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Obama seeks 28 percent corp. tax rate

Daktoria

Daktoria

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AP source: Obama seeks 28 percent corp. tax rate - Yahoo! News

WASHINGTON (AP) — Laying down an election-year marker in the debate over taxes, the Obama administration is proposing to cut the corporate tax rate from 35 percent to 28 percent, and to seek an even lower effective rate for manufacturers, a senior administration official says.

In turn, corporations would have to give up dozens of loopholes and subsidies that they now enjoy. Corporations with overseas operations would also face a minimum tax on their foreign earnings.
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Is 7% good enough to cut out loopholes?
 
Based upon this just being an idea without any real specifics, I support doing something along these lines.
 
So Obama the ultimate crusader against tax cuts now wants to give bigger tax cuts than George W Bush. What a hypocrite, congrats Obama it looked like you were actually going to win this November but who knows now and honestly who cares with a two face canidate like yourself. You can count me out of this election there's no one to vote for between the flip floppers of Obama and Romney to the whackos of the right like Santorum and Gingrich. Even Ron Paul's homeland policies are whack in my opinion. Garbage in Garbage out.

Good luck America your going to need it.
 
let's see what loopholes and corporate subsidies they intend to eliminate before we celebrate
 
Justice For All said:
So Obama the ultimate crusader against tax cuts now wants to give bigger tax cuts than George W Bush. What a hypocrite, congrats Obama it looked like you were actually going to win this November but who knows now and honestly who cares with a two face canidate like yourself. You can count me out of this election there's no one to vote for between the flip floppers of Obama and Romney to the whackos of the right like Santorum and Gingrich. Even Ron Paul's homeland policies are whack in my opinion. Garbage in Garbage out.

Good luck America your going to need it.
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It's actually tax increase for a majority of the largest corporations in the nation. Their average effective tax rate is lower than 28%. Virtually no one pays 35%.
 
iliveonramen said:
It's actually tax increase for a majority of the largest corporations in the nation. Their average effective tax rate is lower than 28%. Virtually no one pays 35%.
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This is likely true but it's a start to where I would like to see us go. The lowest rate possible with far fewer exemptions.
 
From what I understand, the money coming in to the federal government is supposed to be the exact same before and after, so the effective tax rate should be the same, though it will be less for those with less loopholes and more for those with more loopholes. I generally agree with the idea. Gigantic corporations should not be paying single digit tax rates, and in some cases, 0% taxes.
 
roughdraft274 said:
From what I understand, the money coming in to the federal government is supposed to be the exact same before and after, so the effective tax rate should be the same, though it will be less for those with less loopholes and more for those with more loopholes. I generally agree with the idea. Gigantic corporations should not be paying single digit tax rates, and in some cases, 0% taxes.
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It is similar to the inheritance tax problem. I am all for big taxes reduced by employment numbers. The more employees you hire, the lower the tax. No bonuses. Profit sharing to employees. Pension funds separate from management funds. Management dissonance must be recognized for its current selfish and corrupt implementation. The USA is people, not corporations, and should operate with that paradigm.
 
Obama's beloved General Motors pays no taxes and gets a big fat bailout, while Ford takes no bailout money, actually makes a profit, and has to pay taxes on it.
 
Erod said:
Obama's beloved General Motors pays no taxes and gets a big fat bailout, while Ford takes no bailout money, actually makes a profit, and has to pay taxes on it.
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correction: they pay no INCOME taxes. They pay lots of other taxes.
 
Erod said:
Obama's beloved General Motors pays no taxes and gets a big fat bailout, while Ford takes no bailout money, actually makes a profit, and has to pay taxes on it.
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1. The original GM bailout occurred during a Republican administration. If you want to act like Obama just wanted to throw around money for no reason then that's fine, but you'd be wrong.

2. GM is not getting special treatment. Companies are allowed to offset future taxes with past losses. GM went through a period where it was not profitable and according to our tax system, that means they don't pay taxes up to a certain amount for a period of time. This wasn't Obama signing an executive order giving them a tax coupon.

If you want the laws changed to where losses can't be offset by future profits then that's fine, but to just turn it into a partisan issue is silly and gets us no where.
 
pbrauer said:
You bet it is, many corporations such as GE pay no taxes.
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That must mean that you want to see all those green energy tax breaks that GE soaks up every year ended. Yes?
 
iliveonramen said:
It's actually tax increase for a majority of the largest corporations in the nation. Their average effective tax rate is lower than 28%. Virtually no one pays 35%.
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It's a tax increase for small businesses, too.
 
StillBallin75 said:
A complete non-sequitur. Loopholes are loopholes, rates are rates. The best way to get rid of loopholes is to get rid of the loopholes. Lowering the rate has little to do with it.
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Are you talking about loopholes, or deductions? Do you know the difference? Let's get that straight before we go any farther.
 
apdst said:
It's a tax increase for small businesses, too.
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missed that part. i only saw reference to the reduction in top tax rate with a corresponding elimination of deductions and subsidies. please point out the part which increases the taxes on small business
 
justabubba said:
missed that part. i only saw reference to the reduction in top tax rate with a corresponding elimination of deductions and subsidies. please point out the part which increases the taxes on small business
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I have a better idea: Please point out where it only eliminates tax deductions for the largest of corporations. Point out how big a corporation has to be, before their tax deductions are taken away from them. Thanks in advance.
 
apdst said:
I have a better idea: Please point out where it only eliminates tax deductions for the largest of corporations. Point out how big a corporation has to be, before their tax deductions are taken away from them. Thanks in advance.
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well, we know it was a reduction in the tax rate
which was to be combined with elimination of deductions and subsidies
and the result was expected to be revenue neutral
so, explain again how this imposes a tax increase on small business

i know you can't
 
justabubba said:
well, we know it was a reduction in the tax rate
which was to be combined with elimination of deductions and subsidies
and the result was expected to be revenue neutral
so, explain again how this imposes a tax increase on small business

i know you can't
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Again...show us how large a corporation has to be to lose their deductions.

BTW...deductions and subsidies are two different animals. Subsidies have nothing to do with taxes.

I guess you think we should just take Obama's word that this is a good idea and run with it.
 
Justice For All said:
So Obama the ultimate crusader against tax cuts now wants to give bigger tax cuts than George W Bush. What a hypocrite, congrats Obama it looked like you were actually going to win this November but who knows now and honestly who cares with a two face canidate like yourself. You can count me out of this election there's no one to vote for between the flip floppers of Obama and Romney to the whackos of the right like Santorum and Gingrich. Even Ron Paul's homeland policies are whack in my opinion. Garbage in Garbage out.

Good luck America your going to need it.
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This is exactly what JFK proposed and LBJ implemented after his assassination. It brought in more revenue to the government.
 
apdst said:
Again...show us how large a corporation has to be to lose their deductions.

BTW...deductions and subsidies are two different animals. Subsidies have nothing to do with taxes.

I guess you think we should just take Obama's word that this is a good idea and run with it.
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you were the one who insisted that was going to be a tax INCREASE for SMALL business

challenged you to explain how that was going to be the result

and again, you failed
 
justabubba said:
you were the one who insisted that was going to be a tax INCREASE for SMALL business

challenged you to explain how that was going to be the result

and again, you failed
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And, it's up to you to use the details of the plan to prove me wrong.
 
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