President Barack Obama’s latest campaign for a jobs agenda faces Republican opposition in Congress and may offer limited potential for short-term employment growth even where partisan agreement is within reach.
President Barack Obama laid the groundwork for reducing the corporate tax rate and simplifying the tax code in his State of the Union address . He also erected a political hurdle to these efforts as they could lead to higher rates for millions of businesses.
A report from the chief congressional scorekeeper casts doubt on Republican efforts to cut the corporate tax rate to 25 percent without increasing the U.S. budget deficit or shifting the cost to other taxpayers.
President Barack Obama called for $1.4 trillion in fresh revenue from Americans at the top of the income scale, proposing higher taxes on wages and investments and limiting breaks for retirement savings and health insurance.