Politics
U.S. Economy: Obama proposes ‘Grand Bargain’ for jobs
The White House said Obama wasn’t visiting Amazon because of the company’s position on taxes, but because it’s an example of a successful American business growing and creating more jobs.
The United States has one of the highest corporate tax rates in the world, but many businesses avoid the full cost by taking advantage of deductions, credits and exemptions that Obama wants to eliminate.
Obama wants to do away with corporate tax benefits like oil and natural gas industry subsidies, special breaks for the purchase of private jets and certain corporate tax shelters. He also wants to impose a minimum tax on foreign earnings, a move opposed by multinational corporations and perhaps the most contentious provision in the president’s plan.
When Obama unveiled the corporate tax plan last year, congressional Republicans called for even deeper cuts for the business world. His campaign rival, Mitt Romney, wanted a 25 percent corporate tax rate.
Copyright 2013 The Associated Press
