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Obama says "big steps" taken to change tax code

Saturday, April 09, 2016 - 01:34

In his weekly address, U.S. President Barack Obama speaks of two ''big steps'' taken this week to ''make our tax code fair and consumer protections stronger.'' Rough Cut (no reporter narration).

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BROADCAST AND DIGITAL RESTRICTIONS~**Broadcasters: NO ACCESS Digital: NO ACCESS AUSTRALIA BROADCASTER WEBSITES. NO ACCESS ABC AMERICA, FOX, UNIVISION, TELEMUNDO, BBC AMERICA, NBC, OR THEIR DIGITAL/MOBILE PLATFORMS. ROUGH CUT (NO REPORTER NARRATION) In his weekly address, U.S. President Barack Obama speaks of two "big steps" taken this week that will ensure Americans' hard work is rewarded and that "everybody plays by the same rules." Obama said the Department of Labor finalized a rule to crack down on conflicts of interest among retirement advisors. And the Treasury Department took more decisive actions to crack down on corporate inversions. "First, we're helping more Americans retire with security and dignity. Right now, if you go to a retirement advisor for investment advice, some of them don't have to act in your best interest. Instead of telling you the best way to save your hard-earned money, these advisors can get back door payments from big companies for steering you toward investments that cost more and earn you less," Obama said. Obama on Tuesday urged Congress to take action to stop U.S. companies from taking advantage of tax loopholes that allow them to avoid paying taxes. The U.S. Treasury Department took more decisive actions to crack down on inversions late on Monday, that imperils a number of proposed mergers, including Pfizer $160 billion agreement to buy Dublin-based Allergan Plc. "Together these steps build on the work we've already done to make our tax code fair and consumer protections stronger," said Obama.

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Obama says "big steps" taken to change tax code

Saturday, April 09, 2016 - 01:34