News / Economy

Obama Offers Corporate Tax Cuts Linked to Jobs

President Barack Obama gestures as he speaks at the Amazon fulfillment center in Chattanooga, Tennessee, July 30, 2013.
President Barack Obama gestures as he speaks at the Amazon fulfillment center in Chattanooga, Tennessee, July 30, 2013.
Kent Klein
— U.S. President Barack Obama is proposing a compromise to help break a deadlock with opposition Republicans over his economic plans. 

On Tuesday the president went to a giant product distribution center for retailer Amazon.com in the southern city of Chattanooga, Tennessee, to announce his latest proposed “grand bargain” on the U.S. economy.

"So today, I came here to offer a framework that might help break through some of the political logjam in Washington, try to get Congress to start moving on some of these proven ideas," he said.

Obama offered to cut corporate tax rates in exchange for more spending on programs designed to create jobs for the middle class.

"If folks in Washington really want a grand bargain, how about a grand bargain for middle class jobs?" he asked. "How about a grand bargain for middle class jobs?"

White House officials have said the president’s proposal will be the first of a series of new economic ideas he will advance in the next few months. He said "serious people" in both parties should accept this deal.

"I am willing to work with Republicans on reforming our corporate tax code, as long as we use the money from transitioning to a simpler tax system for a significant investment in creating middle class jobs," he said. "That's the deal."

Republican lawmakers were quick to dismiss the ideas. Senate Minority Leader Mitch McConnell said Obama’s initiative is nothing new and makes no concessions to Republican demands.

"It is just a further-left version of a widely-panned plan he already proposed two years ago, this time with extra goodies for tax-and-spend liberals."

Both the president and Republicans have supported simplifying corporate tax rates. But Republicans disagree with the Obama plan to reform corporate tax policy separately from individual tax rates.

The president wants the revenue generated by the tax changes to be spent on enhancing infrastructure, manufacturing and education.

Tuesday’s appearance in Tennessee was Obama’s fifth trip in seven days to promote his economic plans. With Washington facing budget deadlines in the coming months, the president is trying to build public support for his economic initiatives.

In Washington, policy makers at the U.S. central bank, the Federal Reserve, are meeting. They are considering when they might begin to trim their $85-billion-a-month purchase of securities they have used to pump more money into the U.S. economy, the world's largest. They plan to announce any policy changes on Wednesday.

You May Like

EU Court Fines Poland for Hosting CIA 'Black Sites'

Ruling is first time a court has acknowledged suspects were held and tortured at the sites, under US program launched following the 9/11 terrorist attacks More

Migrant Issues Close to Home Spur Groups to Take Action

Groups placing water, food in the desert, or aiding detainees after release, have one common goal: no more deaths of migrants crossing illegally into the US More

Video At AIDS Conference, Prevention Pill Stirs Excitement

Truveda shows promise, spurring debate over access and other approaches More

This forum has been closed.
Comment Sorting
Comments
     
by: Yoshi from: Sapporo
July 30, 2013 11:10 PM
The reduction of corporate tax, which is somewhat higher in Japan than other developed countries, is argued also by Abe's administration aiming at the rise of workers' wages and responding to the request from business sides. Yet it is still remained unimplemented because firms are not trusted if they actually use the savings to increase investment and employment instead of reserving them for a rainy day.


by: adipocere from: Alabama
July 30, 2013 6:42 PM
This is not a "grand bargain for middle class jobs," this is just more corporate spoon-feeding by politicians who have become as absurd as cartoon villains.


by: Shirley from: Menifee
July 30, 2013 5:55 PM
More tax cuts for the rich in exchange for a promise to hire some wage slaves. This is patently disgusting and anti-American. Return progressive taxation of 70 percent on the One Percent.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Treatment for Childhood Epilepsy Heats up Medical Marijuana Debatei
X
Shelley Schlender
July 24, 2014 6:43 PM
In the United States, marijuana is classed as an illegal drug by the federal government. But nearly half the states have legalized it, to some degree. Proponents say some strains of marijuana might have exceptional health benefits, for treating pain or inflammation in chronic conditions such as cancer, multiple sclerosis and epilepsy. Shelley Schlender reports on a strain of medical marijuana developed in Colorado that is reputed to reduce seizures in childhood epilepsy
Video

Video Treatment for Childhood Epilepsy Heats up Medical Marijuana Debate

In the United States, marijuana is classed as an illegal drug by the federal government. But nearly half the states have legalized it, to some degree. Proponents say some strains of marijuana might have exceptional health benefits, for treating pain or inflammation in chronic conditions such as cancer, multiple sclerosis and epilepsy. Shelley Schlender reports on a strain of medical marijuana developed in Colorado that is reputed to reduce seizures in childhood epilepsy
Video

Video Airbus Adds Metal 3D Printed Parts to New Jets

By the end of this year, European aircraft manufacturing consortium Airbus plans to deliver the first of its new, extra-wide-body passenger jets, the A350-XWB. Among other technological innovations, the new plane will also incorporate metal parts made in a 3-D printer. VOA's George Putic has more.
Video

Video Death Toll From Israel-Gaza Conflict Surpasses 700

Gaza officials say a shelling hit a compound housing a United Nations-run school in the Gaza Strip, killing more than a dozen people, during an Israeli offensive in the area. Heavy fighting between the Israeli military and Hamas militants continued on Thursday, pushing up the death toll. So far, more than 730 Palestinians and 35 Israelis have been killed in the conflict. VOA's Scott Bobb has the latest from Jerusalem.
Video

Video AIDS Conference Welcomes Exciting Developments in HIV Treatment, Prevention

Significant strides have been made in recent years toward the treatment and prevention of HIV, the virus that causes AIDS. This year, at the International AIDS Conference, the AIDS community welcomed progress on a new pill that may prevent transmission of the deadly virus. VOA’s Anita Powell reports from Melbourne, Australia.
Video

Video Israel Targets Gaza Supply Tunnels

The Israeli military has launched a ground operation in Gaza to destroy the myriad tunnels that may have been used to smuggle weapons to Hamas. VOA's Zlatica Hoke reports that could mean more hardship for the people of Gaza, who obtain some of their essential supplies through these underground passages
Video

Video Researchers Target Low-Cost Avatar Technology

Scientists at the University of Southern California Institute for Creative Technologies say 3-dimensional representations could revolutionize social media. Elizabeth Lee has more from Los Angeles.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video In Cambodia, HIV Diagnosis Brings Deadly Shame

Although HIV/AIDS is now a treatable condition, a positive diagnosis is still a life altering experience. In Cambodia, people living with HIV are often disowned by friends, family and the community. This humiliation can be unbearable. We bring you one Cambodian woman’s struggle to overcome a life tragedy and her own HIV positive diagnosis.

AppleAndroid

World Currencies

EUR
USD
0.7305
JPY
USD
101.53
GBP
USD
0.5830
CAD
USD
1.0656
INR
USD
60.075

Rates may not be current.