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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsObama to pitch lower corporate tax
http://www.msnbc.msn.com/id/46348348/ns/business-us_business/President Barack Obama will call for cutting the top 35 percent corporate tax rate as early as this month, according to two sources close to the administration.
The president is likely to propose a rate closer to an average of that seen in peer nations, the sources said.
This would jibe with remarks made last year by Treasury Secretary Timothy Geithner, who suggested the United States should be moving to a rate more in line with its major trading partners in the high 20-percent range.
Obama outlined tax measures - including closing tax loopholes for companies that move facilities and jobs overseas - in his State of the Union speech in January, and will lay out principles for revamping corporate taxes by the end of February, a senior administration official said.
Enrique
(27,461 posts)it's so funny in this "age of austerity", with both parties focussed on "deficit reduction", that a good-sized article about a tax cut mentions the deficit zero times.
gateley
(62,683 posts)ZERO? And how does this help revenue?
Why aren't we hammering that word home -- revenue?
Honeycombe8
(37,648 posts)pampango
(24,692 posts)..the average corporate tax rate for fiscal year 2011 (ending Sept. 30) was 12.1 percent. That's roughly a third of the nominal rate and the lowest effective corporate tax rate on record in 40 years.
...when one compares the effective corporate tax burden in the United States with other industrialized nations, America actually ranks among the lowest. According to the Center for Tax Justice, in 2009 America ranked next to last (Iceland) among nations in the Organization for Economic Cooperation and Development in corporate taxes as a share of gross domestic product, at 1.3 percent. The average for all the OECD countries combined is 2.4 percent - that is, nearly twice as high as it is here.
http://www.sacbee.com/2012/02/10/4253677/the-truth-about-corporate-taxes.html
Our extremely low effective corporate tax rate coupled with our regressive income tax structure combine to give us a level of income inequality that is unrivaled in the developed world.
Honeycombe8
(37,648 posts)We need to start trying to keep companies here. Starting with NOT giving them tax breaks for outsourcing is a good start, IMO.
marmar
(77,088 posts)....... apparently not soon, sadly.
Octafish
(55,745 posts)Very Republican. I know, 'cause it doesn't work.
kenny blankenship
(15,689 posts)A chip off the old block.