Obama Urges Business Tax Rewrite to Help Spur New Jobs

President Barack Obama, prodding Congress to consider fresh economic proposals after two years of gridlock, called for restructuring business taxes so long as the initial revenue generated goes toward job creation.

In a recent speech in Chattanooga, Tennessee, Obama said years of budget fights have diverted attention from the need to help middle-income Americans recover from the recession.

“I’m willing to work with Republicans on reforming our corporate tax code, as long as we use the money from transitioning to a simpler tax system for a significant investment in creating middle-class jobs,” he said.