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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsObama to Offer New Deal on Corporate Taxes, Jobs (lowering corporate tax rate)
Hoping to break an impasse, President Barack Obama today will extend a new offer to congressional Republicans in which he would back an overhaul of the corporate tax system in exchange for a guarantee that a resulting one-time windfall be used to underwrite various job creation proposals.
<snip>
Last week, Mr. Obama began a series of speeches devoted to the theme that Washington needs to take more aggressive steps to shore up the middle class and to boost long-term economic growth. He is also rethinking his strategy for motivating Congress to act. In today's speech, his aim is to entice Republican lawmakers to agree to jobs proposals he has long advocated in exchange for business tax reductions that are important to the GOP's political base.
<snip>
In the past, Mr. Obama has said he would agree to reduce corporate tax rates only as part of a larger plan that would revamp the tax code for individuals, end tax advantages benefiting wealthier Americans and apply the proceeds to deficit reduction.
With no breakthrough in sight, Mr. Obama is dropping his insistence that individual tax rates be part of the package, so long as Republicans agree to plow one-time proceeds from the corporate tax overhaul into measures that Mr. Obama says would lift wages and create jobs, White House officials said.
<snip>
http://online.wsj.com/article/SB10001424127887323854904578636903853862978.html
theaocp
(4,244 posts)word WHY? This is bait and switch bullshit times Pantera.
Ichingcarpenter
(36,988 posts)A government that robs Peter to pay Paul can always depend on the support of Paul.
George Bernard Shaw
Read more at http://www.brainyquote.com/quotes/quotes/g/georgebern128084.html#M1wIh4GSG05Zx68k.99
I find his idea stinks when the big corporations already pay no significant taxes in relationship to their wealt.
TBF
(32,093 posts)FFS. Trickle down does not fucking work. How many times does this have to be explained to people, including people who happen to be president?
Here is a free article for folks who don't subscribe to the WSJ - http://timesfreepress.com/news/2013/jul/30/obama-proposes-grand-bargain-jobs/
Teamster Jeff
(1,598 posts)badtoworse
(5,957 posts)They're too damn high and that is one of the reasons we've been losing jobs to countries with lower rates. Haven't seen any details, but in principle, I like it.
Scuba
(53,475 posts)badtoworse
(5,957 posts)Scuba
(53,475 posts)badtoworse
(5,957 posts)ms liberty
(8,597 posts)Duckhunter935
(16,974 posts)we should ensure that they all get refunds and never pay taxes. Race to the bottom we can surly win. By the way what is the effective tax rate now?
Buns_of_Fire
(17,195 posts)Read more: http://www.businessinsider.com/us-statutory-and-effective-tax-rates-2013-7#ixzz2aWu5CgW3
They could set the statutory rate at 98% -- but if they also set up enough offsets and allowable deductions...
badtoworse
(5,957 posts)Even allowing for that, we're still high. Here are some global averages according to KPMG
United States - 40%
Global Average - 24.05%
Europe - 20.6%
Asia - 22.36%
North America - 33%
Latin America - 27.61%
Africa - 28.63%
http://www.kpmg.com/Global/en/services/Tax/tax-tools-and-resources/Pages/corporate-tax-rates-table.aspx
Factor in lower labor costs and a more friendly regulatory environment elsewhere and it's no wonder the jobs have left.
John2
(2,730 posts)sell that here, and claiming jobs are flying to those countries? You got to be joking? Why don't you give us the unemployment rates on those continents also, along with poverty rates of the citizens?
Jobs has not left this country. Obama needs to get off this fasaud. What we really are talking about is more profits, to enrich a few people. You are not going to make the American people peasants or slave laborers. They have already stole our Government. Only the American people are intelligent enough to stop this crap by putting these people in jail, which Obama has failed to do. Fire them them all and put people in to go after these people. Yeah we can create a lot of jobs very quick, right in the public sector. How will you like that?
You know what the corporations and wealthy are giving people a job at. They are hiring them to do their killings, that's what.
W_HAMILTON
(7,873 posts)Ireland's unemployment rate (as of April 2013) was 13.5% and hasn't been below 10% since January 2009.
Corporations don't want lower income taxes so that they can hire people, they want lower income taxes so they can claim even greater of a profit than they already are.
John2
(2,730 posts)for these Wrs are the corporations. They can always find dollars to hire people to control more of the World's resources. They want to make the American people powerless and peasnts just like the rest of these countries. THere are plenty of things needed to be done in this country. They want our skills for cheap too because most of the people hoarding wealth, probably haven't done a hard days work in their lives. At least not like the people who do the dirty jobs.
badtoworse
(5,957 posts)John2
(2,730 posts)a very intelligent response. I can see right through the deception. To make the claims corporations are being oppressed in this country is ridiculous. There are Wars and discontent all over this World because people are discontented with their lives. The problem are people hoarding individual wealth and the resources. That is what causes revolutions, if you know the definition of the word. Why should the American people accept Blackmail, when the resources of this country belongs to them? The American people can just take what they want really and put better people in charge. Then who will be out of a job and on the streets? They are only stewards of the economy. Those people don't make a single car, or teach a single pupil. The American people can just fire the people running every corporation in this country and freeze their assets. We can even strip the clothes off their backs and send them on their way to what ever destination they desire, if they can pay for it.
badtoworse
(5,957 posts)"The American people can just fire the people running every corporation in this country and freeze their assets. We can even strip the cvlothes off their backs and send them on their way to what ever destination they desire, if they can pay for it."
Ever hear of the 5th Amendment
Jeff In Milwaukee
(13,992 posts)The table you're looking at shows statutory tax rates, and the whole point of the subthread is that while U.S. statutory rates are higher than the rest of the world, effective tax rates (that is to say, actual tax collections from business) bear little resemblance to the statutory rate.
A March 31, 2011, Congressional Research Service (CRS) report titled "International Corporate Tax Rate Comparisons and Policy Implications," compared the weighted average of corporate tax rates in the United States and in other countries in the Organization for Economic Co-operation and Development (OECD). It found that the United States has an effective corporate tax rate of 27.1%, compared to the OECD (excluding the United States) average of 27.7%.
Read. Learn.
angstlessk
(11,862 posts)Africa average 28.63
North America average 33
Asia average 22.36
Europe average 20.6
Latin America average 27.61
Oceania average 27
EU average 22.76
OECD average 25.32
Global average 24.05
WinkyDink
(51,311 posts)badtoworse
(5,957 posts)WinkyDink
(51,311 posts)Capt. Obvious
(9,002 posts)LondonReign2
(5,213 posts)Broward
(1,976 posts)moderate Republican from the 1980's. I would only quibble with the term moderate.
http://abcnews.go.com/ABC_Univision/Politics/obama-considered-moderate-republican-1980s/story?id=17973080
"The truth of the matter is that my policies are so mainstream that if I had set the same policies that I had back in the 1980s, I would be considered a moderate Republican."
John2
(2,730 posts)that dog want hunt no more, just like with that CPI crap! It is the same with Foreign policy and regime change. It is all for coporate interests. He needs to stop this charade now! The American people will no longer be Blackmailed by these goons! We can change it real quick ourselves by cleaning out this Government in both Parties! It is why this country need to consider electing Liberals. Politicians in that wing of the Party need to elect some candidates and get the guts to run against these people. We are fed up with the establishment of both Parties, because they are one in the same with this scheme of bait and switch.
bemildred
(90,061 posts)ChairmanAgnostic
(28,017 posts)especially those connected to a very good lobbyist.
Pholus
(4,062 posts)Black budgets breed corruption, waste and abuse.
http://www.democraticunderground.com/10023371186
WinkyDink
(51,311 posts)bullwinkle428
(20,630 posts)are telling Obama "I'll gladly pay you next Tuesday for a hamburger today!"
PowerToThePeople
(9,610 posts)n/t
mick063
(2,424 posts)That we had a temporary tax break under Bush and after a decade, we had a debt ceiling fight, sequestration, had to barter away important tasks to get some of it to properly expire, and permanently retain a good portion of the tax break.
The 1% does not comprehend "one time deals".
ProSense
(116,464 posts)The new twist is that in exchange for his support for a corporate tax reduction, he wants money generated by the tax overhaul to be used on a mix of proposals such as funding infrastructure projects like repairing roads and bridges, improving education at community colleges, and promoting manufacturing, senior administration officials said.
<...>
http://www.reuters.com/article/2013/07/30/us-usa-obama-idUSBRE96T0F820130730#undefined
...as other proposals. I'd like to see the details. The problem is that most large corporations pay little to no taxes because of the gigantic loopholes. The rate can't be lowered if the loopholes aren't eliminated.
Wyden has been pushing a plan to lower it to 24 percent.
By Ezra Klein
Sen. Max Baucuss (D-Mont.) announcement that hell retire in 2014 clears the way for Sen. Ron Wyden (D-Ore.) to become chairman of the powerful Senate Finance Committee. If Baucus annoyed Democrats for being too cautious, Wyden will annoy them by being too ambitious and too ceaselessly interested in brokering big, bipartisan deals.
<...>
But Wyden, a Democrat from Oregon, has a plan. Originally, it was co-sponsored by Judd Gregg, a Republican senator from New Hampshire. But he retired in 2010. Now its co-sponsored by Dan Coats, a Republican senator from Indiana. The plan wipes out a raft of deductions and exemptions; lowers rates for individuals and corporations; eliminates the alternative minimum tax; makes filing easier and, for many Americans, automatic; and is roughly revenue neutral with the expiration of the Bush tax cuts for households with income more than $250,000. Its not as radical as some other ideas out there, but then, neither is the political system. I would bet that Wydens plan ends up pretty close to what we eventually get.
- more -
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/04/23/ron-wyden-is-wonkish-optimistic-idiosyncratic-and-about-to-be-very-powerful/
http://www.reuters.com/article/2011/09/21/us-usa-tax-wyden-idUSTRE78K1YB20110921
By SEN. RON WYDEN
President Barack Obama has challenged Congress to do something it hasnt done in 25 years: reform the federal tax code.
Its no small thing.
The tax code is filled with hundreds of tax breaks and loopholes, each fought for and backed by special-interest groups determined to keep them. Given the recent, highly partisan tax debates, it is hard to imagine Democrats and Republicans coming together to write one bill. But I share the presidents optimism that it can be done.
First, it has been done before. In 1986, a Democratic House majority joined forces with President Ronald Reagan and a Republican-led Senate to overhaul the federal tax code. There was no precedent for that coalition, but there is one today.
Joining forces against special interests, Democrats and Republicans sent the president sweeping bipartisan legislation that eliminated numerous tax breaks and loopholes to streamline the code and hold down rates for everyone, without any additional government spending.
more
http://www.politico.com/news/stories/0211/48943.html
JoePhilly
(27,787 posts)DesMoinesDem
(1,569 posts)beerandjesus
(1,301 posts)...sounds awfully Orwellian?
gtar100
(4,192 posts)FreakinDJ
(17,644 posts)Corporate Taxes are driving us into a Bananna Republic already
Egalitarian Thug
(12,448 posts)Just fucking brilliant.
& R
Safetykitten
(5,162 posts)BrotherIvan
(9,126 posts)And that gesture will magically not have to votes to pass. I wonder if Obama already knows that and this is in fact 11th dimensional chess: give some shit away to the 1% and promise the rest of us we'll get ours later, fawning and cheering ensues. Then poof, oops the big bad Rs voted against it. Who could have known?????? Shut up haters!
Can you say TROJAN HORSE?