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Some of America's most profitable companies used a variety of loopholes to pay less than zero in taxes between 2008 and 2010, according to a November 2011 report by the Citizens for Tax Justice. But the Obama administration wants to make it even easier for corporations to have a smaller tax bill; Obama proposed a tax overhaul that would cut the corporate tax rate from 35 percent to 28 percent.
Is that true?
Taken from the Huff Post
"...an economy hampered by restrictive tax rates will never produce enough jobs or enough profits" JFK
True tax reform that actually closes many of these loopholes could increase revenue while simultaneously cutting the rate.
Isn't that what Romney proposed but Obama/Biden said wouldn't add up?
I think that it is what Romney had mentioned... the "20% reduction" in corporate tax rates would take it from 35% down to 28%.
The only catch is that this will necessitate a complex balancing act to determine a US company's tax liability... otherwise the companies will just continue to shift their incomes outside of the US borders. We need a way to capture some of that "global" income.
Agree 1000% wake, but we won't see it in our lifetime as long as the IRS continues to mangle the tax code year after year.
Join the fight for YOUR liberty!
Not only is it true that Obama proposed taking corporate tax rates down to 28% (and even as low as 25% for the hard hit manufacturing sector), but we discussed the proposal at the time on the board at the time the proposal was made. The consensus at the time was that it might be a good idea, but there was some disagreement as to whether it would be fair for the manufacturing sector to be given that boost/advantage.
This. The other problem is what do you consider to be a loophole? Is carrying forward capital losses a loophole? Is making use of special federal and state tax credits a loophole, say for opening a new factory in a disadvantaged area? There are a number of reasons why a company may pay a smaller-than-expected tax bill and not all of them are close to what I would consider unfair.
If we want to discuss Romney, where he might have lost some people is that during the GOP primary season (and even going back farther to right after McCain lost in 2008) Romney seemed to have a fairly well detailed plan on both corporate and income taxes in place...up until the point that independent studies of his plan suggested that while his tax plan would lower the overall tax burden for the rich, middle wage earning families in The US would likely see their tax burden increase...and that his corporate tax proposals weren't going to make too much of a difference.
From there on out, Romney attempted to avoid speaking with detail about any tax reforms he would be willing to fight for. That change was one of those points we can look to when discussing Mitt's return to "Moderate Mitt", the guy who I always thought he really was. This was also the period in time when Romney said that he thought health insurance companies should be forced to accept people with pre-existed conditions, but offered no opinions on how to offset that cost to the insurance companies.
This post was edited by cstory80 17 months ago
No. Romney was talking about income tax.
The problem is not so much the rates as the ability for companies with ostensibly American operations to have their 'HQ' in Switzerland. This also makes sense of Romney's 'companies are people, my friend'. Most of us don't avoid taxes by moving our money to Switzerland, though.
... or get personal invitations from the Prince of Monaco!
No. Both candidates suggested this. The quote of yours was Romney's idea of lowering personal income taxes.
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