Politics

Obama Agrees To Corporate Tax Cuts?

| by Sarah Fruchtnicht
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President Barack Obama is expected to offer a new “grand bargain” in his speech today in Tennessee. Obama will promise to overhaul the corporate tax code in exchange for the GOP agreeing to use that windfall to pay for new jobs programs, reported Wall Street Journal.

Obama will speak at an Amazon.com distribution center where he will announce his new plan. He will explain that he is open to reforming the corporate tax code if it is coupled with investments in middle class job creation.

The grand bargain is meant to break deadlocked partisanship in Congress. Back in 2012, Obama proposed gutting the corporate tax code to eliminate dozens of tax breaks. This is not the first time Obama sacrificed something important to his supporters in order to make progress in 113th Congress  the least productive congress in American history.

"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 senior adviser to the president, Dan Pfeiffer.

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The president plans on reorienting the conversation to the economy and employment, the issues that rate highest among young voters. This likely ties into research showing more than half of college students are unemployed or underemployed.

So far Republicans have rejected any deficit-reducing budget plans and Tuesday they suggested they would reject this latest one, too. Michael Steele, spokesman for House Speaker John Boehner, called the president's “bargain” old news.

"The president has always supported corporate tax reform," Steele wrote in a statement. "Republicans want to help families and small businesses, too. This proposal allows President Obama to support President Obama's position on taxes and President Obama's position on spending, while leaving small businesses and American families behind."

Sources: Wall Street Journal, CNN