to bring hope to place that had been hurt by chang __PUNCT__

that what i found as a state_senat in illinoi when we creat the state earn_incom incom_tax_credit so we could put __MONEY___million of tax_cut into the pocket of work_famili __PUNCT__

that what i been focus on as a unit_state state_senat __PUNCT__ as i work to expand the child tax_credit to includ children in minimum_wage famili __PUNCT__ and to close loophol that shift the tax_burden on to work_peopl __PUNCT__

and that what i do as presid __PUNCT__

becaus when it come to our economi __PUNCT__ the american_peopl ar not the problem __PUNCT__ thei ar the answer __PUNCT__

i restor simplic to the tax_code __PUNCT__ and fair for the american_middl_class __PUNCT__

it time to stand up to special_interest carv out __PUNCT__

i end the preferenti_treatment that built into our tax_code by elimin corpor loophol and tax_break __PUNCT__

we shouldn't be distort our tax_code to benefit a few power_interest __PUNCT__ we should be insist that everyon pai their fair_share __PUNCT__ and when i presid __PUNCT__ thei will __PUNCT__

and it time to shed some sunlight not onli on compani that abus the tax_code __PUNCT__ but also on the secret offshor tax_haven that shelter them __PUNCT__

we creat a list of countri where tax evad hide their incom and cost america untold billion of dollar everi year __PUNCT__

we lead the intern_commun to new standard of inform share __PUNCT__

and we penal compani and individu who us those haven and illeg evad their tax oblig __PUNCT__

if we go to keep that social compact for a new centuri __PUNCT__ we need a tax_code that fair __PUNCT__ a tax code that reward work and advanc opportun __PUNCT__

everi american who is readi to work for their american_dream should be abl to trust that thei have a govern that work for them __PUNCT__

i keep that trust by cut_tax for work_peopl __PUNCT__ homeown __PUNCT__ and senior __PUNCT__ and by simplifi tax file for middl_class class_american __PUNCT__

first __PUNCT__ i give a tax_cut to work_peopl __PUNCT__

the american_peopl peopl_work longer and harder than the peopl of ani other wealthi nation in the world __PUNCT__

but their hour ar get longer and their wage aren't get ani higher __PUNCT__

their cost ar go up __PUNCT__ but their econom_secur is go down __PUNCT__

when a singl_mom get her paycheck __PUNCT__ that check get tax __PUNCT__

when she goe to bui groceri __PUNCT__ that purchas get tax __PUNCT__

when she reach her retir __PUNCT__ her social_secur_benefit get tax __PUNCT__

meanwhil __PUNCT__ her boss invest get tax at a lower_rate __PUNCT__ and the corpor she work for ha all kind of loophol built into the tax_code becaus thei got lobbyist in washington stick up for their interest __PUNCT__

it time for that to chang __PUNCT__

it time for american to have a presid in the oval_offic who make_decis base on their interest __PUNCT__ not the special_interest __PUNCT__

let not forget that even in thi era of econom chang __PUNCT__ our wealth as a nation remain found on work __PUNCT__

i reward work by provid an incom_tax tax_cut of up to __MONEY__ per person __PUNCT__ or __MONEY__ for each work_famili __PUNCT__ to offset the payrol_tax that thei alreadi pai __PUNCT__

at a time when confid in the american_economi is unsteadi __PUNCT__ thi will give middl_class class_american a break __PUNCT__ and help them deal with the rise_cost of energi __PUNCT__ educ __PUNCT__ and save for retir __PUNCT__

under my plan __PUNCT__ __NUM___million_american __PUNCT__ and their famili __PUNCT__ will get a tax_cut __PUNCT__

and becaus thi credit would be greater than their incom_tax tax_bill __PUNCT__ my propos would elimin all incom_tax for __NUM___million work_american __PUNCT__

in so mani work_famili __PUNCT__ two parent ar work_full full_time __PUNCT__ try to bring up their children __PUNCT__ and try to keep up with so mani cost that keep grow while their paycheck don't __PUNCT__

thi tax_credit will strengthen work_famili by increas the monei in their pocket __PUNCT__ and reduc the worri that hang over so mani american __PUNCT__

and thi tax_credit will be a particular boost to singl work mom __PUNCT__ who put in the hour to provid the best opportun possibl for their kid __PUNCT__ but struggl to stretch a paycheck that can't cover their grow need __PUNCT__

the second thing i do to eas the burden on the middl_class is provid a univers homeown __PUNCT__ tax_credit __PUNCT__

if work is how most american seek their dream __PUNCT__ a home is how mani famili realiz it __PUNCT__

a home is a sourc of stabil __PUNCT__ a build block for commun __PUNCT__ and the most valuabl thing that most middl_class folk will own __PUNCT__

but __PUNCT__ as ha been made painfulli clear through the sub __PUNCT__ prime crisi __PUNCT__ that sourc of stabil can quickli becom the sourc of econom_insecur __PUNCT__

too mani american ar struggl under the weight of their mortgag __PUNCT__

homeown need a break __PUNCT__

todai __PUNCT__ we have a mortgag_interest_deduct __PUNCT__ but it onli goe to peopl who item on their tax __PUNCT__

like so much in our tax_code __PUNCT__ thi tilt the scale toward the well __PUNCT__ off __PUNCT__

onli a third of homeown take advantag of thi credit __PUNCT__

i creat a mortgag_interest credit so that both item and non __PUNCT__ item get a break __PUNCT__

thi will immedi benefit __NUM___million homeown in america __PUNCT__

the vast_major of these ar folk who make under __MONEY__ per year __PUNCT__ who will get a break of __NUM__ percent of their mortgag_interest interest_rate __PUNCT__

for most middl_class class_famili __PUNCT__ thi will add up to about __MONEY__ each year __PUNCT__

thi credit will also extend a hand to mani of the million of american who ar stuck in the subprim crisi by give them some breath room to refin or sell their home __PUNCT__

the third thing i do is provid a progress_tax tax_cut for america senior __PUNCT__

sinc the new deal __PUNCT__ we had a basic understand in america __PUNCT__

if you work_hard and pai into the system __PUNCT__ you earn the right to a secur retir __PUNCT__

but even though thei held up their end of the bargain __PUNCT__ mani senior ar struggl to keep pace with cost __PUNCT__

and as so mani american know __PUNCT__ their worri becom an entir famili worri __PUNCT__

thi strain ha been greater sinc __NUM__ when tax on social_secur_benefit were rais __PUNCT__

million of senior saw their net benefit go down __PUNCT__

thei also had to take on the ad strain __PUNCT__ and sometim cost __PUNCT__ of file a complic tax_return __PUNCT__

it time to give america senior a break __PUNCT__

so i give retir folk the same_kind of relief i offer to work_peopl __PUNCT__

when i presid __PUNCT__ we work to see that no retire make less than __MONEY__ each year ha to pai incom_tax __PUNCT__

thi will elimin incom tax for about __NUM___million_american __PUNCT__ at a save_rate of roughli___MONEY__ each year __PUNCT__

and __NUM___million senior won't even have to file a return and hire an expens tax prepar __PUNCT__

the final part of my plan will be simplifi the process of file a tax_return for all american __PUNCT__

the tax_code ha becom far too complex __PUNCT__

deduct and exempt ar built into the system __PUNCT__ but ordinari_peopl don't have the time to figur them out without go to an expert prepar __PUNCT__ yet anoth cost at tax time __PUNCT__

in __NUM__ the ir estim that it took __NUM___hour for an individu to complet her tax file __PUNCT__

accord to the ir nation taxpay advoc __PUNCT__ the most seriou problem_face taxpay todai is the complex of the intern_revenu code __PUNCT__

thi past_year __PUNCT__ usa_todai had five differ profession add up the tax_bill for on work_famili __PUNCT__ and thei all got differ answer __PUNCT__

it time to cut through the complex __PUNCT__

when i presid __PUNCT__ we put in place a system where __NUM___million_american with a job and a bank_account who take the standard deduct can do their tax in less than five minut __PUNCT__

the govern alreadi collect wage and bank account inform __PUNCT__ so there no reason the ir can't send american prefil tax form to verifi __PUNCT__

thi mean no more worri __PUNCT__

no more wast_time __PUNCT__

no more extra expens for a tax prepar __PUNCT__

make thi chang would save american more than __MONEY___billion in tax prepar fee __PUNCT__ more than __NUM___million hour of work __PUNCT__ and an incalcul amount of headach and heartburn __PUNCT__

all of these propos ar about make_america tax_code simpler __PUNCT__ and make it work better for work_american __PUNCT__

as we simplifi the tax_code so that it work for the middl_class __PUNCT__ we have to address shift cost __PUNCT__

american ar tire of an attitud toward tax and spend in washington that is leav a legaci of debt to our children and grandchildren __PUNCT__

to ensur that we ar fiscal_respons __PUNCT__ we gain revenu by shut down corpor loophol and tax_haven __PUNCT__

we also turn the page on an approach that give repeat tax_cut to the wealthiest___NUM___percent of american even though thei don't need them and didn't ask for them __PUNCT__

we lost the balanc between work and wealth __PUNCT__

i will close the carri interest loophol __PUNCT__ and adjust the top dividend and capit_gain rate to someth closer to __PUNCT__ but no greater than __PUNCT__ the rate ronald_reagan set in __NUM__ __PUNCT__

as we make these chang __PUNCT__ we be sure to encourag growth and innov __PUNCT__

so we exempt start __PUNCT__ up compani and small_busi from capit_gain to give them an ad boost __PUNCT__

becaus when more american tap that well of opportun __PUNCT__ all of us ar better off __PUNCT__

you know __PUNCT__ the truth is __PUNCT__ most american aren't ask for a lot __PUNCT__

thei don't need oversea tax_shelter or a long_list of loophol __PUNCT__

thei just want a fair_shake __PUNCT__

and thei could stand a break __PUNCT__

becaus most american have simpl dream __PUNCT__

a job __PUNCT__

a place to rais their famili __PUNCT__

a secur retir __PUNCT__

a chanc to creat opportun for their kid that might extend a littl further than their own __PUNCT__

after all __PUNCT__ the wealth of our nation is root in the work of our peopl __PUNCT__

in hi first state of the union messag to congress __PUNCT__ abraham_lincoln laid out a core_principl __PUNCT__ capit is onli the fruit of labor __PUNCT__ and could never have exist if labor had not first exist __PUNCT__

labor is the superior of capit __PUNCT__ and deserv much the higher consider __PUNCT__

it a simpl proposit __PUNCT__

that the wealth we earn come from the work that we do __PUNCT__

it a proposit that is live __PUNCT__ dai in and dai out __PUNCT__ in the home of million of work_american __PUNCT__

the steadi pursuit of simpl dream __PUNCT__

the american_economi is the talli of all of those dream __PUNCT__

now __PUNCT__ at a time of rise_cost and rise uncertainti __PUNCT__ it time for polic from washington that put a littl wind at the back of the american_peopl __PUNCT__

now is the time for us to come togeth as a nation behind a new compact for the __NUM___centuri __PUNCT__ on that give the american_peopl a lift __PUNCT__ so thei can lift up thi countri anew __PUNCT__