Obama to Propose Corporate Tax Overhaul

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July 30 (Bloomberg) -- Bloomberg's Hans Nichols reports on President Obama's Business Tax Rewrite that would focus on job creation, funded with a one-time fee from foreign earnings. He speaks with Erik Schatzker and Sara Eisen on Bloomberg Television's "Market Makers." (Source: Bloomberg)

If you talk to republicans, they will disagree with you on what is new and what is not new.

We are already having a debate about that, which gives you a sensor may not be a lot of prospects.

We have obama decoupling corporate tax reform from individual tax reform.

The idea of the grand bargain which had been talked about seriously at the end of last year is pretty much dead in the water.

This is a chance for obama to have some sort of jobs program and have it paid for.

In the past, obama has said corporate tax reform needs to be revenue neutral.

He is saying now you wanted to be revenue positive.

They're going to take money from corporate tax reform, potentially from $2 trillion in foreign earnings overseas.

If you keep the money overseas, it's on a lower tax rate if you bring it back.

Here is what one republican spokesman said -- this asks president obama to support president obama's position on taxes and spending while leaving small businesses families behind.

That is not exactly a ringing endorsement.

It would reduce the top rate from 30% to 28% and lower the rate for manufacturing to 25% and eliminate certain tax breaks.

We do not have a price tag from the white house area that is crucial.

There talking about her new jobs program and want the revenue to come the corporate side that they have not given us a number or a specific plan on on where they plan to go.

We will get more details with the president's speech, but it doesn't look like this is going anywhere.

That is an important point.

We have this decision on government funding running out of money, the debt ceiling, more talk about sequestration, and immigration reform.

Where does this fit in and doesn't have any shot of seeing the light of day?

It depends on much you think congress can do in the nine days they are in session in august.

I would put immigration in the back half of the year.

There are real deadlines for the government funding.

You have to have some sort of funding mechanism.

If they want to buy down and fix part of the sequester, that may be done in the context of raising the debt ceiling.

But that will be a tricky negotiation and markets could be rattled.

Hans nichols, our markets correspondent.

This text has been automatically generated. It may not be 100% accurate.

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