What Everone Needs to Know About Obama's Costly Corporate Tax Cut, and How to Fix It:

[ProSense]

4. I'm sure

"CUTTING THE RATE AND CLOSING LOOPHOLES WILL DECREASE REVENUES!"

...the people pushing this idea want everyone to believe that. From the NYT piece:

One analysis concluded that 115 of the 500 companies in the Standard and Poor’s stock index paid a total corporate tax rate — federal and otherwise — of less than 20 percent over a five-year period. A study by the Government Accountability Office in 2008 found that 55 percent of American companies paid no federal income taxes during at least one year in a seven-year period it studied.

If all these companies, which are now paying no tax or less than 20 percent, paid 28 percent every year, revenues would increase. That's math.

30 Major Corporations Paid No Income Taxes In The Last Three Years, While Making $160 Billion
http://thinkprogress.org/economy/2011/11/03/360185/30-corporations-no-taxes/

I mean, only about three industries are paying above 28 percent, and most are paying less than 20 percent.





Oil and Gas Industry Pushes Back on Obama Tax Plan
http://www.democraticunderground.com/1002344514