Robert Reich: Corporations Don’t Need a Tax Cut, So Why Is Obama Proposing One?
Published on Thursday, February 23, 2012 by Robert Reich
Corporations Dont Need a Tax Cut, So Why Is Obama Proposing One?
by Robert Reich
The Obama administration is proposing to lower corporate taxes from the current 35 percent to 28 percent for most companies and to 25 percent for manufacturers.
The move is supposed to be revenue neutral meaning the Administration is also proposing to close assorted corporate tax loopholes to offset the lost revenues. One such loophole allows corporations to park their earnings overseas where taxes are lower.
Why isnt the White House just proposing to close the loopholes without reducing overall corporate tax rates? That would generate more tax revenue that could be used for, say, public schools.
Its not as if corporations are hurting. Quite the contrary. American companies are booking higher profits than ever. Theyre sitting on $2 trillion of cash they dont know what to do with. .............(more)
The complete piece is at: http://www.commondreams.org/view/2012/02/23
xchrom
(108,903 posts)sharp_stick
(14,400 posts)during the campaign season.
Obama proposes a tax cut and the pukes fall all over each other trying to explain why the Kenyan muslim hates America.
davidwparker
(5,397 posts)CAPHAVOC
(1,138 posts)It is a tax hike. Don't tell.
tabatha
(18,795 posts)It all comes out in the wash. Someone explained this last night on one of the MSNBC programs.
I am surprised Robert Reich was unaware of that.
Dragonfli
(10,622 posts)It will only take a committee or two to take out the parts about closing loopholes for the biggest donors (on each side).
End result should be a lower corporate tax rate with most loopholes intact, excellent job, this will help to fill the Obama superpac coffers. That is all that matters now that we all love SuperPac money.
He is better than most Republicans at their own game while achieving more for his donors than they are likely to, he will likely win this thing.
Doctor_J
(36,392 posts)(or come up with some others, or call loophole closures "tax increases" , and it will end up being another setback for working people.
Here is a good line from your post
achieving more for his donors than they are likely to
what a sad but true statement
SpartanDem
(4,533 posts)Doctor_J
(36,392 posts)Because it's worked so well up until now.
flamingdem
(39,300 posts)Or does he just play dumb?
grantcart
(53,061 posts)Maybe he just wants to maintain gadfly status.
emulatorloo
(43,922 posts)okieinpain
(9,397 posts)for office.
pansypoo53219
(20,879 posts)to kill loopholes. i got this 8 dimensional chess down pat.
allan01
(1,950 posts)What are these people smoking ??!!