Posted on 07/30/2013 7:23:23 AM PDT by upchuck
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 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 say Obama is not giving up on a big deficit-cutting package, but given that no agreement appears on the horizon so far, he is offering a new idea to try to follow through on his 2012 re-election campaign promises to help the middle class.
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.
The new twist is that in exchange for his support for a corporate tax reduction, he wants money generated by the tax overhaul to be used on a mix of proposals such as funding infrastructure projects like repairing roads and bridges, improving education at community colleges, and promoting manufacturing, senior administration officials said.
Obama's proposal would generate a one-time source of revenue, for example, by reforming depreciation or putting a fee on accumulated foreign earnings.
Officials gave no specific figure on how much money would be raised. But Obama in his State of the Union speech in February called for $50 billion for infrastructure spending.
(Excerpt) Read more at reuters.com ...
I also propose a grand bargain:
Obama resigns, and the American people graciously agree to leave his name out of the history books, the period merely to be referred to (non-racially, mind you) as “The Dark Ages.”
If he loses then he gets to flail the Republicans for further destroying the economy by refusing to help grow the middle class (as he is promoting in his latest campaign).
FDR: “New Deal”
HST: “Fair Deal”
BHO: “Such a Deal!”
grand bargain , gang of 8 ,sounds Chinese to me
So, the O admits that lowering taxes creates jobs...imagine that.
The way Rueters writes it, you would have to be an idiot to oppose it! Pathetic “journolism” at its worst!
his “jobs program” is about “union jobs”, never “shovel ready” and crony-capitalist (construction industry) “infrastructure” jobs; while it offers NO individal income tax relief to small business owners or middle class individuals who pay personal income taxes on their business or personal earnigs
nobama's capital crony pals at Google, Facebook, Apple, GE, and others, are not gonna be happy about this.
“as a tool against corporate tax evasion”
Tax evasion is a matter of law enforcement. The writer is confusing evasion with avoidance.
Tax avoidance is not only legal, but for publicly traded companies it is a legal obligation due to a fiduciary duty owed to the share holders.
The CEO and other executives MUST make all reasonable efforts to reduce the tax liabilities of the company.
Channeling Joe Wilson.....HE LIES!
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