Obama Wants Corporate Tax Cut [AUDIO]

The Obama Administration wants to cut corporate tax rates and loopholes that send jobs overseas. New Jersey businesses say they support anything that will help their bottom line.

The President wants the corporate tax cut from 35 to 28 percent. Corporations would have to give up dozens of cherished loopholes and subsidies that they now enjoy.

President Obama supports a minimum tax on their foreign earnings for corporations with overseas operations.

"It's a framework that lowers the corporate tax rate and broadens the tax base in order to increase competitiveness for companies across the nation," Obama said in a statement.

White House spokesman Jay Carney says the plan creates a corporate tax code that allows American businesses to be more competitive globally.

John Galandak, President of the Commerce and Industry Association of New Jersey says a lower corporate tax rate will help Jersey businesses to invest and spend...and hire.

He says, "if you change the rules of how taxes are applied, people's behavior changes."

The first reaction from Republican leaders - the cuts do not go far enough. They want to see the corporate tax rate reduced to 25 percent upfront.