President Obama on Tax Day: "Tax cuts to the Americans who need them"

President Obama used today, tax day, to speak about the work his administration has done so far to restore fairness to the tax code and provide tax relief to working families. "We start from the simple premise that we should reduce the tax burden on working people," the President explained, "while helping Americans go to college, own a home, raise a family, start a business and save for retirement. Those goals are the foundation of the American Dream, and they are the focus of my tax policy."

President Obama promised to begin work to simply what he described as "a monstrous tax code" that is "far too complicated for most Americans to understand, but just complicated enough for the insiders who know how to game the system." The President also outlined five specific steps that have been taking so far:

1. A broad and sweeping tax cut for 95 percent of American workers: The most progressive tax cut in American history, this was a core focus of the President's campaign and a core component of the American Recovery and Reinvestment Act. Starting April 1st, Americans saw this tax cut in the extra money that they took home with each paycheck.
2. In order to help small businesses weather this economic storm and create good jobs, small businesses are now allowed to offset their losses during this downturn against the income they've earned over the last five years instead of the normal two.
3. In order to make college more affordable for every American that needs a hand, the administration has committed to simplifying the student loan process so more families can get the help they need.
4. To help more Americans purchase homes that they can afford, the administration is now providing a tax credit of up to $8,000 for first-time home buyers, which will put a home within reach for hardworking Americans who are playing by the rules and making responsible choices. 
5. In order to ensure that tax relief is joined with fiscal discipline, the administration has already identified $2 trillion in deficit reductions over the next decade -- cutting programs that don't work, contracts that aren't fair, and spending that we don't need.

President Obama also remarked:

For too long, we've seen taxes used as a wedge to scare people into supporting policies that actually increased the burden on working people instead of helping them live their dreams.  That has to change, and that's the work that we've begun. We've passed tax cuts that will help our economy grow. We've made a clear promise that families that earn less than $250,000 a year will not see their taxes increase by a single dime. And we have kept to those promises that were made during the campaign. We've given tax relief to the Americans who need it and the workers who have earned it. And we're helping more Americans move towards their American Dream by going to school, owning a home, keeping their business and raising their family.

So on this April 15th, we're reminded of the enormous responsibility that comes with handling peoples' tax dollars. And we're renewing our commitment to a simpler tax code that rewards work and the pursuit of the American Dream.

Read the President's full remarks . . .