Jobs Council Recommends Corp. Tax Reform

Submitted by Chris Gaetano on Wed, 01/18/2012 - 12:11

The President’s Council on Jobs and Competitiveness on Tuesday made a number of recommendations for jolting the nation’s jobs that, among other things, proposes that the statutory corporate tax rate be lowered to rates of what it called international competitiveness, according to the Los Angeles Times. The council said that the current rate, currently about 35 percent, “hurts both business competiveness and American workers” and should therefore be lowered, which it said would boost investment, according to Reuters. This action would be paired with the elimination of deductions and loopholes, continued Reuters.

Republican leaders praised the recommendations, saying that they mirror policy points that they themselves had been pursuing for more than a year, according to CNN Money. The White House, meanwhile, said that the ideas were common-sense and that the president will decide how he will act on them over the next few weeks, according to the LA Times.

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