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We are talking about corporations, and corporate loopholes. Example: Deferred Taxes for Financial Firms on Certain Income Earned Overseas. This loophole costs US 30 billion per year, but only few corporations are in position to take advantage of it.
We are talking about corporations, and corporate loopholes. Example: Deferred Taxes for Financial Firms on Certain Income Earned Overseas. This loophole costs US 30 billion per year, but only few corporations are in position to take advantage of it.
Where are the details to Obama's proposals ?
We all know the legal loopholes that were built into the tax code over decades.
Microsoft has all their patents going through Puerto Rico and has for a long, long time.
it's amazing that people suddenly pretend there are no tax loopholes. I would like to hear them explain how some companies get away with paying no taxes if there are no loopholes.
So, it seems like Obama DOES recognize that reducing corporate tax rates will result in an INCREASE in revenues.
It is an old idea. Reagan also eliminated loopholes while reducing tax rates. When this same thing was proposed several years ago, some called the reduction of tax rate an "tax increase". When Reagan did it, the elimination of loopholes actually increased the revenue more than the reduction of rates decreased so the outcome was positive. As you can tell by the comments on this thread, people are more interested in crating arguments to oppose ANY proposal, even one as conservative as this one only because the other side proposed it. Romney supported it, and the same people said they'll vote for him because of it.
Quote:
What happened to the liberal whine that reducing tax rates costs the government
money? (never mind that it isn't their money to start with)
Personally I have always supported reduction of corporate taxes, and when it is done by also removing the loopholes, you actually end up with more revenue.
it's amazing that people suddenly pretend there are no tax loopholes. I would like to hear them explain how some companies get away with paying no taxes if there are no loopholes.
No one is pretending there are no loopholes.
Those loopholes have been there for decades.
We are asking for specifics on Obama's proposals which none of you have.
We are asking for specifics on Obama's proposals which none of you have.
It is easy enough for you to Google the information yourself. Everyone has the same access to the same public information. What is it about people who come to every thread to demand for others to spoon feed them information?
Here are some examples, but please help yourself to do some research on your own.
Elimination of “Last in first out” accounting. Elimination of oil and gas tax preferences. . Taxing carried (profits) interests as ordinary income. Eliminate special depreciation rules for corporate purchases of aircraft. Reducing the bias toward debt financing. Effectively cutting the top corporate tax rate on manufacturing income to 25 percent and to an even lower rate for income from advanced manufacturing activities by reforming the domestic production activities deduction. Expand, simplify and make permanent the R&D Tax Credit Require companies to pay a minimum tax on overseas profits. Remove tax deductions for moving productions overseas and provide new incentives for bringing production back to the United States. Other reforms to reduce incentives to shift income and assets overseas.
No one is pretending there are no loopholes.
Those loopholes have been there for decades.
We are asking for specifics on Obama's proposals which none of you have.
Nothing has been released yet, but why would Republicans oppose a tax cut when they always run on cutting taxes? The only tax items I heard were related to removing the incentive to move jobs overseas and lowering the MFG tax rate to 25% as well as removing the carried interest exemption.
It is easy enough for you to Google the information yourself. Everyone has the same access to the same public information. What is it about people who come to every thread to demand for others to spoon feed them information?
Here are some examples, but please help yourself to do some research on your own.
Elimination of “Last in first out” accounting. Elimination of oil and gas tax preferences. . Taxing carried (profits) interests as ordinary income. Eliminate special depreciation rules for corporate purchases of aircraft. Reducing the bias toward debt financing. Effectively cutting the top corporate tax rate on manufacturing income to 25 percent and to an even lower rate for income from advanced manufacturing activities by reforming the domestic production activities deduction. Expand, simplify and make permanent the R&D Tax Credit Require companies to pay a minimum tax on overseas profits. Remove tax deductions for moving productions overseas and provide new incentives for bringing production back to the United States. Other reforms to reduce incentives to shift income and assets overseas.
Now I read that but is that his current proposal ?
Is he just reintroducing his old one ?
That is what I cannot find.
What you posted was an older proposal shot down in Congress.
Hoping to break an impasse, President Barack Obama on Tuesday will extend a new offer to congressional Republicans in which he will back an overhaul of the corporate-tax system in exchange for a guarantee that a resulting one-time windfall be used to underwrite various job-creation proposals
Republicans say Mr. Obama isn't offering much of a compromise. Congressional Republicans have pushed a comprehensive approach to overhauling the tax code that would lower rates for individuals and small businesses, as well as for corporations, while the administration has shown more interest in corporate changes
Many people have learned NOT to trust emotional grabbing titles. Like the Stimulus bill, which did NOT stimulate as promised.
The "assault" weapons ban, when not 1 single weapon listed was an "assault" weapon.
As with ALL things that come out of Wash., the devil is in the details.
For instance, " overhaul of the corporate-tax system". The entire corporate-tax system is NOT being overhauled.
And unfortunately Obama wants to SPEND, whoda' thunk, whatever savings he MIGHT achieve.
And just like the Stimulus, he will NOT spend it on infrastructure as he claims, again.
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