Obama to Offer New Deal on Corporate Taxes, Jobs (lowering corporate tax rate) [View all]

[cali]

Hoping to break an impasse, President Barack Obama today will extend a new offer to congressional Republicans in which he would back an overhaul of the corporate tax system in exchange for a guarantee that a resulting one-time windfall be used to underwrite various job creation proposals.


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Last week, Mr. Obama began a series of speeches devoted to the theme that Washington needs to take more aggressive steps to shore up the middle class and to boost long-term economic growth. He is also rethinking his strategy for motivating Congress to act. In today's speech, his aim is to entice Republican lawmakers to agree to jobs proposals he has long advocated in exchange for business tax reductions that are important to the GOP's political base.

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In the past, Mr. Obama has said he would agree to reduce corporate tax rates only as part of a larger plan that would revamp the tax code for individuals, end tax advantages benefiting wealthier Americans and apply the proceeds to deficit reduction.

With no breakthrough in sight, Mr. Obama is dropping his insistence that individual tax rates be part of the package, so long as Republicans agree to plow one-time proceeds from the corporate tax overhaul into measures that Mr. Obama says would lift wages and create jobs, White House officials said.

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http://online.wsj.com/article/SB10001424127887323854904578636903853862978.html