President Obama urged businesses to join him in an effort to change what he termed “burdensome” corporate tax code, while touting investment in infrastructure, Bloomberg reported.
In a speech to the U.S. Chamber of Commerce Monday, he cited “various loopholes and carve-outs” in the tax code that can distort economic decisions, Bloomberg said.
Obama announced no new tax proposals in the speech and his call from his recent State of the Union address speech that called for cutting the 35% top corporate tax rate without increasing the federal deficit, Bloomberg reported.
The president also backed more investment in infrastructure, a stance for which the Chamber and organized labor both praised him following his recent State of the Union speech.
Following the speech, American Trucking Associations President Bill Graves applauded Obama for his commitment to rebuilding and renewing the country’s infrastructure, while calling for a robust surface transportation program with a strong focus on highways.
Graves, noting a recent Department of Transportation study that said trucks haul the vast majority of U.S. freight, said that “investing in the nation’s roads and bridges is among the most efficient ways to create jobs and insure the continued competiveness for U.S. businesses.”