AFL-CIO President Richard Trumka released the following statement on President Barack Obama’s fiscal year 2016 budget proposal:
In the State of the Union, President Obama forcefully advocated for working families and the bold actions we need to take to create an economy that truly works for all working people. His budget follows through with a number of proposals that would benefit American workers, such as repeal of harmful sequestration cuts, higher taxes on capital gains and a financial crisis fee on the largest financial institutions. These are all pieces to a robust program to raise wages.
But when it comes to fixing our rigged corporate tax system, the actual proposals in President Obama’s budget don’t match the rhetoric. As this budget stands, it falls short of a very simple standard: Our tax system should not encourage corporations to shift jobs or profits overseas. We are also disappointed that the administration continues to propose corporate tax reform that does not raise significant amounts of revenue over the long term.