Obama seeks tax reform, paring corporate tax breaks
WASHINGTON (REUTERS) - President Barack Obama called on Tuesday for a revamp of the US tax code, a goal shared by his Republican rivals, but the bid to close tax breaks enjoyed by the wealthiest Americans and corporations face familiar roadblocks in Congress.
Lowering the corporate tax rate while scrubbing the code of deductions and asking the richest to pay more were among familiar proposals outlined by Obama in his State of the Union speech to Congress.
"Now is our best chance for bipartisan, comprehensive tax reform that encourages job creation and helps bring down the deficit," Obama said.
The ideas largely mirror those he pitched in his address a year ago. Since then, Obama has won re-election campaigning on what he has called tax fairness, while Republicans have lost congressional seats. But even Obama's backers say they face a tough road in the near term.