3/26 - Kerry plans to end overseas tax breaks - East Valley Tribune: News

3/26 - Kerry plans to end overseas tax breaks

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Posted: Friday, March 26, 2004 9:00 am | Updated: 5:48 pm, Thu Oct 6, 2011.

WASHINGTON -- John Kerry, promising to create 10 million jobs and keep them in America, said Friday he would cut corporate taxes by 5 percent and eliminate tax loopholes that push jobs overseas.

The Democratic presidential nominee-in-waiting said he would fight a reluctant Congress and special interests to carry out the most far-reaching changes in international corporate tax law in four decades. Kerry overrode the objections of some advisers who opposed the corporate tax cut on political grounds

"Time after time, (the Bush) administration has put ideology first and jobs last. Today, I'm announcing a new economic plan for America that will put jobs first," Kerry said in remarks prepared for delivery Friday at Wayne State University in Detroit.

The plan would face a series of obstacles should the Massachusetts senator defeat President Bush in November, starting with politically powerful corporations that benefit from the overseas tax breaks he wants to scrap.

Kerry also may be second-guessed by Democrats who would prefer to transfer his plan's savings to more targeted jobs initiatives or programs that benefit middle-class voters.

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