Contact Us
Make My Homepage

Obama Wants Corporate Tax Cut [AUDIO]

President Barack Obama
Mark Wilson, Getty Images

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.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of NJ101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.