Obama Proposes Overhaul of Business Taxes

CHATTANOOGA, TN-In a speech on Tuesday at an Amazon warehouse here, President Barack Obama called for a restructuring of the corporate tax system, favored by Republicans, in exchange for the revenues created by those changes being earmarked for job creation projects.

In a shift in policy, the President proposed to reduce corporate tax rates from 35% to 28%. Manufacturers would be taxed at an effective tax rate of 25% under the president’s plan, according to the Associated Press. President Obama in exchange for the tax overhaul wants to direct revenue generated from the changes to manufacturing, infrastructure and community college job creation projects.