President Barack Obama, seeking to offer fresh economic proposals that could pass a gridlocked Congress, is calling for a restructuring of business taxes so long as the initial revenue generated goes toward job creation. Obama, in a speech yesterday, argued that years of budget fights have diverted attention from the need to help middle-income Americans recover from the recession. As an alternative to seeking quick passage of the deficit-reduction formula that has eluded lawmakers for two years, Obama proposed spending more on job creation efforts. The initiatives would include help for manufacturing, worker training, and infrastructure improvements. The programs would be funded with a one-time transition fee associated with the $2 trillion in foreign earnings that are currently held overseas. The proposal marks a shift for Obama who has previously called for rewriting individual and business income tax law together.
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