AP
House Speaker John Boehner has already thrown a wrench into President Barack Obama's latest "grand bargain" offer ? just a few hours after details of it began trickling out, and just five hours before Obama is set to deliver a speech detailing the plan in Tennessee.The gist of Obama's grand bargain is a plan to cut the corporate tax rate, while using billions of dollars in revenue generated in business tax overhaul to fund a job-creation program.?
In a statement, Boehner spokesman Michael Steel shot down the idea, marveling that it left small businesses "and American families behind."
"The President has always supported corporate tax reform. Republicans want to help families and small businesses, too," Steel said. "This proposal allows President Obama to support President Obama's position on taxes and President Obama's position on spending, while leaving small businesses and American families behind."
A House GOP leadership aide explained that Republicans have advocated corporate tax reform being paried with individual tax reform. Cutting the corporate tax rate to 25% while leaving the top individual rate at 39.6%, the aide said, would have a "devastating" effect on small businesses.
House Republicans also want corporate-tax reform to be revenue neutral ? all positions that the GOP aide said the White House is well aware of.
"The first we heard about this ?offer? was through the press. So it?s probably not really a serious effort to break the log-jam," the aide said.
Source: http://www.businessinsider.com/obama-grand-bargain-boehner-corporate-tax-reform-jobs-stimulus-2013-7
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