Obama Says Deficit Reduction Plan Will Reform Tax Code, Target Wealthy

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President Obama says that the plan he will present to Congress on Sept. 19 to pay for his jobs bill and reduce the deficit will target tax loopholes for the wealthiest corporations and ensure that everyone pays their fair share. A senior administration official says that all of the president's proposals would be presented as one piece of legislation. “This is a serious time and we need a serious response,” he says. House Republicans have not yet set a timeline for consideration of a stimulus plan that could be filled with tax incentives and some infrastructure spending-related provisions, but expect it to be sooner rather than later, staff and lawmakers say. More » … Obama's $447 billion jobs proposal could give the economy a modest boost in the short term, but economists and tax professionals tell BNA the plan falls short of tackling the sort of issues that are weighing most on the economy.