Obama to Offer New Deal on Corporate Taxes, Jobs (lowering corporate tax rate)

[ProSense]

32. It's not as radical

Obama wants to cut the corporate tax rate of 35 percent down to 28 percent and give manufacturers a preferred rate of 25 percent. He also wants a minimum tax on foreign earnings as a tool against corporate tax evasion and increased use of tax havens.

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.

Ron Wyden is wonkish, optimistic, idiosyncratic — and about to be very powerful

By Ezra Klein

Sen. Max Baucus’s (D-Mont.) announcement that he’ll 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 it’s 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. It’s not as radical as some other ideas out there, but then, neither is the political system. I would bet that Wyden’s 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/

Wyden-Coats would grant large corporations a onetime repatriation tax holiday, letting them bring that money into the United States at a rock-bottom tax rate. By eliminating deferral, Wyden said, his bill would sharply reduce the corporate tax rate to 24 percent from 35 percent.

http://www.reuters.com/article/2011/09/21/us-usa-tax-wyden-idUSTRE78K1YB20110921

Tax code can be made less taxing

By SEN. RON WYDEN

President Barack Obama has challenged Congress to do something it hasn’t done in 25 years: reform the federal tax code.

It’s 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 president’s 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