Obama Tax Revamp Seeks 28% Corporate Rate [Proving DNC knows the rates kill jobs]

Wall Street Journal ^ | Feb 22 2012 | y JEFFREY SPARSHOTT And SIOBHAN HUGHES

[NoLibZone]

The Obama administration Wednesday proposed an overhaul of U.S. corporate taxes that would lower the maximum rate companies pay while eliminating scores of loopholes that allow businesses to reduce their payments.

The Treasury Department said the plan would overhaul the corporate-tax code, including lowering the top income-tax rate for corporations to 28% from 35%, cutting the effective tax rate even further for manufacturers, and eliminating popular deductions.

The plan also maintains or makes permanent some credits, such as for research and development and production of renewable electricity, which aims to encourage investment in wind and solar power.

"A key test of any reform should be whether the net impact of the changes improves the incentives for investing in the United States," Treasury Secretary Timothy Geithner told reporters.

[listenhillary]

Sounds like large businesses would end up paying more as the loopholes and deductions vanish.

[NoLibZone]

Lowering U.S. Corporate Tax Rate to 10 Percent Will Create Jobs, Spur Economic Growth, Study Says.

http://cnsnews.com/news/article/lowering-us-corporate-tax-rate-10-percent-will-create-jobs-spur-economic-growth-study

[July4]

We voted for a President whose every breath has been devoted to Marxism, he’s now in the process of dismantling the legal, religious, and financial basis of our republic, and we’re surprised and angry. Amazing.

[musicman]

Less Than $450 To Go!!
Your Donation To FR Is The Fuel
That Keeps It Running!!
New Monthly Donors Help FR Get There Even Faster!!


The last $6k above normal operating costs
for these next two quarterly FReepathons will be used to
purchase new computer servers to ready
FR for the very important 2012 upcoming election.

If you can, please help contribute to this goal
by Clicking Here!!

[Fresh Wind]

Sounds like large businesses would end up paying more as the loopholes and deductions vanish.

Of course. That's the plan. Obomba can brag that he's lowered taxes, and everybody knows that "loopholes" are bad, so he can brag about that too. Obomba can laugh all the way to the golf course.

[smoothsailing]

Sleight Of Hand: Obama To Propose 28% Corporate Tax Rate…But Increase Dividend Tax Rate To 64.1%

http://patdollard.com/2012/02/sleight-of-hand-obama-to-propose-28-corporate-tax-rate-but-increase-dividend-tax-rate-to-64-1/

[pfflier]

Stuart Varney said on Fox that all profits would be subject to the lower tax rate even those earned overseas. For example he used Intel which does 85% of it's business offshore.

Their existing tax is 35% of 15% of their income.

The new plan would be 28% of 100% of their worldwide income.

What a deal!!

[andy58-in-nh]

I understand that under this proposal, corporate income earned abroad would now be taxable in the U.S., meaning that it would be subject to both foreign taxes and U.S. taxes. If that's true, companies now earning significant income abroad would either have to repatriate their operations here (at much higher prevailing labor and regulatory costs), or entirely reincorporate abroad, say in Singapore. Guess which one they'll choose?

[AU72]

So instead of incentivizing Corporations to repatriate, he’ll punish them for staying.

[plangent]

But Increase Dividend Tax Rate To 64.1%

The man is a kleptomaniac.

Dividends have already been taxed at the corporate level before being distributed. Now Obama wants to take 2/3 of that distribution?

Well, Old Folks who live off your savings, why don't you just pack it in and go find some ice floe and drop dead.

[Argus]

Hussein the Marxist posing as a pro-growth tax-cutter. Must be an election year.

[GeronL]

Taxing dividends at 65% will kill dividends, do you know how many retirement plans will have to drop stocks if this happens? I guess the government wants them buying US government debt instead.

[GeronL]

Imagine all of the investment funds that will have to switch from stocks to government debt because of this 64% tax on dividends.

Big government debt monster strikes again.

[GeronL]

Marxist tyrant strikes again.

We could hope the GOP won’t fall for this, but thats probably too much to ask.

[smoothsailing]

Obama is hellbent on sucking us dry.

[GeronL]

and diverting resources to the government!