After promising a new business tax plan in his State of the Union Address last month, President Obama revealed his corporate tax overhaul on Wednesday. The plan includes fewer tax loopholes, reduces tax rates to from 35 percent to 25 percent for manufacturers, creates a new minimum tax for foreign earnings and simplifies the tax code for small businesses. Critics, like Mitt Romney, argue for even lower taxes for corporations. But what do manufacturers and small business owners have to say about Obama’s plan?
Mei Xu is the founder and president of Chesepeake Bay Candle, an integrated global marketer of candles, home fragrance, and home décor products. She has been working for the past three years to bring manufacturing jobs to the U.S.
Doug Pettigrew owns and operates Electronic Brain Solutions, a small business that provides computer support for companies and individuals in the Detroit area.