Unions say Obama corporate tax proposal is too weak

[Omaha Steve]

http://www.workdayminnesota.org/index.php?news_6_5146

26 February 2012

WASHINGTON - Organized labor and its allies lauded Democratic President Barack Obama’s demand for corporate tax reform, but called his plan too weak.

Obama’s plan, unveiled Feb. 22, would lower the corporate income tax rate from its present 35% to 28%, but would also close loopholes which make the effective tax rate for companies far below that for individuals. Obama also would increase taxes on U.S. firms that shield their profits overseas, or that ship U.S. jobs abroad.

AFL-CIO President Richard Trumka said Obama’s tax plan “should have asked for more from corporate America.” Obama “fails to raise any revenue beyond what is needed to pay for business tax breaks. In an era of difficult budget choices, giving Wall Street a pass on paying its fair share is fundamentally inconsistent with any notion of shared sacrifice,” Trumka added.

FULL story at link.