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AP source: Obama seeks 28 percent corp. tax rate
Associated Press ^ | Feb. 22, 2012 | JIM KUHNHENN

Posted on 02/21/2012 10:09:14 PM PST by Free ThinkerNY

WASHINGTON (AP) -- Laying down an election-year marker in the debate over taxes, the Obama administration is proposing to cut the corporate tax rate from 35 percent to 28 percent, and to seek an even lower effective rate for manufacturers, a senior administration official says.

In turn, corporations would have to give up dozens of loopholes and subsidies that they now enjoy.

(Excerpt) Read more at hosted.ap.org ...


TOPICS: News/Current Events
KEYWORDS:

1 posted on 02/21/2012 10:09:18 PM PST by Free ThinkerNY
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To: Free ThinkerNY

Yeah....then he’ll raise it after they vote for him...because...it’s for the children....

So continues election season.....which never ends for Obomba


2 posted on 02/21/2012 10:20:51 PM PST by goodnesswins (2012..."We mutually pledge our Lives, our Fortunes, and our Sacred Honor")
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3 posted on 02/21/2012 10:26:08 PM PST by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: Free ThinkerNY

Meanwhile, small businesses paying the personal income tax rate on earnings (Sub S corp., LLC) will pay 39% on income over $200,000. But, that’s okay, because according to Obama, those businesses don’t exist.


4 posted on 02/21/2012 10:26:16 PM PST by Avid Coug
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To: Free ThinkerNY

Okay - who here has any idea that either party, any candidate has any idea what they are talking about when it comes to taxes?

Please - let’s be truthful, they listen to those that provide the most money for their party wins. The system is corrupt!

Just look at the benefits that sprayed from the Obama Administration! You think that that did not happen during the last Republican Administration? Of course it did, but admittedly, not so openly.

The bottom line is that neither party will address taxes in a manner that will actually change things (you know for the actual taxpayers). That is one of the outcomes of our political system.

So, yes, vote for Republicans and hope for change - kind of like Obama’s change. Yes, things will change but not for the average man - only the benefactors change.

Very pessimistic and have little hope that it will change in my lifetime.


5 posted on 02/21/2012 10:51:55 PM PST by Deagle
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To: Free ThinkerNY

and once they give up the loopholes... 2 years later, the fedgov will hike the taxes to 50%

yea, you’d have to be a special kind of stupid to believe this will be helpful to the business environment of America


6 posted on 02/21/2012 11:13:17 PM PST by sten (fighting tyranny never goes out of style)
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To: Deagle

You are correct. If Republicans win they will serve the big money interests who finance their campaigns. Those interests do not want meaningful reform. This is why the 2010 election of Tea Party Republicans was meaningless. The establishment continued business as usual because many of the new congress critters fell in line. The system is both corrupt and self perpetuating. Real reform will take more than an election as our founders demonstrated in 1776.


7 posted on 02/22/2012 12:47:32 AM PST by Soul of the South (When times are tough the tough get going.)
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To: Soul of the South

Correct to a point. I do think that a continued election of Tea Party folks will change the direction of the country. Of course that depends upon the honesty and integrity of those elected and that is always a gamble since the politicians seem to become more political (meaning corrupt) the longer they are in office. The real problem is that the people, in general and those running for office, are becoming much more corrupt and godless.

Does that mean that we are doomed - don’t know but am growing more pessimistic by the day...


8 posted on 02/22/2012 12:53:53 AM PST by Deagle
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To: sten; Free ThinkerNY

The real solution has little to do with the rate. It is the very existence of the corporate income tax that drives lobbying, corruption, and — when the American business can no longer compete with foreign businesses — bankruptcy.

We should completely eliminated the corporate income tax so it cannot be tweaked in rates or deductions in the future.

Instead, bump the employer-side of the payroll tax from 7.65% to 10% and apply it to all labor costs including fringe benefits and the embedded labor cost of imports. This would collect the same total revenue from businesses but their tax expense would be known in advance. By including imports, American businesses would no longer be at a disadvantage to foreign competitors who get their VAT rebated when they export to the US.


9 posted on 02/22/2012 1:09:03 AM PST by Kellis91789 (The ultimate result of shielding men from the effects of folly is to fill the world with fools.)
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To: Avid Coug

Keep in mind that the shareholders of a corporation pay another 15% on top of whatever the corporate tax rate is. It is double taxation because the corporation does not get to deduct the dividends as a business expense.


10 posted on 02/22/2012 1:12:35 AM PST by Kellis91789 (The ultimate result of shielding men from the effects of folly is to fill the world with fools.)
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To: Soul of the South

I agree to the extent that the Tea Party candidates should have run on a 3rd party line. Then they would make a huge difference.


11 posted on 02/22/2012 3:19:18 AM PST by wiggen (The teacher card. When the racism card just won't work.)
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To: Free ThinkerNY

There were never any new ideas about improving the economy, Democrats could have done this long ago, 2008.


12 posted on 02/22/2012 3:13:21 AM PST by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: Free ThinkerNY

There were never any new ideas about improving the economy, Democrats could have done this long ago, 2008.


13 posted on 02/22/2012 3:21:28 AM PST by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: Deagle

The problem is the Tea Party winners will be corrupted before enough can be voted in to make a difference. Once they arrive in Washington no doubt someone from the “leadership” has a private visit with the newly elected member. The rules of the game are explained to the new member.

I suspect the story is something like this. You will be called upon from time to time to vote the party position in key votes. In return we will make sure you have access to donors and support from the party in elections. If you choose to oppose us, at reelection time you will not have access to funding and we may run a candidate against you in the primary. In addition we will block any initiative you propose to benefit your constituents and you will not get good committee assignments. We will also use our friends in the press to smear you. Remember, we can afford to lose any one seat. Oppose us and we will do everything in our power to make you fail.

This is why the “revolution” of 2010 failed so quickly. The Republican leadership only values the Tea Party for the votes it can deliver on election day. It knows the Tea Party voters will not vote Democrat so they take them for granted. The establishment despises the Tea Party agenda. Notice how enough of the new Tea Party members are voting for the establishment line to allow Boehner to manage the House the way the establishments wants.

History shows that once corrupted, they stay corrupted. For this reason I don’t think it will make any difference if the Republicans gain the Senate. The McConnnell, McCain, Lugar, Hatch, Graham club is in charge and will whip any new people in line. Remember, the establishment preferred letting the Democrats hold the Senate in 2010 rather than support the Tea Party candidates.

So many people go to Congress trying to change the system. If they survive 2 or more terms they become part of the system.


14 posted on 02/22/2012 7:20:00 AM PST by Soul of the South (When times are tough the tough get going.)
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