White House offers to cut corporate tax rate to 28% (Reagan, Clinton, companies)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Since corporate tax cuts have been a part of the Republican platform for a long time, it'll be interesting to see what kinds of contortions they'll go through to oppose this.
And, they HAVE to oppose it because it's Obama's idea.
It has been a Republican talking point for a long time, but we know they did not do anything about it when they were in power. That being the case, I am also interested to see what excuses they offer in order to oppose these cuts.
They count on the economy picking up, so they can collect more revenue from the increased action. The other revenue boost is explained in the article: close loop-holes.
One thing we all can count on is we will all be dead and buried and our gvt will still be in disagreement over our tax policy. And a whole new generation of CD posters taking one side or the other. The smart thing to do is to fix it once and for all to give the market and all individuals certainty, but who said we are smart?
Republicans, business groups complain that current rate leaves US firms at disadvantage
President Obama will ask Congress to scrub the corporate tax code of dozens of loopholes and subsidies to reduce the top rate to 28 percent, down from 35 percent, while giving preferences to manufacturers that would set their maximum effective rate at 25 percent, a senior administration official said on Tuesday
Mr. Obama also would establish a minimum tax on multinational corporations’ foreign earnings, the official said, to discourage “accounting games to shift profits abroad” or actual relocation of production overseas
Yeah...and it also proposes to close enough loopholes that the effective tax rate for corporations would go up.
Essentially Obama is proposing an INCREASE on the effective tax rate in such a way that he can brag about 'lowering taxes' while on the campaign trail. Talk about slimy politics.
Since corporate tax cuts have been a part of the Republican platform for a long time, it'll be interesting to see what kinds of contortions they'll go through to oppose this.
And, they HAVE to oppose it because it's Obama's idea.
I hope the GOP takes the 28% as a starting point and negotiates from 0%. They can get the rest on January 20 when Barack is packing his bags and being kicked to the curb.
Republicans, business groups complain that current rate leaves US firms at disadvantage
President Obama will ask Congress to scrub the corporate tax code of dozens of loopholes and subsidies to reduce the top rate to 28 percent, down from 35 percent, while giving preferences to manufacturers that would set their maximum effective rate at 25 percent, a senior administration official said on Tuesday
Mr. Obama also would establish a minimum tax on multinational corporations’ foreign earnings, the official said, to discourage “accounting games to shift profits abroad” or actual relocation of production overseas
If this is true, this will be the first thing Obama has actually supported that will really HELP the economy rather than hurt it.
Republicans, business groups complain that current rate leaves US firms at disadvantage
President Obama will ask Congress to scrub the corporate tax code of dozens of loopholes and subsidies to reduce the top rate to 28 percent, down from 35 percent, while giving preferences to manufacturers that would set their maximum effective rate at 25 percent, a senior administration official said on Tuesday
Day late and a dollar short. This line of thought should have been front and center three years ago, it takes a while for this type of plan to start bearing fruit.
Yeah...and it also proposes to close enough loopholes that the effective tax rate for corporations would go up.
Essentially Obama is proposing an INCREASE on the effective tax rate in such a way that he can brag about 'lowering taxes' while on the campaign trail. Talk about slimy politics.
Oh, so now those who whined and cried about high corporate tax rates using statutory rates have had a change of heart and are “concerned” about effective rates? Although, I expect that from our fellow “conservatives”.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.