What’s next for President Obama? – POLITICO
By Mark HemingwayAssociated PressPresident Barack Obama is preparing for the first time since taking office for a major economic crisis, a new report said Friday.
The report from the Economic Policy Institute said the president is expected to announce his plan for restructuring the nation’s infrastructure this month, a major step forward from his initial proposal last year.
It said Obama is also expected to unveil his plans for reopening the economy after the hurricanes that ravaged the Caribbean.
The institute, which has long been critical of the president’s response to the financial crisis, has been critical in previous years of the administration’s handling of the crisis and the impact of the pandemic on the country.
The institute also said the new economic plan would take several steps that could help the U.S. rebound.
It said the first step is to boost private investment and help create jobs in areas like energy, manufacturing and retail, among other sectors.
The second step is a more aggressive tax cut, with the top individual tax rate lowered to 25 percent from 35 percent, and the top corporate tax rate to 15 percent from the current 35 percent.
The third step would be to overhaul the tax code to help businesses pay their fair share of taxes.
That would include a corporate rate cut and a more generous standard deduction.
The final step would involve a $4 trillion infrastructure spending plan.