President Barack Obama proposed a "grand bargain for middle-class jobs" on Tuesday that would cut the U.S. corporate tax rate and use billions in revenues generated by a business tax overhaul to fund projects aimed at creating jobs. His goal, outlined in a speech at an Amazon.Com facility in Chattanooga, Tenn., is to break through congressional gridlock by trying to find a formula that satisfies both Republicans and Democrats. Obama wants to cut the corporate tax rate of 35 percent down to 28 percent and give manufacturers a preferred rate of 25 percent. He also wants a minimum tax on foreign earnings as a tool against corporate tax evasion and increased use of tax havens.
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