President Eyes Lower Corporate Tax Rates
News
CCH (cch.taxgroup.com) reports:
President Obama said he is open to lowering corporate tax rates, stating “this is an area we can work on” if existing tax loopholes are closed. Obama also called for tax simplification measures and recommended making the IRS “more customer-friendly” at a White House summit on fiscal responsibility on February 23.
In opening remarks at the one-day gathering of lawmakers and members of academia, business and labor, Obama stressed that the current economic crisis cannot be resolved without “confronting the deficits that helped to cause it.” The president warned that failure to address the federal deficit risks the creation of another economic crisis in the future as interest payments increase, U.S. obligations become due and confidence in the economy erodes.
To control the federal budget, Obama pledged to cut the federal deficit in half by the end of his term. He also said he will propose to reinstate pay-as-you-go rules. Obama submits his fiscal year 2010 budget to Congress on February 26.
Following the session, Obama said there was general consensus that rising health care costs are the biggest contributor to the federal deficit. The White House and Congress intend to tackle health care reform in 2009, he noted. The president said that the White House will hold a summit on health care the week of March 2.
By Paula Cruickshank, CCH News Staff
President’s Weekly Radio Address: Making Work Pay Tax Cut Is Quickest and Broadest in History
Ways and Means Press Release: Chairman Rangel Pledges to Work with Administration and Congressional Republicans to Restore America’s Fiscal Health