President Obama is offering once more to bargain with Republicans over the economy. Despite the reality that his plans will be shot down no matter what he proposes, Obama has now conceded to Republican demands by, among other things, offering to lower corporate tax rates from 35% to 28%, and allow trillions of dollars of corporate profits illegally stashed overseas, to re-enter the US tax-free, for a one-time fee. What is he asking for in return? That the revenue from these concessions be used towards creating jobs.
But Republicans are having none of it, saying they want “revenue-neutral” changes to tax rates, and an accompanying reduction in individual tax rates.
Obama shared some details of his so-called Grand Bargain at an Amazon.com warehouse in Chattanooga, Tennessee yesterday.
GUEST: Scott Klinger, director of tax policy for Business for Shared Prosperity
Visit www.businessforsharedprosperity.org for more information.