President Barack Obama offered Tuesday to lower the U.S. corporate tax rate if Republicans accept making greater investments to create well-paying jobs.
"So I'm willing to simplify our tax code in a way that closes those loopholes, ends incentives to ship jobs overseas, lowers the rate for businesses that are creating jobs right here in America, provides tax incentives for manufacturers that bring jobs home to the United States," he said in a speech at an Amazon distrubution center in Chattanooga, Tennessee.
Obama's proposal is to lower the corporate tax rate from 35 percent to 28 percent, while firms in manufacturing would see their rate fall to 25 percent.
"Let's simplify taxes for small business owners, give them incentives to invest so they can spend less time filling out complicated forms, more time expanding and hiring," the president said.
"I'm willing to work with Republicans on reforming our corporate tax code, as long as we use the money from transitioning to a simpler tax system for a significant investment in creating middle-class jobs," Obama said.
He asked for congressional support for the creation of 45 manufacturing innovation centers in the country, triple what he proposed in February during his State of the Union address.
The president also mentioned the need to create more jobs related to infrastructure, renewable energy and exports.
The speech on Tuesday was one in a series of addresses that Obama began last week to stress that economic recovery continues to be his top priority and to try to leave behind what he considers "phony scandals." EFE