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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFactbox: Obama seeks higher taxes on big business
Factbox: Obama seeks higher taxes on big business
(Reuters) - President Barack Obama's 2013 budget proposal, released on Monday, would raise hundreds of billions of dollars from businesses through international tax reforms and by ending tax breaks for finance, energy and other sectors.
<...>
* TIGHTENING PROFIT "DEFERRAL" - Corporations could no longer deduct interest expenses on foreign earnings with deferred income taxes. These deductions would have to be deferred, as well. Revenue: $38 billion.
* FOREIGN TAX CREDIT POOLING - Requires that foreign tax credits from dividends paid to a parent company be determined on a pooling basis, not individually. This aims to close what critics call a loophole that lets companies claim more in credits than would be paid in U.S. taxes by manipulating which foreign subsidiaries pay out dividends. Revenue: $61 billion.
* INTANGIBLE PROPERTY - Closes a tax break that allows U.S. companies to shelter profits overseas from intangible property, like royalties from a drug patent. Revenue: $23 billion.
<....>
* OIL AND GAS SUBSIDIES - Repeals several energy industry tax subsidies, including the oil and gas well depletion allowance; the domestic manufacturing deduction on oil and gas production; expensing of intangible drilling costs. Revenue: $30 billion to $40 billion.
* CORPORATE JETS - Repeals an accelerated depreciation tax break for corporate jet owners. Revenue: $3 billion.
* BANK TAX - Obama had proposed a "financial crisis responsibility fee" on financial firms with assets exceeding $50 billion. That idea has been changed into a proposal to tax banks to help U.S. homeowners refinance. Revenue: $61 billion.
<...>
* CARRIED INTEREST - Obama wants to raise the tax rate paid by investment managers of private equity, venture capital and some real estate partnerships to the top income tax rate, rather than the 15 percent capital gains rate such managers now pay on much of their profits. Revenue: $13 billion.
* UPPER-INCOME PROVISIONS - Raises the top income tax rate paid by households earning $250,000 or more on capital gains from the current 15 percent to 20 percent. Revenue: $36 billion.
* DIVIDENDS - Treats dividends as ordinary income for households earning $250,000 or more. With the expiration of the President George W. Bush-era tax cuts at the end of 2012, this would increase dividend taxation starting in 2013 to a top rate of 39.6 percent. Revenue: $206 billion.
http://www.reuters.com/article/2012/02/13/us-usa-budget-corporatetaxes-idUSTRE81C17U20120213
(Reuters) - President Barack Obama's 2013 budget proposal, released on Monday, would raise hundreds of billions of dollars from businesses through international tax reforms and by ending tax breaks for finance, energy and other sectors.
<...>
* TIGHTENING PROFIT "DEFERRAL" - Corporations could no longer deduct interest expenses on foreign earnings with deferred income taxes. These deductions would have to be deferred, as well. Revenue: $38 billion.
* FOREIGN TAX CREDIT POOLING - Requires that foreign tax credits from dividends paid to a parent company be determined on a pooling basis, not individually. This aims to close what critics call a loophole that lets companies claim more in credits than would be paid in U.S. taxes by manipulating which foreign subsidiaries pay out dividends. Revenue: $61 billion.
* INTANGIBLE PROPERTY - Closes a tax break that allows U.S. companies to shelter profits overseas from intangible property, like royalties from a drug patent. Revenue: $23 billion.
<....>
* OIL AND GAS SUBSIDIES - Repeals several energy industry tax subsidies, including the oil and gas well depletion allowance; the domestic manufacturing deduction on oil and gas production; expensing of intangible drilling costs. Revenue: $30 billion to $40 billion.
* CORPORATE JETS - Repeals an accelerated depreciation tax break for corporate jet owners. Revenue: $3 billion.
* BANK TAX - Obama had proposed a "financial crisis responsibility fee" on financial firms with assets exceeding $50 billion. That idea has been changed into a proposal to tax banks to help U.S. homeowners refinance. Revenue: $61 billion.
<...>
* CARRIED INTEREST - Obama wants to raise the tax rate paid by investment managers of private equity, venture capital and some real estate partnerships to the top income tax rate, rather than the 15 percent capital gains rate such managers now pay on much of their profits. Revenue: $13 billion.
* UPPER-INCOME PROVISIONS - Raises the top income tax rate paid by households earning $250,000 or more on capital gains from the current 15 percent to 20 percent. Revenue: $36 billion.
* DIVIDENDS - Treats dividends as ordinary income for households earning $250,000 or more. With the expiration of the President George W. Bush-era tax cuts at the end of 2012, this would increase dividend taxation starting in 2013 to a top rate of 39.6 percent. Revenue: $206 billion.
http://www.reuters.com/article/2012/02/13/us-usa-budget-corporatetaxes-idUSTRE81C17U20120213
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Factbox: Obama seeks higher taxes on big business (Original Post)
ProSense
Feb 2012
OP
AtomicKitten
(46,585 posts)1. Conversely the GOP proposes a corp tax rate of 0%.
http://abcnews.go.com/US/wireStory/obamas-proposed-tax-hikes-odds-gop-rivals-15574143#.Tzlt7IHAxkg
At the very least, the gas and oil subsidies have got to go.
At the very least, the gas and oil subsidies have got to go.
ProSense
(116,464 posts)2. Wouldn't
it be great if a huge effort (similar to the opposition to Keystone and SOPA) was launched to demand that Congress pass this budget?
I'd love to see that.
ProSense
(116,464 posts)3. Kick! n/t