“Obama wants to cut the corporate tax rate of 35 percent 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 the use of tax havens. Obama wants the money generated by a tax overhaul to be used to fund such projects as repairing roads and bridges, improving education at community colleges and promoting manufacturing, senior administration officials said.  Republicans contended that by spending the revenue, it would violate Obama’s previous commitment to a ‘revenue-neutral’ overhaul of corporate taxes.”

http://www.reuters.com/article/2013/07/30/us-usa-obama-idUSBRE96T0F820130730

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