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.
Yes, all liberals are verifiably insane. And Obama is making is working over time to get more croneys and kill business in this country. Small businesses should just shut down, they more they struggle the more the omamaites enjoy the show. Since they feed off of it, take it away.
These people are reading manuals on how to destroy an economy
Remember that anyone making over $200,000 is filthy rich and should be taxed to death to spread the wealth around. Trouble is many of those people showing $200,000+ income on their 1040 forms are small business people reporting their business income and who employ far more workers than all the big corporations put together. Obama is an idiot.
>>A few large corporations are easier to control in a fascist state than a bunch of small businesses.
Not really, a big corporation can pay millions to the best lawyers and accountants to take risky/questionable tax positions, and defend those positions if necessary.
Small corps, like mine, can’t afford to butt heads with the IRS, and most things would most likely cost me more to defend than to just rollover and pay, even if I disagree.
So the way I see it world, small business are much easier to control than the very large corps.
-— What is this really about? -—
I heard something about this on Fox. It’s PART of what he’s calling his “Grand Bargain” with conservatives/Congress.
Not surprisingly, the second part of the bargain more than cancels out the benefits.
I don’t recall exactly what it was, but that’s the upshot.
Big corporations lobby with expensive lobbyists and that means more money for our statist masters.
And it’s the large corporations that give the politicians all the perks, in addition to helping them craft law.
Big corporations is where the juicy at, fo’ shizzle
The juicy donors wid the juicy cash, the juicy fund raising dinners, the juicy homes and juicy private planes to donate for the service of the first fambly
Yo, “small business” who need “small”?
them small be like rotary club, tea party, bitter clingers
Idjit!
Fascism is corporations and government working in “partnership”.
The corps go along with it for a while because it is a profitable partnership for them. The gov likes it for a while because any failings can be blamed on the corps instead of on fascist policies.
But in the end, only one of these entities has the legal ability to use force to impose its will on the other.
Don’t forget, as we so often do, that this is not just Obama the Indonesian Kenyan and his beloved teleprompter speaking. There is a team of Marxists economists the fool employs on our dime that calculates it on their Excel spreadsheets and feeds his teleprompter this bullshit.
Yes Sir, Mussolini’s dream, he said that instead of fascism, it should have been called corporatism.
There will be a massive increase of LLC and S corporation filings for Mom & Pop operations ...
Man it’s almost like Alex Murphy has a copy of the man’s agenda.
See olbroad's blog
Replace the names on those snakes with Republicans and Democrats and you’d be spot on.
-— Since over 23,000,000 U.S. taxpayers are non-farm sole proprietors, that really means that these small businesses (many mom and pop operations) will be paying way over 40% of their income in taxes, probably closer to 60% or more, depending on location, etc. -—
Sure. Add in both halves of SS (15%), and 5% state income tax, and you’re there. Add in at least another 5% for miscellaneous taxes, and you’re keeping 35% of your income. Sweet deal!
And people wonder why there’s an underground economy.
Soon I’ll be living like my Polish relatives USED TO. Now, they’re living under a 15% flat tax.
Thanks Zippy, you dimwitted communist anachronism.
that is not a tax rate, that is organized crime extortion.
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