Zippyjuan wrote: Thought they wanted lower taxes on business? Rejected the idea even before details were announced.
(Reuters) - President Barack Obama will propose a "grand bargain for middle-class jobs" on Tuesday that would cut the U.S. corporate tax rate and use billions of dollars in revenues generated by a business tax overhaul to fund projects aimed at creating jobs.
His goal, to be outlined in a speech at an Amazon.com Inc facility in Chattanooga, Tennessee, is to break through congressional gridlock by trying to find a formula that satisfies both Republicans and Democrats.
Efforts to reach a bipartisan "grand bargain" on deficit reduction have been at an impasse for months.
Senior administration officials said Obama is not giving up on a big deficit-cutting package, but given that no agreement appears on the horizon, he is offering a new idea to try to follow through on his 2012 campaign promises to help the middle class.
"As part of his efforts to focus Washington on the middle class, today in Tennessee the president will call on Washington to work on a grand bargain focused on middle-class jobs by pairing reform of the business tax code with a significant investment in middle-class jobs," said Obama's senior adviser Dan Pfeiffer.
A spokesman for John Boehner, the Republican speaker of the House of Representatives, criticized the idea even before the release of the plan's details,
saying it further backs Obama's policies on taxes and spending "while leaving small businesses and American families behind."
Obama wants to cut the corporate tax rate of 35 percent down to 28 percent and give manufacturers a preferred rate of 25 percent.
He also wants a minimum tax on foreign earnings as a tool against corporate tax evasion and increased use of tax havens.
Full Story: http://www.reuters.com/article/2013/...96T0F820130730