President Barack Obama says he is willing to cut a deal with corporate America, telling business leaders he’d consider cutting the corporate tax rate if they cooperate with his overall agenda.
Obama met on Thursday with 65 CEOs from the Business Roundtable, a chief executives organization, and stressed that he wants the business community’s cooperation in promoting his agenda of overhauling healthcare and the energy sector, and expanding the federal role in education, according to The Wall Street Journal.
“Obama said he would be willing to consider lowering the 35 percent corporate tax rate as he closes other business-tax loopholes,” The Journal reported.
“The president said: ‘That’s a very appealing conversation to me, and I’d like to pursue it.’”
The U.S. currently has the second highest average tax rate on large corporations, 39.3 percent including state taxes. Japan’s rate is 39.5 percent, according to The Tax Foundation.
Ireland has a corporate tax rate of 12.5 percent, and in Hong Kong it is 16.5 percent.
During his presidential campaign, Republican John McCain proposed cutting the U.S. rate to 25 percent.
Also at the meeting on Thursday, one Business Roundtable member questioned Obama on his proposal to cap carbon emissions, and he suggested he could compromise on his plan to combat global warming.
“There’s a misperception, I think, in some people’s minds that the relationship between business and the Obama administration is like oil and vinegar,” Harold McGraw III of the McGraw-Hill Companies told The Journal. “That couldn’t be further from the truth.”
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