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The Obama administration will propose lowering the top corporate tax rate to 28 percent on Wednesday, as part of a proposal to reform taxes on businesses.
The White House wants to pay for reducing the top corporate rate, which is currently 35 percent, by ridding the tax code of a number of preferences and incentives. Administration officials are also seeking to drop the effective tax rate paid by manufacturers to 25 percent as part of an effort to overhaul the corporate tax code.
Administration officials also said the White House will push to keep only the tax preferences that serve as more than just a tax break for industry — which in their minds includes incentives for manufacturing, research and development and clean energy.
Other preferences, Geithner argued, should be excised from the code to pay for lower rates.
“Whatever you call them, they are subsidies, they are spending through the tax code, and they are expensive,
Obama corporate tax overhaul would lower top rate to 28 percent
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- Public Discussion (2)
Uh Oh....
Let's see how the GOP screams when Bachmann loses her farm subsidies, big oil loses their subsidies. They've been screaming that the tax rate is too high....well, folk here's a lower tax rate, let's see if big corp salutes it, or will it be a clear admission that they've been paying WAAYYYYY lower tax rate than middle America.
Remember, please everyone, respect other posters even if you don't agree with their opinion. I usually stay on top of my seeds as many of you probably know, but I need to go to the doctor's so please be gentle while I'm gone.
Thanks,
Rescue
- 2 votes
#1 - Wed Feb 22, 2012 2:31 PM ESTThe lowered corporate tax rate is going to help? Hmmm.
The 1% stole away our futures. Lets take it back. Call it socialism. Call it whatever.
Lets vote in people to take back the trillions the 1% stole. They surely stole it.
Lets look at it simply. The economy fell by 10 Trillion. the 1% increase there wealth by at least 2 Trillion. We can see who benefited. Just follow the money. They can make all kinds of fanciful adverts and tell us how they support charity.
Yea well hand over the cash.
Its not there cash. The USA belongs to the 99%.
Go Occupy.
- 2 votes
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