Legislative update - Obama proposes spending some revenue from business tax reform 

July 30:  President Obama today proposed that one-time “transition” revenue from his previously released “Framework for Business Tax Reform” be used to fund infrastructure improvements and several jobs programs, rather than reduction in tax rates.

The proposal, outlined in a White House fact sheet, contains few details on the tax reform plan. It draws on the business “framework,” released in February 2012, which called for repealing “dozens” of tax expenditures. Today’s fact sheet refers, in particular, to a proposed minimum tax on foreign earnings.

The White House maintains that its plan would allow a reduction in the general corporate tax rate to 28% and a rate for manufacturing no higher than 25%.

The president also reiterated his commitment to long-term deficit reduction that includes “revenue-raising individual tax reform,” as well as replacement of the sequester with a combination of spending cuts and revenue increases.

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