Liberal Democrat proposes cutting corporate taxes

[Robbien]

Source: Raw Story

"Have you lost it?"

That's the quote given by Rep. Charlie Rangel (D-NY) to the Wall Street Journal in a story in Thursday editions, regarding comments that he's open to cutting corporate tax rates in exchange for eliminating loopholes businesses exploit somewhere else in the tax code.

Rangel, Chairman of the House Ways and Means Committee -- the committee that has jurisdiction over all taxation -- says he wants to discuss with the Bush Administration ideas they've put forward over cutting the US corporate tax rate. Proponents of cutting the corporate rate argue that its driving US businesses overseas -- for example the recent migration of Halliburton from Texas to Dubai -- and causing hedge funds to exploit weaknesses in the US code.

Rangel told the paper Bush would have to offer "incentives are good for the country," if he is to support it.

Republicans want to cut the top corporate rate down from its current 35%.

Read more: http://rawstory.com/news/2007/Liberal_Democrat_proposes_cutting_corporate_taxes_0920.html

[BushOut06]

1. Corporations are raping the middle and lower class - and we want to lower THEIR taxes?

Shouldn't it be the other way around? We need to be lowering the taxes for lower and middle-income people in this country, not the fatcat corporations that are taking advantage of them. These greedy assholes are reporting RECORD PROFITS - and they want MORE relief from the government?

[IronLionZion]

2. Corporations are fictional legal entities

only people pay taxes. The idea that you can make a corporation pay taxes is just a cruel hoax.

What would make more sense is to raise the tax on capital gains, stock dividends, other investments, etc. I also strongly oppose giving American tax dollars to Dubai-headquartered Halliburton.

[xchrom]

3. how about close the loop holes first?

lets see what happens then.

not to mention -- close the loop holes for off shoring labor.

[comtec]

4. We should tax based on business done IN country

That is as long as a company makes money in the US, it must pay tax on that income, regardless what it pays in it's home country. That would take care of any off shoring to avoid taxes. We simply look at how much money went in form the US, and tax based on that. God forbid we actually simply encore the current tax code. Something horrible I have heard is that ATnT a multi billion dollar company pays almost nothing in taxes on it's profit. that is simply unconscionable.

[Robbien]

5. The trillion dollar Hedge funds are all based offshore

If you believe AT&T activity is criminal, the hedge funds are completely off the tax radar. Even the hundred million dollar salaries paid to US citizen hedge fund managers are not taxed as hedge funds declare the salaries are not salaries but interest distributions.