Today, the Obama Jobs Council, headed by General Electric Executive Jeffrey Immelt,
the outsourcing CEO, will be releasing their proposal for job creation, which has corporate tax reform and drilling in the United States as ideas.
On Corporate Tax Reform
The panel calls for lowering corporate tax rates to "internationally competitive levels" while broadening the corporate tax base by eliminating deductions and loopholes.
But the report notes disagreement among council members over whether to shift to a "territorial" system that exempts most or all foreign income from corporate taxes when it is repatriated.
Domestic Oil Drilling on Federal Lands
"The Jobs Council recommends expanding and expediting the domestic production of fossil fuels - including allowing more access to oil, gas, and coal opportunities on federal lands - while ensuring safe and responsible development of those sites," the report said.
In addition, the report called for a series of reforms to streamline government rules and reduce the regulatory burden on businesses, which it said would enhance U.S. competitiveness.
(Source: Reuters, Matt Spetalnick)
Let's see what's wrong with this picture here: more tax giveaways to corporations, reducing corporate taxes even more, exempting foreign income from being taxed, supporting drilling on federal lands (Keystone Pipeline, anyone?), and supporting further deregulation.
We might just have as well put the U.S. Chamber of Commerce in charge while we're at it. That sure as hell isn't a progressive agenda, and nor is it one that the President should accept.