Democratic officials said those perks for corporations will be largely gone in 2012, though they acknowledged that there will still be some corporate presence at the Charlotte convention. Corporations will still be allowed to make in-kind contributions — such as donating the use of a fleet of cars during the convention week. And corporations can still pay to host events or parties in the area around the convention itself.
“From the very beginning, President Obama has placed a high priority on increasing the influence of grassroots and individual donors, and this convention will go further in that direction than any convention ever,” Mr. Woodhouse said.
President Obama on Tuesday added his name to the long list of politicians who have called for an overhaul of those rules, so that companies of all kinds pay the federal government a roughly equal share of their annual profits.
“It makes no sense, and it has to change,” Mr. Obama said in his State of the Union address. “Get rid of the loopholes. Level the playing field. And use the savings to lower the corporate tax rate for the first time in 25 years — without adding to our deficit. It can be done.”
... President Obama asked Congress on Thursday to end $4 billion in subsidies for oil and gas companies and vowed to tackle the country’s long-term energy issues while shunning “phony election-year promises about lower gas prices.” ...
“You can either stand up for the oil companies, or you can stand up for the American people,” Mr. Obama said. “You can keep subsidizing a fossil fuel that’s been getting taxpayer dollars for a century, or you can place your bets on a clean-energy future.”
On Wednesday, President Obama met with a group of about 20 CEOs in a five-hour long summit, reportedly in an attempt to soothe the souring relationship between big business and big government. ...
By the end, Boeing CEO John McNerney is reported to have said, “We all wanted to move beyond the talk that made this confrontational environment. We made our apologies.” Honeywell International CEO David Cote said after the meeting, “Government is the enabler of business…Government and business need to work together.”
What Cote did not mention is that his company has already been working closely with the Obama Administration, and was a major beneficiary of the Recovery Act — as were many of the other companies represented.
The President also mocked Romney for claiming that “corporations are people.”
“I don’t care about how many ways you try to explain it,” he said. “Corporations aren’t people. People are people.”
“A lot of companies that do business internationally make an important contribution to our economy here at home. That’s a good thing,” Obama said. “But there is no reason why our tax code should actively reward them for creating jobs overseas. Instead, we should be using our tax dollars to reward companies that create jobs and businesses within our borders.”
“For years, our tax code has actually given billions of dollars in tax breaks that encourage companies to create jobs and profits in other countries,” Obama said. “I want to close these tax loopholes.”
Instead, "I want to give every business in America a tax break so they can write off the costs of all new equipment they buy next year,” the president said. “I want to make the research and experimentation tax credit permanent. And I want to provide a tax cut for clean energy manufacturing right here in America.”
“When you’re president, as opposed to the head of a private equity firm, then your job is not simply to maximize profits. … So, if your main argument for how to grow the economy is ‘I knew how to make a lot of money for investors,’ then you’re missing what this job is about,” Obama said. “It doesn’t mean you weren’t good at private equity, but that’s not what my job is as president.”
Arguing that successful business owners got help from others along the way and suggesting they should pay more in taxes in return, he noted how government often provides the infrastructure needed for success. "If you've got a business, you didn't build that," Obama said. "Somebody else made that happen."
David Chavern, chief operating officer of the Chamber of Commerce, accused Obama of slighting the remarkable achievements of extraordinary individuals.
"We should applaud the risk-takers and the dreamers who are willing to stand out from the crowd," Chavern said in a Chamber blog. "Rather than denigrate what these people have done, we need to encourage more people to be like them."
Continued implementation of Wall Street and auto industry bailouts begun under George W. Bush. Proposes tax breaks for U.S. manufacturers producing domestically or repatriating jobs from abroad, and tax penalties for U.S. companies outsourcing jobs.
President Obama will ask Congress to scrub the corporate tax code of dozens of loopholes and subsidies to reduce the top rate to 28 percent, down from 35 percent, while giving preferences to manufacturers that would set their maximum effective rate at 25 percent, a senior administration official said on Tuesday.
The political implications of the push will be complicated. Obama is effectively proposing to lower the tax burden on most businesses but to pay for it by ending entrenched benefits for particularly powerful interests. That’s an approach Republicans have claimed to support (though they’d like to lower rates further, and diminish the amount of revenue the government takes from businesses).
U.S. business owners' approval of President Barack Obama fell in the second quarter of 2012 to 35%, essentially tying farmers and fishers for the lowest approval among major occupational groups. Overall, professional workers remain the most approving, at 52%.