Obama's tax policy regarding "big business"

[PaDem]

I've had a few friends argue with me that Obama would be a "disaster" because he's proposing to raise taxes on corporations. The usual arguments about job creation and passing the cost of such a tax hike on to the consumer follow. My understanding has been that McCain is proposing to reduce the top marginal corporate tax rate from 35% to somewhere around 25%. Conversely, my understanding of Obama's position is that he will close loopholes in the tax system that allow corporations to avoid paying taxes and will provide tax incentives for companies that keep jobs in the country. Furthermore, my understanding is that Obama has said that he'd consider lowering the top corporate tax rate of 35% if it's feasible. Nowhere have I heard him propose to raise corporate taxes.

My question is, do I have it more or less right, or has Obama proposed to raise the top corporate tax rate of 35%?

For those that would say "do a google search and find it yourself", I've spent more than a half hour looking doing so and I want to make sure I didn't miss any key points or information.

[PaDem]

1. No takers?

I know some of you folks have some insight here.

[Trillo]

2. From taxpolicycenter.org

• Eliminate oil and gas loopholes
• Close loopholes in the corporate tax deductibility of CEO pay
• Tax carried interest as ordinary income
• Reallocate multinational tax deductions
• Impose a windfall profits tax on oil and gas companies
• Require publicly traded financial partnerships to pay corporate income tax
• Codify economic substance doctrine (requires transactions that qualify for tax benefits have economic justification beyond those benefits)
• Create an international tax haven watch list of countries who do not share information with the U.S. and require greater financial disclosure to decrease tax shelters

http://www.taxpolicycenter.org/taxtopics/election_issues_matrix.cfm

It seemed your post was being ignored, so I just grabbed something from a search engine. I'm sure there are others much more knowledgeable than myself regarding Obama's corporate tax plans.

[PaDem]

3. One more shameless kick for the morning crowd

forgive me.

[Bandit]

4. Obama wants to place the burdon exactly where it was during Clinton's term

Taxes will be no higher than they were under Clinton and much lower for 95% of the nation. Clinton's tax policies created several years of surplus for the USA and was actually beginning to pay down our Debt. We have been witness to McCain's tax policies which are exactly the same as most all Republicans especially Bush*. As that famous bank robber once said when asked why he robbed banks. "Because that is where the money is" 1% of America has over sixty poercent of the wealth in our country. I wonder if they could survive if they only had forty percent of the wealth??

[HughBeaumont]

5. Read this thread, for starters.

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=4055386

I asked the same thing. What it boils down to is that Repukes have the mistaken belief that Corporations are taxed as individuals are. They're enjoying the lowest tax rates in history currently, and it has not led to any hiring here on shore. History is on our side on this one.

Laws of supply and demand will still apply in a market no matter what.

[ProfessorGAC]

6. Others Have Provided Detail. Let Me Give Some Analysis

I doubt it will really matter to lunkheads like those to whom you're speaking, but the fact is that NOT ONE OF THE CONSERVATIVE ANTI-TAX PREDICTIONS HAVE COME TRUE IN 40 YEARS!

So, based upon the data, and based upon their dubious track record, just about anything that creates concern for them isn't going to happen, and is therefore mere fearmongering.

I think in many cases, it's a way to cover up latent racism rearing its ugly head.
The Professor