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President Obama Offers Corporate Rate Cuts for New Jobs

President Obama Offers Corporate Rate Cuts for New Jobs By Mikka Gee Conway President Barack Obama announced a "grand bargain for middle class jobs" at a speech today in Tennessee. Dropping his past insistence on a reform of individual taxes, the Presid
July 30, 2013

President Obama Offers Corporate Rate Cuts for New Jobs

By Mikka Gee Conway

President Barack Obama announced a "grand bargain for middle class jobs" at a speech today in Tennessee. Dropping his past insistence on a reform of individual taxes, the President is now proposing a reduction in corporate tax rates, coupled with a one-time "significant investment in middle class jobs." Administration officials said that revenues to pay for the domestic investment could come from changes to depreciation rules or a fee on accumulated foreign earnings, but they gave no estimate of the dollar figures involved.

The proposal is a new effort to break the current logjam between Republican lawmakers who want lower corporate tax rates and Democrats who want a more direct investment in the domestic economy. The President has called for spending on infrastructure, community college education, and promoting manufacturing, consistent with his second-term agenda to boost the economy and help the middle class.

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