Obama seeks 28 percent corp. tax rate (down from 35 percent)

Originally posted by marg6043
reply to post by LittleBlackEagle

 

What can you expect when the ones making the laws are the corporate pimps and the ones passing the laws are the corporate whores politicians.

Nothing is coming out of any new laws or the enforcement of pre existing laws as long as America is run by a corporate dictatorship.

Only hope and wishful thinking that a Saviour politician will raise up and fight corruption is what keeps the population and voters oblivious of what goes on in Washington.

Never trust what comes out of the mouth of any politician in our nation.

i couldn't, in any possible way, agree more!

Originally posted by marg6043

Only hope and wishful thinking that a Saviour politician will raise up and fight corruption is what keeps the population and voters oblivious of what goes on in Washington.

And with this attitude, it is no surprise that when someone actually fights the system, they are marginalized and ignored. Thats why no one got upset when Sen. Wellstone was assassinated....oops, I mean his plane crashed.

reply to post by aching_knuckles

And with this attitude, it is no surprise that when someone actually fights the system, they are marginalized and ignored.

I don't know what there is to gripe about on this plan...and I don't know why many people have looked at this. Yes, many corps aren't paying taxes...this is meant to fix that....and also meant to bring jobs back home.

I don't know about everyone else, but i'm tired of being pissed about everything all the time. It seems some people thrive on it.

I can't stand all the corporate influence in the government either...but for god sakes people....it took a long time to get into this mess...it's going to take awhile to get out of it. Being fearful or angry every single day isn't going to change anything.

This whole plan really develops little more than a new sheet of campaign Talking Points for Obama. Break down the numbers and you have a proposal with little substance behind the Headline.

If you were to leave this proposal at face value by reducing the rate to 28% you would be left with a $70 Billion a year gap in the Federal Revenue stream. So, the proposal is stacked in the back with policies that close loopholes, eliminate deductions, create new fees special tax rates, green energy BS. etc etc.

In the end the Federal Govt. comes out ahead and ends up making more with the tax cut than before. It's the illusion and slight of hand game that this administration has gotten so good at. Obama claims that tax revenue will actually increase by $250 billion over ten years vs. the $700 billion dollar loss over 10 years if the cut was just a cut.

What we will end up seeing is this Administration picking favorites once again and depending on the industry they are in some will surely pay more and some will certainly pay less (wink ,nudge to the green energy corps).

We still have a lot to learn about this plan. Sadly I do not expect the media to do their homework on this. The headline looks much better than the reality during an election year. What happens after November? That's when we start getting spankied by Obamacare.

Originally posted by jibeho

In the end the Federal Govt. comes out ahead and ends up making more with the tax cut than before.

Originally posted by jibeho
What we will end up seeing is this Administration picking favorites once again and depending on the industry they are in some will surely pay more and some will certainly pay less (wink ,nudge to the green energy corps).

Yes, because corporations like GE and EXXON wont get billion dollar refunds due to tax loopholes. Are you claiming EXXON is a "green" corporation?

Or are you in favor of some sort of corporate communism, where we all have to give to give to the corporations, regardless of our means?

As a concession to closing these loopholes, the corporate taxe rate is lowered by 20% (from 35% to 28%).

Anyone who is complaining about this or opposing this at this point can be labeled as nothing but a partisan shill, who cares more about their political "team" (or hating the opposing "team") more than the actual country itself.
Either that, or a corporatist that stands to lose when they are forced to actually pay the taxes they rightfully owe.

reply to post by jibeho

If you were to leave this proposal at face value by reducing the rate to 28% you would be left with a $70 Billion a year gap in the Federal Revenue stream. So, the proposal is stacked in the back with policies that close loopholes, eliminate deductions, create new fees special tax rates, green energy

Yes, initially that's what the numbers are. But if we do get job growth, that will change as more people will be working any paying into the system...and also few people will need federal programs...helping in that area as well. Jobs can fix many problems....and so can fixing our trade deficit. We can't recover without fixing these 2 areas.

Like i stated, this proposal probably isn't perfect...but it's a good start.

reply to post by jibeho

What we will end up seeing is this Administration picking favorites once again and depending on the industry they are in some will surely pay more and some will certainly pay less (wink ,nudge to the green energy corps).

He is picking and choosing in at least one area. Manufacturing. They will only pay a 25 percent rate instead of the 28 for corporations.

reply to post by aching_knuckles


There is another side to this plan than no one wants to talk about. It goes way beyond just closing loopholes, which I favor. This plan will actually expand the tax burden on US companies competing in essential foreign markets. This is called the second layer of taxation. Obama is just playing 3 card monty and this plan will not pass.

I have a simple question. For every loophole eliminated by this particular plan, how many new loopholes were created in Obama's recent budget?

At best this plan is a baby step and I want far more detail and analysis before I buy into the hype of the headline. I hope others demand the same thing.

It is a stupid plan lowering the rate at face value sounds great but the reality is the difference between that rate and whatever "loophole" nets them the corporation.

Next up taxing overseas earning which they can't do and have no right to do that's like me saying i have the right to take money from whatever you make.

So 7% tax drop but there comes in the next tax which is a double tax which effectivley neturalizes the so called tax cut.

Washington Double speak that does nothing but keep the status quo

Originally posted by neo96
lowering the rate at face value sounds great but the reality is the difference between that rate and whatever "loophole" nets them the corporation.

I dont understand this sentence. "Nets them the corporation"?

Originally posted by neo96
Next up taxing overseas earning which they can't do and have no right to do that's like me saying i have the right to take money from whatever you make.

Well neo, here is one of the very few times I will agree with you, taxing income not made in America in BS. However, I am thinking of things like sports championships (golf, tennis, poker, boxing or UFC fights, etc), gambling in foreign casinos, working in another country, things like that.

If a corporation wants to base their HQ here and use our infrastructure, but manufactures in Taiwan and sells their products worldwide except America, would you still want them to pay no tax? Or if even they manufacture in America, but then dont sell here but sell worldwide to avoid paying tax?

Originally posted by neo96
So 7% tax drop but there comes in the next tax which is a double tax which effectivley neturalizes the so called tax cut.

Im sorry, I didnt see mention of anything that mentioned anther tax....so Im assuming you are just pulling these facts from the place known as "your ass"?

Originally posted by jibeho
I have a simple question. For every loophole eliminated by this particular plan, how many new loopholes were created in Obama's recent budget?

I dont know what loopholes you are talking about. Can you explain them to me and link me to proof? Please show me how loopholes in Obamas budget correspond to loopholes in the tax code that allowed Bank of America a 1.9 billion dollar refund, that would interest me.

I am certainly no big fan of Obama, so if you can prove whatever it is you are trying to say, I will certainly stand by your position.

Has anyone considered the taxes paid by corporations to States ?

I think many States have corporate rates that add to the economies locally.
(even States with no individual income tax have corporate taxes)

I wonder if Obama Inc. is taking that into consideration ?

reply to post by aching_knuckles


Is not attitude my friend, is ugly unbiased reality and guess what it hurts me as much as it hurts you and anybody that knows how deep corruption runs in Americas politics.

No politician in the nation, NO POLITICIAN, no matter how honest and humbler for the people they start can never fight alone without the help of the masses the ones that runs our government from behind the presidential seat.

The only way to help our nation is raising up against corruption, but those that try either die trying or are tagged all kind of names by the rest of the nation that seat at home doing nothing but complaining, we have no real leaders that wants to fight the corruption because at the end they all do better sucking up to the system.

The proposed new tax cut is going to be death at arrival, but guess what people, is going to be great for chit chat in the election promises arena.

reply to post by aching_knuckles


This is the podcast that I listened to last week regarding Obama's new loopholes. You can research more from there.

www.cato.org...

As for the double taxation on foreign income. In most cases these US companies already pay taxes in their host country and now Obama wants to lay another tax which most view as double taxation. This would make these companies less competitive in the worldwide playground. In our current economy the big corps. have to maintain a global presence in order to compete with China.

We would be better served by a "territorial tax" that is used by every other developed nation on our planet. Obama has got a lot to pay for when the bills start rolling in in a couple of years and he's going to hit everything that he can.

Originally posted by Henley
Dont forget this is an election year.

Politicians seem to promise all kinds of things to get votes. After the election, they forget or blame the other side for not allowing it to happen.

Just blowing more smoke IMO

Bingo!

Isn't it odd that this - new - plan didn't surface February 2009?

Hmmm.........Food for thought.

Well getting rid of the loopholes is really the most important part of this. I mean let's do some simple math:

28% x 0 = ??
35% x 0 = ??

The US tax system is so convoluted and ridiculous.... it really needs abolished completely and started over with heavy emphasis on tax breaks for keeping jobs in America.

Originally posted by jjkenobi
Well getting rid of the loopholes is really the most important part of this. I mean let's do some simple math:

28% x 0 = ??
35% x 0 = ??

The US tax system is so convoluted and ridiculous.... it really needs abolished completely and started over with heavy emphasis on tax breaks for keeping jobs in America.

edit on 24-2-2012 by jjkenobi because: (no reason given)

You're getting very close.

Heavy emphasis should be creating an environment where unemployment falls to 4%

and GDP grows to $25 Trillion ASAP.