- Obama Offers Corporate Tax Rate Cut In Exchange for New Spending
- August 5, 2013
- Law Firm: McDonald Hopkins LLC - Cleveland Office
On Tuesday, President Obama promised to support a cut in the corporate tax rate - a move generally supported by the GOP - if Republicans would in turn support additional spending aimed at spurring job growth.
President Obama pitched the idea as a "grand bargain," Republican leaders, however, dismissed the idea as little more than political gamesmanship and maintain that there is nothing new in the President's proposal.
Obama's proposal for a corporate tax cut was initially made in 2012, during his Presidential re-election campaign effort, and calls for the corporate tax rates reduced from 35 percent to 28 percent with a lower rate of 25 percent offered to manufacturers.