Making matters worse, the Joint Committee of Taxation issued a report stating that in order to pay for a reduction of the top corporate rate to 28%, Congress would have to eliminate virtually all corporate tax deductions, including those for domestic manufacturing, the very industry President Obama aims to protect with the reduction in rates.
Industry leaders and labor groups want politicians to support policies that protectdomestic export-driven businesses, and pundits point out that imports lead to trade deficits.