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Before the president is going to speak about the economy -- -- -- talks with Gene Sperling the president's National Economic Council director rich.
Good afternoon Adam an economic speech just a few minutes for the president were here with Gene Sperling and -- first stop.
What we've seen new today really is this this concept of buying you would have an international tax on foreign profits -- yet to have been repatriated.
What is that what kind of taxes it repatriation.
And what's the revenue numbers here.
So no we're -- we're not suggesting that this was a repatriation tax you're really trying to give detail what the transition.
-- caps would be what we're saying is in that all.
Corporate tax reforms there is always on temporary -- it.
And we're suggesting that that temporary revenue not ongoing revenue could be used for.
Things like infrastructure.
Or manufacturing innovation on training.
The ongoing savings that you get from reducing tax extensions and loopholes those -- be used in -- revenue neutral weight lower rates.
For manufacturing what's the number upfront how much -- you looking to raise in that one time shot.
So we made a decision not to put out a specific number what we're really trying to do.
Is encouraged what we're seeing as the grand bargain.
For jobs and middle class growth.
In the same way we've been working on a grand bargain on fiscal discipline and continue to work on -- grand bargain on fiscal deficit reduction or were really just saying is here is a way we could bring people together on something that I think most business leaders.
We think would be very good for the economy now we all know.
That corporate tax reform plan alone would probably not past infrastructure alone might not pass but -- -- put them together.
We have -- a package that is.
Good for job creation it attracts you know helps attract.
-- job creation investment on our shores by having a better.
Tax code that you already know what you put out in treasury in February 2012 or does that proposal still stand.
Know that proposal still described her outlying we did put out one more important DTL today.
Which he said as part of our plan we would have.
A million dollars expensing limit for small businesses with that means is that any small business.
Would be able to a 100% expense as opposed to appreciate all of their investment up two million dollars for most small businesses that means full expensing.
For their investment each year -- tax simplification.
And it's an important tax incentives and tax relief for small businesses.
As part of our overall business reform plan that we're putting together with investments in manufacturing and infrastructure genes from thank you very much -- Adam Laurie back to you.
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