Obama Call for Corporate Tax Overhaul Sparks Split Reaction

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President Obama July 30 called for an overhaul of corporate taxes that would use a one-time jolt of revenue for highways and other projects while simplifying the tax code—but left out any reference to revamping individual taxes, sparking a divided reaction in Congress.
Obama's plan, which the president touted in a speech at an Amazon.com warehouse in Chattanooga, Tenn., would lower the top corporate tax rate to 28 percent, close tax loopholes, and generate what the administration called a one-time boost of revenue that could be used for infrastructure spending.
The White House called the proposal revenue neutral, as some corporations would pay less and others more. But any tax reform plan will generate a quick boost in cash, Gene Sperling, director of the White House National Economic Council, told reporters, and the president proposed directing that money toward roads, bridges and other investments he promised would help the economy.
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