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The Obama administration will propose today lowering the top income-tax rate for corporations to...

The Obama administration will propose today lowering the top income-tax rate for corporations to 28% from 35% and reduce the tax rate on manufacturing to 25%, while raising overall tax revenue by eliminating dozens of deductions. But don’t rip up your tax-planning documents just yet, as any plan isn't likely to make it through a deeply divided Congress in an election year.
Comments (15)
  • WMARKW
    , contributor
    Comments (10641) | Send Message
     
    Wow....a tax cutter? Goodness, this must be an ..... ELECTION YEAR !

     

    BTW....there is no reason at all for having corporate income taxes. Corporations don't pay income taxes. Employees and customers do.
    22 Feb 2012, 10:19 AM Reply Like
  • Trader Monk
    , contributor
    Comments (130) | Send Message
     
    Sorry..Oblamo loves the headline "proposing to lower corporate taxes"..but this is another shell game since the headline says "while raising overall tax revenue by eliminating dozens of deductions"..so if this is actually lowering taxes then how come his proposal raises revenue? Sounds like he is raising taxes..remember when it comes to liberals and assessing taxes "IT IS NEVER ENOUGH!"
    22 Feb 2012, 02:28 PM Reply Like
  • niuecon
    , contributor
    Comments (618) | Send Message
     
    It actually is possible to lower tax rates and end up with more revenue, and the opposite is true as well. But, the US isn't anywhere near that condition. It should be obvious by the timing that he's inching his way to the center to appeal to as many independent voters as possible. If he was oh soooo passionate about the tax code, I'd say he's had since January 2009 to speak up.
    22 Feb 2012, 06:56 PM Reply Like
  • reader
    , contributor
    Comments (327) | Send Message
     
    Let us do something really great for the economy. I propose dropping the tax rate for both corps and manu down to 20%. Allow corps to bring back all the money still sitting in foreign accounts. The stock market would zoom. Divi's in many cases would rise. And the gov would receive tax by way of cap gain and divi tax. At the same time the gov would have to cut spending drastically. Someone tell me I'm crazy. If Bama would propose that maybe even I would vote for him for reelection. Doubt it though.
    22 Feb 2012, 12:52 PM Reply Like
  • Moon Kil Woong
    , contributor
    Comments (11401) | Send Message
     
    This is disingenuous. He never proposed such breaks when he was able to pass them with a Democratic House and Senate. He just wants to use it for election finger pointing now that all tax cuts or spending increases must come with offsetting cuts elsewhere.

     

    Unfortunately, save maybe Ron Paul the Republican's solutions are no better with government spending actually increasing for special interests including big money for defense contractors.
    22 Feb 2012, 12:59 PM Reply Like
  • Bozerdog
    , contributor
    Comments (464) | Send Message
     
    This administration has been the most consistent and progressive in recent memory. If Obama can keep the war pigs out of Iran we may have some good years ahead of us.
    22 Feb 2012, 02:12 PM Reply Like
  • 7footMoose
    , contributor
    Comments (2266) | Send Message
     
    I love it when you use sarcasm.
    22 Feb 2012, 03:54 PM Reply Like
  • WMARKW
    , contributor
    Comments (10641) | Send Message
     
    Good years....yea right. It won't matter who's in charge. We're looking at another 5 years of at least $1.2 - $1.5 T deficits. The horse is out of the barn. Good luck tracking him down.
    22 Feb 2012, 11:04 PM Reply Like
  • Blackeyebart
    , contributor
    Comments (208) | Send Message
     
    US presidents have little power and are a mere disguise those that do. The destruction of the party system, in favour of the rich and powerful, has led to a string of disasters for the US, that show no sign of stopping.

     

    I do not see even the slightest sign that this will change.

     

    Worrying about what Obama thinks is pointless. You need to set out to succeed in spite of him, or his replacement.
    22 Feb 2012, 02:38 PM Reply Like
  • Spencer Knight
    , contributor
    Comments (417) | Send Message
     
    Interesting concept. Lowering the tax rate, but eliminating loopholes. It will lead to paying more taxes since the best firms have the best lawyers to find the most tax loopholes. If this proposal can be pushed through with a clause for tax breaks for companies who bring jobs back to America, we can save our economy. If not, well, we will see companies hire less in America and possibly raise prices to counter the higher taxes.
    22 Feb 2012, 03:31 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3533) | Send Message
     
    "If this proposal can be pushed through with a clause for tax breaks for companies who bring jobs back to America, we can save our economy."

     

    It's more than tax breaks keeping the jobs from coming back. Try OSHA, EPA, EOEC, and more alphabet soup. Thousands of bureaucrats holding hoops to be jumped through. Meanwhile, Poland, India, Slovenia and others are more than willing to cut a deal.
    22 Feb 2012, 04:04 PM Reply Like
  • Ricardo Espinosa
    , contributor
    Comments (459) | Send Message
     
    Great idea, the big corporations pay way too much taxes Obama, what are they going to do with just billions in net profit?
    22 Feb 2012, 05:07 PM Reply Like
  • brachiosaurus
    , contributor
    Comments (237) | Send Message
     
    I've always found it absurd that our tax system favors companies that issue more debt rather than equity. The simplest and fairest system would be simply to end corporate taxes, but to make sure all dividend, interest, and cap gains are taxed at a person's marginal income tax rate. There are still problems with this scenario: 1) corporate governance is so terrible and underregulated here that managements frequently steal from shareholders, rather than doing buybacks or paying dividends. 2) We would have to make sure that all foreign investors pay the top tax rate on all dividend, interest, and cap gains that they receive, and this would require renegotiating div/cap gain tax treaties. But these aren't insurmountable problems.
    22 Feb 2012, 07:12 PM Reply Like
  • CaladesiKid2
    , contributor
    Comments (273) | Send Message
     
    This President seems to think we have no memories. What he stated one year ago or even one month ago may well contradict his current comments. Yet we, the mere mortals, are expected to swallow his latest proclamations without question. Sadly, there is precedent for his believing that such naivete will continue. Why oh why isn't there any media willing/capable of broadcasting his contradictions? This President seems to lack an ethical core, he says whatever will move the favorability polls this week. He has learned well from the Clintons.
    22 Feb 2012, 08:48 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4845) | Send Message
     
    I have come to the idea that the question is not if a country can avoid a financial crisis but when will the financial crisis hit?

     

    If you look at a variety of countries under a variety of forms of government at some point they all seem to hit serious financial straits. It seems that no matter what form of government exists over many decades the weaknesses in the model are taken to their ultimate conclusion which shows up in the economy. Once the train is on the tracks it does not matter who is conducting.

     

    In the case of the US we can vote for more "free stuff" and just fund it with debt issuance until the day comes when the sky falls in. Why are we pretending that we will not end up in the same place all these other countries end up? If past is prologue then buckle up.
    23 Feb 2012, 12:29 AM Reply Like
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