Obama’s plan, unveiled Feb. 22, would lower the corporate income tax rate from its present 35% to 28%, but would also close loopholes which make the effective tax rate for companies far below that for individuals. Obama also would increase taxes on U.S. firms that shield their profits overseas, or that ship U.S. jobs abroad.

AFL-CIO President Richard Trumka said Obama’s tax plan “should have asked for more from corporate America.” Obama “fails to raise any revenue beyond what is needed to pay for business tax breaks. In an era of difficult budget choices, giving Wall Street a pass on paying its fair share is fundamentally inconsistent with any notion of shared sacrifice,” Trumka added.

“Corporations already pay too low an effective tax rate to support infrastructure investment and education and skills upgrades” the U.S. needs, Trumka said.

Robert Borosage of the Campaign for America’s Future agreed, adding corporate lobbyists would nibble Obama’s plan to death.

This article was written by Press Associates, Inc. Used by permission.