President Obama offers to cut corporate tax rates in exchange for job programs
CHATTANOOGA, Tenn. — While touring an amazon.com warehouse in Chattanooga Tennessee today, President Obama made an offer he hoped republicans couldn’t refuse.
The President wants to cut the corporate tax rate and in exchange use money generated by that reform to invest in manufacturing and construction jobs.
Republicans say Obama’s plan will hurt the economy by not giving small businesses and families the same tax break as big business.
“I am laying out my ideas to give the middle class a better shot in a 21st-century economy. Now it’s time for republicans to lay out their ideas,” President Obama said.
His proposal comes as congress faces an impasse in negotiations to reduce the deficit, or face a government shutdown this fall.
The latest housing report shows home prices in May jumped more than 12 percent compared to one year ago.
Meanwhile thousands of the nation’s lowest paid workers are demanding a higher minimum wage.
“Where we still have a lot of problems is in the job market where 20 million people are underemployed,” said economist Jared Bernstein.
“It’s just a further left version of a widely panned plan he proposed two years ago this time with extra goodies for tax-and-spend liberals,” said Republican Senator Mitch McConnell of Kentucky.
Republicans oppose lowering taxes while increasing spending elsewhere. They say Obama’s latest plan isn’t a serious attempt at compromise.
Tomorrow President Obama plans to sit down with democrats in Congress.
At the end of the week, lawmakers leave town without a solution to the budget fight.