Mixed Reaction to President's Corporate Tax Plan
WASHINGTON (AP) - Reaction among Republicans is mixed, after a proposal today from President Barack Obama for a lower corporate tax rate and an end to dozens of loopholes that Obama says have helped companies move jobs and profits overseas.
Obama's plan would set a new 28-percent corporate tax rate, down from the current 35 percent but still higher than the 25 percent rate sought by Republicans.
The Republican head of the House Ways and Means Committee, Dave Camp, says Obama should be offering an overhaul of the entire tax system. He called it a "good step by the administration" but urged the president to "keep going" -- echoing Obama's own words to Congress yesterday on the economy.
But Republican Sen. Orrin Hatch of Utah is dismissing Obama's plan as "a set of bullet points designed more for the campaign trail."
Under the framework proposed by the administration, the rate cuts and closed loopholes would result in no increase to the deficit. That means that many businesses that currently slip through loopholes or somehow pay an effective tax rate that is substantially less than the 35 percent corporate tax could end up paying more. Others would pay less, while some would simply benefit from a more simplified system.
- Reactions to President Obama's Immigration Order
- Bill Lowering Student Loan Rates Moves to President's Desk
- Romney Says Obama is Distorting GOP Budget Plan
- Democrats Block Senate Vote on Obama Tax Plan
- President Obama Talks Easy Pleasey Lemon Squeezy With TV 20's David Snyder
- Obama Campaign: Romney Can't Buy the Presidency
- Transcript of President Obama's Speech on Budget Deal
- Alachua County Students React to President's School Day Speech
- Neighbors Say Hello to New UF President's Mansion and Goodbye to Trees
- Gainesville Resident Makes Trek to DC for President's Inauguration