Obama Proposes Corporate Tax Reform to Pay for Infrastructure

The president's proposal would reduce the top corporate tax rate, eliminate loopholes and use the one-time revenue to pay for roads, transit and other transportation systems.
by | July 30, 2013
 

President Obama is proposing an overhaul of the corporate tax structure as part of a plan to generate revenue that would could be used to invest in infrastructure.

The president's proposal would reduce the top corporate tax from 35 percent to 28 percent while simplifying it and eliminating loopholes. New, one-time revenue created during the transition could then be put towards infrastructure investment, as well as workforce training and manufacturing, according to an outline of the plan released by the White House Tuesday.

Obama will tout the initiative during an afternoon speech at an Amazon.com facility in Chattanooga, Tenn.

Ostensibly, the deal represents something of a compromise: in exchange for lowering taxes, something Republicans want, one-time revenues could be put towards infrastructure, schools and manufacturing hubs, which would be attractive to Democrats.

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