From the FINANCIAL TIMES:
President Barack Obama called on Congress to immediately embark on an overhaul of the US corporate tax code, as he laid out a $3,730bn budget request designed to bolster America’s standing in the global economy and start shrinking its large fiscal gap…
The budget proposal said the US should aim to eliminate special tax breaks and loopholes and use the savings to lower the corporate tax rate from its current level of 35 per cent – one of the highest in the developed world. But it said that any reform should not add to US budget deficits, which could prove to be a sticking point with the business community…
Mr Obama’s budget request for 2012 marks a shift from an economic and fiscal policy agenda focused on stimulating the US economic recovery to making targeted investments in certain areas while keeping government spending under control in order to start reducing budget deficits. In fact, it proposes cutting deficits by $1,100bn over the next decade, achieving a temporarily sustainable debt-to-gross domestic product ratio of 3.2 per cent by 2015…
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