President Barack Obama is praising a series of business-friendly proposals aimed at getting more people back to work. The president's jobs council is calling for the overhaul of the corporate tax structure and federal regulations to help jump start more business endeavors in the future. Under the new plan, the corporate tax rate would shrink to "internationally competitive levels" and includes a strategy that would also help cut reliance on foreign oil by expanding domestic drilling, the Los Angeles Times reports. Republican lawmakers are also praising the council's report, saying it included the GOP approach to job creation as well. "With this report, President Obama's own panel of experts has endorsed the approach to job creation House Republicans have been pursuing for more than a year," House Speaker John A. Boehner noted. "Nearly 30 House-passed job bills are awaiting action in the Senate, most of which address the recommendations made today." Obama has also issued an executive order that directs federal agencies to identify cumbersome regulations that could be eliminated to support continued business growth. According to the Bureau of Statistics, job opportunities for those with a business administration degree on their resume are expected to increase by 12% through 2018. |