Obama seeks 28 percent corp. tax rate

[steveox]

WASHINGTON (AP) — President Barack Obama says the current corporate tax system is outdated, unfair and inefficient. He is calling for an end to dozens of subsidies and loopholes that he says offer tax breaks to companies that move jobs and profits overseas.

Obama says the current system is "not right and it needs to change."
The Obama administration is proposing cutting corporate tax rates from 35 percent to 28 percent. That is still higher than the 25 percent rate sought by congressional Republicans.

Obama said in a statement Wednesday that his framework lowers the corporate tax rate and broadens the tax base and will increase competitiveness for companies across the U.S.

http://finance.yahoo.com/news/geithner-obama-seeks-28-percent-corp-tax-rate-165554751.html

I though Obama promises to Tax the rich and not cut them? Again another Obama promise broken

But Wait! What About us Obama? You know the little guy? Why dont you cut the federal gas tax to 5 cents a gallon? Why dont you lower income tax on people who make under $60,000 a year like 18% ?

 

[dogtowner]

rate not for all and he still wants rich guy tax.

 

[Cruella]

Linky no worky. Did the article mention raising capital gains tax from 15% to 43.4%? Or the death tax from 35% to 55%?

You can bet that by eliminating "loopholes", that the new 28% will actually cause business to pay more in taxes in the long run and more incentive for businesses to downsize or leave the country.

 

[dogtowner]

Linky no worky. Did the article mention raising capital gains tax from 15% to 43.4%? Or the death tax from 35% to 55%?

You can bet that by eliminating "loopholes", that the new 28% will actually cause business to pay more in taxes in the long run and more incentive for businesses to downsize or leave the country.

new analysis articles all over the place and they all say it nets quite a lot more revenue. and who payes that ? the company ? no. the dividends one particularly hurts retirees who live off those dividends (like my step mom) as well as unions (pension funds buy a lot of them) etc.

worse still is the double taxation on foreign earnings as the effect that it will cause is the opposite of what's intended. and it doubles down on "green" when Europe is walking away.

better off leaving it alone rather than this.

 

[dogtowner]

Linky no worky. Did the article mention raising capital gains tax from 15% to 43.4%? Or the death tax from 35% to 55%?

You can bet that by eliminating "loopholes", that the new 28% will actually cause business to pay more in taxes in the long run and more incentive for businesses to downsize or leave the country.

new analysis articles all over the place and they all say it nets quite a lot more revenue. and who payes that ? the company ? no. the dividends one particularly hurts retirees who live off those dividends (like my step mom) as well as unions (pension funds buy a lot of them) etc.

worse still is the double taxation on foreign earnings as the effect that it will cause is the opposite of what's intended. and it doubles down on "green" when Europe is walking away.

better off leaving it alone rather than this.

 

[WolfLarsen]

Obama lowering the corporate tax rate is proof that the Democrats are on the side of the rich just like the Republicans. Remember, one of the first things that Obama did as president is give hundreds of billions of dollars of the taxpayers money in bailouts to big corporations.

We need a workers party!

 

[BigRob]

Why are corporations "the rich"?

 

[Phoenix68]

Obama lowering the corporate tax rate is proof that the Democrats are on the side of the rich just like the Republicans.

.

.
That's what They Said, huh???
.
Obama's a Sell-Out On Taxes? Not So Fast!!
December 8, 2010
.
.
Obama Signs Tax Deal Into Law
December 17, 2010
.​

"President Barack Obama signed an $858 billion tax bill into law Friday, saying, "this is progress, and that's what (the American people) sent us here to achieve."

"We are here with good news for the American people this holiday season," he said. "By a wide margin, both houses of Congress passed a package of tax relief that will protect the middle class, that will grow our economy and will create jobs for the American people."

With Obama's signature, states can begin to reinstate unemployment benefits, so that people "will get them in time for Christmas," he said.

"This is real money that's going to make a real difference in peoples' lives. I would not have signed this bill if it didn't include other extensions of relief that were set to expire."

.​