Posted on 07/30/2013 12:03:04 PM PDT by Sub-Driver
Obama: Top Tax Rate Should Be 28% for Corporations, 40% for Small Business 2:37 PM, Jul 30, 2013 • By JOHN MCCORMACK
The New York Times reports that President Obama is reviving an old proposal to lower the corporate tax rate from 35 percent to 28 percent (and 25 percent for manufacturers). Obama's push to lower the corporate tax rate to 28 percent comes less than a year after he raised the top individual income tax rate, paid by many small businesses, to 39.6 percent. Official portrait of Barack Obama
In a speech delivered Tuesday afternoon, Obama did not explain why he thinks it's a sound economic idea to raise the top marginal tax rate on small businesses but lower it for corporations.
"Right now, our tax code is so riddled with wasteful loopholes that many companies doing the right thing and investing in America pay 35%, while the corporations with the best accountants stash their money abroad and pay little or nothing at all," Obama said, according to a the text of his prepared remarks. "I’m willing to simplify our tax code in a way that closes those loopholes, ends incentives to ship jobs overseas, and lowers rates for businesses that create jobs right here in America."
Neither Obama's Tuesday speech nor his February 2012 corporate tax reform plan explained in detail which loopholes would be closed. During the 2012 presidential campaign, the Obama campaign hammered Mitt Romney for not saying which loopholes he would close to pay for a proposed reduction in individual income tax rates.
Define ‘small’.............
??? What is this really about? Is he setting us up for something, trying to get himself on record for something? He’s making a move I don’t understand.
A few large corporations are easier to control in a fascist state than a bunch of small businesses.
Obama takes his weekly stab at destroying the middle class : )
Basically a mirror of his America, stick it to the small business (us) while rewarding his corporate cronies (think feds). Business as usual. Hey asshat (NObama) why not 25% across the board and no loopholes, breaks, or incentives.
Which is exactly why many small business owners have/or going Galt.
Lowering the tax rate, but eliminating the deductions the companies can take against income, so they will be forced to report higher net income, taxed at the lower rate. Ultimately, it means more corporate taxes flowing into government, and fewer jobs and higher prices here.
This totally fits in the corporatist government model we are now in.
Small businesses account for growth and employment, He is attempting to hammer the fatal nail into the US economy.
It might also look like increased profits, better economy?
Abject stupidity is our greatest enemy.
Is he trying to lower taxes? Can’t really tell. Cuz if he IS, something big is about to break or further explode.
Yep.....think of it this way. “I’m lowering the maximum personal federal income tax rate to 25% — but I’m taking away the mortgage interest deduction.”
Anything without union employees.
OK, so all small bidnesses should incorporate and pay tax at the lower tax rate. 0bama is an economic illiterate and has no clue about the rule of unintended consequences.
How about taxing the top bracket AND corporations at the same level. Simplify. Our side has a chance to win support on ‘main street’, with that proposal.
... and 100% for idiots and libtards (redundant, I know).
Fortunately, we have been able to reduce our taxable income with the maximum 401(k) and HSA contributions. In the short term, it reduces our take-home pay today, but increases our retirement income in the future.
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