Posted on 02/10/2012 4:27:02 PM PST by Hunton Peck
President Barack Obama will call for cutting the top 35 percent corporate tax rate as early as this month, according to two sources close to the administration.
The president is likely to propose a rate closer to an average of that seen in peer nations, the sources said.
This would jibe with remarks made last year by Treasury Secretary Timothy Geithner, who suggested the United States should be moving to a rate more in line with its major trading partners in the high 20-percent range.
Obama outlined tax measures - including closing tax loopholes for companies that move facilities and jobs overseas - in his State of the Union speech in January, and will lay out principles for revamping corporate taxes by the end of February, a senior administration official said.
"We will talk more before the end of the month on what corporate tax reform would look like," the official said on Friday, confirming that it would include a call for "lower rates."
Facing a potentially tough presidential re-election challenge this November, Obama will propose cutting the rate following the release of his 2013 budget plan on Monday, February 13, according to the sources, who were not authorized to speak on the record.
While he spent a big part of his January speech to Congress criticizing businesses for moving jobs overseas, Obama said that "companies that choose to stay in America get hit with one of the highest tax rates in the world."
Only Japan has a steeper corporate tax rate than the United States among industrialized countries, though other countries make up the revenue with a value-added tax, he said.
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Obama's corporate plan will also include a new minimum tax on foreign profits earned in low tax countries - an unpopular idea in the corporate community.
(Excerpt) Read more at reuters.com ...
Only until after the election.
Somebody tell the Occupunks.
King George, you don’t need to propose anything;
you can just make it so with a wink and a nod.
Don’t let that extinct constitution get in your way.
Obama is stealing GOP platform planks.
How bout raising taxes on ALL union employees? I'd support that.
I’m guessing that there’s a pre-existing agreement with Senate Dems to make sure that it doesn’t pass. But 0 will have “tried”. Either that or the foreign investment tax increase and other add-ons will be more onerous than anything that’s cut.
Ideally, there should be no such thing as a tax on corporations.
Having said that, we’ve run up so much debt, they’re gonna have to simultaneously cut spending significantly and draw as much as they can via taxes(there’s a limit on that). A depression will be the result, but we HAVE to do it if we’re going to fix this thing. If we continue as we are, we won’t get a depression, instead we’ll get an all out collapse.
Barry will do anything it takes to keep his goatsmelling @$$ in the White House. Hypocrite.
Yes the GOP should have done this.
Guffaw.
Watch for the partisan media shills continue building entirely false memes, including the familiar “unemployment has eased” to this new one, “he proposed lower corporate taxes”.
Thanks Hunton Peck.
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