Obama administration cutting tax% for Corporations from 35 to 28%, and pay for it by chopping all-kinds of tax “loopholes”, some official said. Check it. Obama to propose lowering corporate tax rate to 28 percent. “The Obama administration will propose a major overhaul of the nation’s corporate tax code on Wednesday, an election-year gambit that aims to draw a contrast over a key policy issue with the Republicans vying to replace him.” -Washington Post
Check it. Obama to propose corporate tax rate cut.
“Laying down an election-year marker in the debate over taxes, the Obama administration is proposing to cut the corporate tax rate from 35 percent to 28 percent, and to seek an even lower effective rate for manufacturers, a senior administration official says.
In turn, corporations would have to give up dozens of loopholes and subsidies that they now enjoy. Corporations with overseas operations would also face a minimum tax on their foreign earnings.” -CBSNews
Check it. The Paradox of Corporate Tax Reform.
“The White House is proposing to give the horribly pockmarked corporate tax system a major facelift today. The U.S. currently has one of the highest tax rates on corporate income in the world, but it raises a smaller share of GDP than the average developed country. Why? Loopholes, credits, exemptions and the ability to keep money overseas are part of the reason. The tax system is a piece of Swiss cheese that has become more holes than cheese, and the Obama administration is proposing a simple-sounding solution: We’ll give you a lower tax rate if you give back the loopholes.
Oh, but it’s so not that simple…” -The Atlantic