Obama's Corporate Tax Overhaul….

[1NEMESIS]

Those of you who worry so much about Corporate America and that they get treated "fairly" by the big bad Liberal president, here's your tax overhaul via ThinkProgress:

"5 Key Facts About The Obama Administration’s Corporate Tax Overhaul
By Pat Garofalo posted from ThinkProgress Economy on Feb 22, 2012 at 9:25 am
The Obama administration today is unveiling an overhaul of the corporate tax code, proposing to lower the top corporate income tax rate while eliminating a host of deductions and loopholes. The plan will be formally unveiled later today, but here are some of the important facts released already:
– The administration is proposing a top corporate income tax rate of 28 percent, lowered from its current 35 percent.
– The top tax rate for domestic manufacturers would be 25 percent.
– The plan would implement a minimum tax on overseas profits, as President Obama proposed in his most recent State of the Union address. The minimum tax would limit the ability of corporations to exploit low-tax havens like the Cayman Islands. The U.S. currently loses more to corporate profit shifting than it spends on several federal agencies.
– The plan would pay for the rate reduction by eliminating credits, loopholes, and deductions, including those for the oil and gas industries. Obama’s budget already proposed eliminating 12 tax breaks to oil, gas, and coal companies, saving $41 billion over 10 years.
– The plan would raise $200-$300 billion, depending on which baseline is used, as it would pay for the extension of a host of tax credits — such as the R&D tax credit — that are usually extended without pay-fors. As the Washington Post’s Ezra Klein explained, “their definition of revenue neutral is closer to what the corporate tax code actually says, but it’s about $200 billion above the Joint Tax Committee’s baseline.”
The U.S. already has the second lowest effective corporate tax rate in the world, and is raising historically low amounts of revenue from the corporate income tax. In fact, corporate tax revenue is at a 40 year low, according to the Congressional Budget Office, even though corporate profits have rebounded to their pre-recession heights. And the U.S. effective corporate tax rate is low compared to other developed economies, while U.S. corporations are taxed less than their foreign rivals, as these charts show:



Here is the full proposal :http://www.treasury.gov/resource-cen...02-22-2012.pdf

[satexasguy]

you forgot to include how the countries listed above that have higher corporate taxes also have very high cost of living and that their citizens are also taxed out the ass.

One way or another, taxes in the USA must go up to pay for the deficit. Either through increasing corporate taxes and/or increasing taxes on the middle class. Because the way our current president likes spending, we are gonna have to pay.

Come on 1nemesis, you are smarter than that. you should know that when government spending goes up, we tax payers (mostly middle class) are gonna end up paying to reduce it.

[1NEMESIS]

Originally Posted by satexasguy

you forgot to include how the countries listed above that have higher corporate taxes also have very high cost of living and that their citizens are also taxed out the ass.

One way or another, taxes in the USA must go up to pay for the deficit. Either through increasing corporate taxes and/or increasing taxes on the middle class. Because the way our current president likes spending, we are gonna have to pay.

Come on 1nemesis, you are smarter than that. you should know that when government spending goes up, we tax payers (mostly middle class) are gonna end up paying to reduce it.

"you forgot to include how the countries listed above that have higher corporate taxes also have very high cost of living and that their citizens are also taxed out the ass."

If I forgot about that, why don't you tell me about it and educate me on what that cost of living is and what country your talking about?

[Mokoa]

No longer relevant.