GOP Congress Rejects Tax Cut Deal

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    GOP Congress Rejects Tax Cut Deal

    I think we've reached a point where the President could propose repealing the ACA and the GOP congress would be against it.

     

    Obama Offers to Cut Corporate Tax Rate as Part of Jobs Deal

    WASHINGTON — President Obama, in a bid to break a stalemate with the Republican-controlled House, will revive on Tuesday his proposal to cut corporate tax rates in return for a commitment from Republicans to invest more in programs spurring middle-class jobs.

    Using a cavernous Amazon distribution center in Chattanooga, Tenn., as his backdrop, Mr. Obama will describe a “grand bargain” on jobs that White House officials say will stimulate the economy, as well as give businesses the lower tax rates they have long sought. It would be the first new proposal of his economic offensive, setting the stage for the fall budget fights with Congressional Republicans. But the packaging is what is new, not the ideas.

    The terms of Mr. Obama’s tax plan are those that Timothy F. Geithner, his former Treasury secretary, first proposed in early 2012, as the presidential campaign was getting under way: the corporate tax rate would be reduced to 28 percent, from 35 percent, with a lower rate of 25 percent for manufacturers.

    At the time, Mr. Obama’s ultimate Republican rival, Mitt Romney, was proposing a 25 percent corporate rate, the same level that Republicans in Congress espouse now.

    While the White House is advertising the move as a big concession, Republicans dismissed the proposal even before the president had spoken in Tennessee, based on advance news reports.

    “It’s the opposite of a concession,” said Brendan Buck, a spokesman for House Speaker John A. Boehner, Republican of Ohio.

    For two years, Republicans have rejected the bulk of Mr. Obama’s initiatives to create jobs by investing in public-works projects, higher education, advanced manufacturing and scientific research. A big reason was that he previously has paired those ideas — to offset the spending and avoid adding to annual budget deficits — with proposals to repeal or reduce tax breaks for wealthy individuals and corporations, especially oil companies, that Republicans reject.

    The White House did not offer details on whether its corporate tax cut would have to go hand in hand with reductions on current tax breaks for businesses. A separate complication for the administration, in seeking a different, lower tax rate for manufacturing companies, would be in defining manufacturing for purposes of assessing which corporations would qualify.

    The administration also was not specific about the jobs spending, though Mr. Obama’s priorities have been clear since he first outlined them in an address to a joint session of Congress in September 2011, and he has proposed details since then in his annual budgets. But the House has ignored the proposals.

    Many Republicans and Democrats argue that an overhaul of corporate taxes should be done along with a rewrite of the tax code for individuals. Republicans say that is necessary because many smaller businesses file their tax returns using the individual tax code.

    While in the past the administration pressed to cut corporate tax rates as a stand-alone proposal, on Tuesday it was describing the president’s initiative to do so as a concession.

    In February 2012, Mr. Geithner said the corporate tax plan that Treasury had worked on for two years was designed so that you could do cut corporate taxes alone. But he said he understood the argument for doing an overhaul of corporate and individual taxes together, adding, “That may be the way this comes out.”

    Corporations and their Republican allies have long argued, correctly, that the 35 percent corporate tax rate is among the highest in the industrialized world, and undercuts the competitiveness of American businesses. However, numerous tax breaks unique to the United States allow many corporations to significantly reduce or even wipe out their tax liabilities.

    Mr. Geithner and Republicans have said that overhauling the corporate code should be done in a way that neither adds to nor subtracts from the deficit. But many Democrats say that any revenue from closing tax breaks should be used only partly to reduce corporations’ tax rates and that some savings should be used to reduce deficits.

    http://www.nytimes.com/2013/07/31/us/politics/obama-offers-to-cut-corporate-tax-rate-as-part-of-jobs-deal.html?hp&target=comments#commentsContainer

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  2. You have chosen to ignore posts from ppannos. Show ppannos's posts

    Re: GOP Congress Rejects Tax Cut Deal


    I think we've reached a point where the President could propose repealing the ACA and the GOP congress would be against it.

     

    Let's not get silly now.

    Obamas biggest tax hike is his legacy.

     
  3. You have chosen to ignore posts from GregoryFromMeffa. Show GregoryFromMeffa's posts

    Re: GOP Congress Rejects Tax Cut Deal

    Please give a link to the vote roll call.  Thanks

     
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    Re: GOP Congress Rejects Tax Cut Deal

    In response to GregoryFromMeffa's comment:

    Please give a link to the vote roll call.  Thanks




    I ask so much

     
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    Re: GOP Congress Rejects Tax Cut Deal

    In response to A_Concerned_Citizen's comment:

    In response to GregoryFromMeffa's comment:

     

     

    Please give a link to the vote roll call.  Thanks

     

     




     

    Did someone say that this was a piece of legislation or something?

    I must've missed that in the lengthy OP.

    Please give a link to the claim that this was a piece of legislation and not, as the article states, just negotiations over budget proposals.




    Yes, congress rejects non-existent legislation all the time.

    Wow . . .

     
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  10. You have chosen to ignore posts from Hansoribrother. Show Hansoribrother's posts

    Re: GOP Congress Rejects Tax Cut Deal

    President Obama, in a bid to break a stalemate with the Republican-controlled House, will revive on Tuesday his proposal to cut corporate tax rates in return for a commitment from Republicans to invest more in programs spurring middle-class jobs.

    In spite of the lie told in the OP, the reality is that the President is proposing both a tax cut and and increased spending.

    So why isn't the headline "Republicans Reject Increased Spending"?

    Oh, could it be that Obama and his big media pals are bullshiiittters? 

    Loved his speech the other day. First the Liar in Chief proclaims the Republicans took a meat cleaver to the budget in the form of "sequestration".  Let's forget it was his idea to begin with!  Let's forget the doom and gloom he predicted if it occurred when now he is taking claim for an "improved" economy!

    Then he proclaims a miraculous achievement to get the budget deficit cut in half. Woooohoooo! Could it be that the "meat cleaver" accomplished most of that, along with the return to the regualr rate of taxation for Social Security?

    What a fugging liar. 

     
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  12. You have chosen to ignore posts from Hansoribrother. Show Hansoribrother's posts

    Re: GOP Congress Rejects Tax Cut Deal

    In response to A_Concerned_Citizen's comment:

    In response to Hansoribrother's comment:

     

    President Obama, in a bid to break a stalemate with the Republican-controlled House, will revive on Tuesday his proposal to cut corporate tax rates in return for a commitment from Republicans to invest more in programs spurring middle-class jobs.

    In spite of the lie told in the OP, the reality is that the President is proposing both a tax cut and and increased spending.

    So why isn't the headline "Republicans Reject Increased Spending"?

    Oh, could it be that Obama and his big media pals are bullshiiittters? 

    Loved his speech the other day. First the Liar in Chief proclaims the Republicans took a meat cleaver to the budget in the form of "sequestration".  Let's forget it was his idea to begin with!  Let's forget the doom and gloom he predicted if it occurred when now he is taking claim for an "improved" economy!

    Then he proclaims a miraculous achievement to get the budget deficit cut in half. Woooohoooo! Could it be that the "meat cleaver" accomplished most of that, along with the return to the regualr rate of taxation for Social Security?

    What a fugging liar. 

     




    You really don't have a firm grasp on reality do you?

     

    In one paragraph you have managed to contradict, yourself, on every supposed 'argument' you might have had.

    "Well the PotUS proposed sequestration he should be blamed" "Ummm maybe it worked"

     

    You wingnuts are freaking hilarious.

    WOOOOOSH


    I am just quoting the lies and contradictions of your hero. All from one speech. 

    You accept everything he says without a second of critical thought.

    What a tool.

     
  13. You have chosen to ignore posts from GregoryFromMeffa. Show GregoryFromMeffa's posts

    Re: GOP Congress Rejects Tax Cut Deal

    In response to A_Concerned_Citizen's comment:

    In response to GregoryFromMeffa's comment:



    Yes, congress rejects non-existent legislation all the time.

     

     

    Wow . . .

     




     

    Again, where did anyone say that this was legislation?

    Wow indeed.

    You really need to get a grip on reality.




    I'll make it easy for you.  Congress hasn't rejected anything related to Corporate tax cuts and middle class job spending - the topic.  If and when they do, you just might find me on your side.

    "And Bill Russell rejects that shot", does not mean he might reject it, or it looks like he's about to.

     
  14. You have chosen to ignore posts from tvoter. Show tvoter's posts

    Re: GOP Congress Rejects Tax Cut Deal


    The New York Times reports that President Obama is reviving an old proposal to lower the corporate tax rate from 35 percent to 28 percent (and 25 percent for manufacturers). Obama's push to lower the corporate tax rate to 28 percent comes less than a year after he raised the top individual income tax rate, paid by many small businesses, to 39.6 percent.

    In a speech delivered Tuesday afternoon, Obama did not explain why he thinks it's a sound economic idea to raise the top marginal tax rate on small businesses but lower it for corporations.

    "Right now, our tax code is so riddled with wasteful loopholes that many companies doing the right thing and investing in America pay 35%, while the corporations with the best accountants stash their money abroad and pay little or nothing at all," Obama said, according to the text of his prepared remarks. "I’m willing to simplify our tax code in a way that closes those loopholes, ends incentives to ship jobs overseas, and lowers rates for businesses that create jobs right here in America."

    Neither Obama's Tuesday speech nor his February 2012 corporate tax reform plan explained in detail which loopholes would be closed. During the 2012 presidential campaign, the Obama campaign hammered Mitt Romney for not saying which loopholes he would close to pay for a proposed reduction in individual income tax rates.

     

     
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