• Obama proposes lowering corporate tax rate to 28 percent
    23 replies, posted
[release]President Obama proposed a major overhaul of the nation’s corporate tax code on Wednesday, an election-year gambit that aims to draw a contrast over a key policy issue with the Republicans vying to replace him. The plan would lower the nation’s corporate tax rate to 28 percent. At the same time, Obama wants to boost overall revenue from corporate taxation by banning numerous deductions and loopholes that save companies tens of billions of dollars a year on their tax bills. The current U.S. corporate tax rate of 35 percent is one of the highest in the world, but the abundance of loopholes and deductions enable many businesses to pay far less than that — or nothing at all. Companies in the United States pay almost half the taxes that companies in other rich countries pay, compared with the size of the economy, according to the Organization for Economic Cooperation and Development.[/release] [url=http://www.washingtonpost.com/business/economy/obama-to-propose-lowering-corporate-tax-rate-to-28-percent/2012/02/22/gIQA1sjdSR_story.html]Source[/url]
*checks the forum this was posted in to make sure I'm not accidentally in ITN* *checks again* Nope
-snip-
So he's lowering their tax rate, but closing the loopholes so they actually have to pay their share. Awaiting Republican backlash.
Not sure what to think about this. If this gets companies like Exxon to pay corporate tax then it would probably be a net gain.
[QUOTE=Spooter;34824071]So he's lowering their tax rate, but closing the loopholes so they actually have to pay their share. Awaiting Republican backlash.[/QUOTE] I don't think they can really criticize this without looking even more foolish than they already do.
I would rather he just close the loopholes anyway, but this is okay. I suspect the Republicans will still reject this plan, though.
[QUOTE=IKTM;34824154]I don't think they can really criticize this without looking even more foolish than they already do.[/QUOTE] Well, that hasn't stopped them before....
Hrm...I'm all for forcing them to pay their taxes instead of allowing them to explot loopholes. I'm dubious as to whether or not the 28% tax rate will do any good for the government's bottom line. It will be a boon to small businesses that can't exploit the loopholes though, so that's a good thing for the economy.[QUOTE=IKTM;34824154]I don't think they can really criticize this without looking even more foolish than they already do.[/QUOTE] That won't stop them.
It's funny because the president has no power over this.
I would be fine with him lowering it if it got them to actually pay taxes and not get huge amounts of money from the government for literally no reason.
[QUOTE=A B.A. Survivor;34824761]It's funny because the president has no power over this.[/QUOTE] Hey guys I'm in 8th grade and I learned this during 3rd period government class. :downs:
Obama will compromise, the tax rate will be lowered, and only some of the most egregious well-known loopholes will be somewhat fixed. Calling it.
Lower, close loopholes, increase capital gains tax rolling in ~dollas~
Key word is [I]proposes[/I]. As soon as there is any opposition which of course there will be Obama will just cave and cower. It will either get shut down or watered down to coors lite level.
[QUOTE=Aman VII;34826167]Key word is [I]proposes[/I]. As soon as there is any opposition which of course there will be Obama will just cave and cower. It will either get shut down or watered down to coors lite level.[/QUOTE] It's not so much that he caves, but that he is limited in what his power allows. If the Republican majority owned house says no, it's a no.
[QUOTE=Aman VII;34826167]Key word is [I]proposes[/I]. As soon as there is any opposition which of course there will be Obama will just cave and cower. It will either get shut down or watered down to coors lite level.[/QUOTE] Ugh, coors lite. I don't even drink and the thought of that makes me cringe.
[QUOTE=Aman VII;34826167]Key word is [I]proposes[/I]. As soon as there is any opposition which of course there will be Obama will just cave and cower. It will either get shut down or watered down to coors lite level.[/QUOTE] Do you expect him to execute order is way out of that shitty republican majority ? [B]Edit for Ridge's comprehension [/B]: Do you expect Obama to utilise executive orders to get by the republican congress ?
[QUOTE=Mechanical43;34827549]Do you expect him to execute order is way out of that shitty republican majority ?[/QUOTE] I'm sorry, can you repeat that in a manner that makes sense?
[media]http://www.youtube.com/watch?v=WQpaNKq-9WQ[/media]
[QUOTE=Aman VII;34839285][media]http://www.youtube.com/watch?v=WQpaNKq-9WQ[/media][/QUOTE] Not really a fan of this video. He cites the New York Times speculating that the loopholes won't be closed, and uses that as his key piece of evidence to say "See they totally won't actually do it!" It really is based on conjecture, either this speaker's or the NY Times', not fact.
[QUOTE=Aman VII;34839285][media]http://www.youtube.com/watch?v=WQpaNKq-9WQ[/media][/QUOTE] I agree with Cent, this will do nothing.
The question is if they can find more loopholes.
[QUOTE=PvtCupcakes;34824958]Hey guys I'm in 8th grade and I learned this during 3rd period government class. :downs:[/QUOTE] What? All I'm saying is that everyone's acting like Obama can just change tax rates.
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