...and the biggest issue in the article appears in the third paragraph.

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  http://slatest.slate.com/posts/2012/02/22/obama_corporate_tax_plan_lowers_rate_to_28_percent_.html

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I get it, but it's a damn shame.

Obama didn't make his proposal until now, so that he could campaign on it in an election year.

Republicans won't take it up even though it's one of their ideas, so that they don't have to look like they agreed with Obama in an election year.

Something that makes sense whether we're talking corporate/personal taxes: Getting rid of loopholes, but also lowering taxes a bit so that the change doesn't work a net increase in taxes....

....is not going to happen because politicians are full of sh*t.

Where's the "99%"?

In Response to Re: Obama proposes lowering corporate taxes, but closing loopholes...:


Ask Warren.

This post has been removed.

I think this is his way of getting rid of the loopholes he tried to close last year, but the GOP rejected.  He is playing their horse trading game.  He will give them what they want (lower taxes) in exchange for closing loopholes that are exploited in ways not originally intended.  Of course the GOP will just say no and go back to railing against abortion and claiming the devil is coming for America. 

In Response to Re: Obama proposes lowering corporate taxes, but closing loopholes...:

and if the GOP does that, they will be hearing from me.

Intended to end a bitter trade war with Europe, the election-year measure was described by supporters as critically necessary to aid beleaguered manufacturers who have suffered 2.7 million lost jobs over the past four years.

“[The bill is] going to help our manufacturers — that will save $77 billion over the next 10 years for the manufacturing sector of America,” Bush said. “That will help keep jobs here.”

But opponents charged that the tax package had grown into a massive giveaway that will add to the complexity of the tax system and end up rewarding multinational companies that move jobs overseas.

MSNBC, October, 2004

"Although the corporate tax code is badly in need of reform, Wednesday's announcement is more political than practical: With Congress unlikely to pass any major legislation this year, the reform blueprint will primarily serve as a talking point for Obama's re-election campaign."

From the article, nothing is going to happen, Obama knows this, he's in desparation mode.

Throw anything against the wall, see if it sticks, if it doesn't move on.

The fact that he is trying all this so soon is quite telling, he'll be shooting blanks by August.  But hey, no one ever said he was that bright anyways......

After several years of offering oblique generalities about the need to lower the corporate tax, Obama is finally putting his money where his mouth is.  Last week, Congressman Dave Camp called out Timothy Geithner for not offering a corporate tax cut in the President’s FY 2013 budget.  So with much fanfare, Geithner has unveiled a proposal to cut the top corporate tax rate from 35% to 28%.

So is Obama a born-again supply side tax cutter?  Not by a long shot.

Here are the facts.

• Let’s remember that 28% is still higher than the average rate among industrialized countries, even among European countries.  As AEI’s Alex Brill observes, Obama’s proposal would take our corporate tax rate from last place (34th) to 32nd place.
  There had been a bipartisan consensus to lower the rate to 25%, in line with the OECD average.  Moreover, when coupled with state corporate taxes, which don’t exist in most other countries, the corporate tax rate may still be over 35% in many localities.
• Like with all Obama tax cuts, there are sundry tax increases included in the plan, totaling $250 billion.  Obama would require U.S. companies operating overseas to pay a new minimum tax rate on their foreign earnings.  Instead of following a bipartisan plan to encourage businesses to bring their profits home through a one-time repatriation holiday, he is using the boot of government to punish them.  Obama also plans to eliminate a lot of deductions for oil and gas companies, such as expensing on drilling investments and depletion of wells.  These are not loopholes; they are universal investment deductions that factor in the cost of doing business.  Those costs will be passed down to the consumer if this plan passes.
• Any benefits that would be actualized as a result of the corporate tax cut would be vitiated by Obama’s triple taxation of corporate dividends.  As the WSJ points out, under Obama’s 2013 budget, the corporate dividends tax rate would rise from 15% to 44.8% next year

While we all want a lower flatter tax, this plan does not lower the marginal rates enough to warrant the elimination of these deductions.  Moreover, if you’re going to eliminate credits and deductions for those companies that pay millions in taxes, why not eliminate them for every business, including green energy firms that pay no taxes to begin with?  Yet, Obama plans to renew the Production Tax Credit handout for Big Wind, a credit that is unfortunately supported by some Republicans
http://www.redstate.com/dhorowitz3/2012/02/22/obama-the-tax-cutter-think-again/

Easter Bunny
Santa Claus
Tooth Fairy
US tax code without loopholes

In Response to Re: Obama proposes lowering corporate taxes, but closing loopholes...:



The 99% are out cashing the welfare checks the rest of us paid for.