President’s Corporate Tax Reform Proposal
August 9, 2022

Obama Proposes Corporate Tax Cut in Exchange for Job Creation Spending

President Obama has renewed his call for business tax simplification in exchange for using the “one-time revenues” to encourage job creation. The President’s plan would eliminate unspecified tax preferences to achieve a 28 percent corporate tax rate (25 percent for manufacturers), allow businesses to expense up to $1 million in investments, impose a minimum tax on foreign earnings, provide new incentives for clean energy, and more. “I am going to try offering something that serious people in both parties should be able to support: a deal that simplifies the Tax Code for our businesses and creates good jobs with good wages for middle-class folks who work at those businesses,” the President said in Chattanooga, Tenn. on July 30.

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