Obama talk taxes, compensation with CEOs

President Obama pulled no punches today in a speech to CEOs, telling them he plans to raise taxes on the wealthy, close tax loopholes and put limits on executive compensation.

In a speech to the Business Roundtable, a group of top executives, Obama defended his plans to let the Bush tax cuts expire for the wealthy and close tax loopholes that reward companies for sending jobs overseas.

"I’m not doing this to be punitive," Obama said of the income tax increase. "I’m doing it because at a time of two wars and massive deficits, I just can’t justify continuing to give billionaires massive tax cuts."

Closing the tax loopholes, Obama argued, will provide Americans with jobs.

"That’s not anti-business, it’s pro-America," he said. "And I don’t apologize for it."

The president also repeated his argument that executives at bailed-out firms should have limits on bonuses and compensation, an issue that has often put him at odds with the business community.

"Most Americans – including myself – don’t begrudge reasonable rewards for a job well done.  What has outraged people are the outsized bonuses at firms that so recently required massive public assistance," he said.

Obama said after bailout funds have been repaid, the government should stop regulating compensation. Instead, he said Congress should pass legislation letting shareholders have a say in executive salaries.

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