But it turns out, that the plan ist somewhat odd.
"ďHereís the bottom line: Iím willing to work with Republicans on reforming our corporate tax code, as long as we use the money from transitioning to a simpler tax system for a significant investment in creating middle-class jobs. Thatís the deal,Ē "
If corporate taxes are siplified and reduced in the right way, it will be a job machine, no new spending will be required and existing programmes can be cut to reduce the budget.
So first, it's not just a tax cut despite the liberal geniuses in this thread claiming that's all it is. It also includes according to that quote, tax on corporations with foreign operations who pay less than some minimum tax he has in mind. That's a tax increase for any and all such corporations. You may argue it's a justified one, just do not argue it's not a tax increase.Obama wants to cut the corporate tax rate of 35 percent to 28 percent and give manufacturers a preferred rate of 25 percent. He also wants a minimum tax on foreign earnings as a tool against corporate tax evasion and the use of tax havens.
In exchange for his support for a corporate tax reduction, Obama wants the money generated by a tax overhaul to be used to fund such projects as repairing roads and bridges, improving education at community colleges and promoting manufacturing, senior administration officials said.
Additionally, he's picking a winner in manufacturing, treating an entire industry different for what reason?
And who can explain what precisely this "wants the money generated by a tax overhaul" refers to? Is this anticipated to come from the foreign min tax noted above? Basically a tax increase leads to extra revenue which he wants to spend? (I understand the "Obama wants the money" part, just not where it came from..
☮★★☮ Just a democratic-socialist in the heartland of America.CHECK OUT MY TUMBLR(BLOG)HERE "Life is beautiful. Let the future generations cleanse it of all evil, oppression, and violence, and enjoy it to the full."
Can't we just turn Congress off and then turn it back on again?