Obama administration gearing up to launch the bi-partisan battle for lower corporate taxes!

[Better Believe It]

New White House Battle: Corporate Taxes
by Mike Allen
May 4, 2011

The Obama administration is quietly gearing up for a high-profile launch in May or June on what may turn out to be the most heavily lobbied issue of the year: corporate tax reform.

“This will be a feast for K Street,” said one top aide. Geithner plans to ignite the debate by unveiling a white paper that advocates lowering the top corporate tax rate from the current 35 percent to less than 30 percent and as low as 26 percent, according to aides. At a time when the two parties can find little common ground legislatively, strategists on both sides tell POLITICO they hope to advance their jobs agenda by finding a way to lower corporate tax rates.

“This would send a reassuring signal to the economy, and is something both parties should support in theory,” a senior administration official said, predicting “a numbers game” in which companies and industries ferociously litigate the fine points.

Aides say Geithner will personally dive into the negotiations. House Speaker John Boehner also sees this as a ripe area for bipartisan cooperation. And House Budget Committee Chairman Paul Ryan included corporate tax reform in his budget, which has been adopted as the GOP’s fiscal blueprint.



Aides say Timothy Geithner will personally dive into the negotiations on tax reform

Read the full article at:

http://www.politico.com/news/stories/0511/54246.html

[spotbird]

1. Well shit. nt

[SidDithers]

2. Unrec...

SSDD.

Sid

[emulatorloo]

9. The Honest Version: Tax Rates cut, but loopholes closed = MORE TAX REVENUE

But selective quotation is much more fun, watch the recommendations pile up.

[SidDithers]

13. Yup...nt

Sid

[ohheckyeah]

23. Exactly

If corporations are moving overseas and not paying any taxes because the US tax rate is too high then the high tax rate is a problem.

Cut the tax rate, close the loopholes. It's not like that 35% tax rate garnered any taxes from GE.

[Zhade]

45. Er, does it really need to be pointed out that corporations think a ONE PERCENT RATE is too high?

Does anyone really think corporations will jump at the chance to "only" pay 26 times what they're (not) paying now?

[hfojvt]

31. with Geithner on the job, it's hard to believe that will be the result

that's not a bad goal, but it is hard to believe that it is what will actually happen.

[jtown1123]

39. Most of the loopholes will devastate the middle class. This still isn't good

[louis-t]

3. Riiiiight, that will solve everything.

Hoo boy.

[Angry Dragon]

4. I am so glad they are finally doing something to help the corporations

[Better Believe It]

6. They pay way to much taxes while their CEO's starve.

[sufrommich]

5. Opposition is likely to break down regionally

and by industries, rather than by party or ideology. Small- and medium-sized businesses without sophisticated tax planning are likely to benefit, while highly international conglomerates might wind up paying higher rates under reform.



Read more: http://www.politico.com/news/stories/0511/54246_Page2.html#ixzz1LV4gBz9G

[Better Believe It]

11. So Timothy Geithner is the big advocate for small businesses and not Wall Street??!!!

I have to disagree.

I don't think small businesses will be writing this legislation. Corporate America with their army of lobbyists and political friends on the Hill and in the White House will write this legislation.

They might, or might not, throw a few crumbs to small businesses.

[sufrommich]

17. Why don't you just read the article? nt

[Better Believe It]

26. I have read many articles regarding the governments past actions and future plans to tax us ....

while cutting taxes for the rich and corporations.

This is just a continuation of the governments economic policy supporting Wall Street over Main Street.

Do you really think the Washington corporate fat cats will be raising their taxes and ending their tax loopholes in order to help working people?

That's incredibly naive in view of what has actually happened over the past few decades.

It's all about class.

Who do you think is in charge?

[sufrommich]

29. Well then you should just rename your OP "I don't care what they

say, I don't believe them"! At least be honest about your intentions.

[Better Believe It]

43. But I do believe them. They will cut corporate taxes as they clearly say!

That's the bottom line.

And who will pay for those corporate tax cuts?

Guess.

Or look in the mirror.

But if you want to believe Geithner is going after big business and Wall Street it appears you haven't been paying much attention.

[SidDithers]

18. So you're in favour of allowing big business to continue using loopholes and exemptions..

to pay almost no taxes.

Got it.

Sid

[jtown1123]

41. I'm not sure what they're thinking, but proposals I've seen cut loopholes

for middle class people, not corporations i.e. the mortgage interest deduction (this has been swirling around inside the beltway A LOT). We'll see whose loopholes they really intend to close.

[emulatorloo]

7. VERY DISHONEST POST. You left out LOOPHOLES BEING CLOSED AND EXEMPTIONS BEING CUT

"To pay for that, the proposal will call for closing loopholes and slicing exemptions."

This means that CORPORATIONS WILL ACTUALLY HAVE TO PAY THEIR TAXES.

[SidDithers]

10. +1...

But that's not nearly as much fun as daily Obama Administration outrage.

Sid

[Exilednight]

15. There's no doubt that they will lower corporate tax rates, but Obama's own past shows that he is

more than willing to leave the loopholes in place. Ending tax cuts for the rich ring any bells?

[Name removed]

19. Deleted message

Sub-thread removed by moderator. Click here to review the message board rules.

[Better Believe It]

20. Oh they will be closing loopholes and cutting exemptions all right .... for working people.

Not for corporations.

Read what the "Gang of Six" and deficit commission members are suggesting to close those "tax exemptions" such as the home mortgage interest deduction.

You have to look at the whole package of so-called "tax reforms" being proposed.

And people should read the full article. That's why I posted the link.

If you think the Obama Administration and Timothy Geithner are about to launch a campaign to increase corporate taxes by ending their loopholes you need to be paying closer attention. That not what "deficit reduction" and increasing revenues is all about. That's not their game plan. You will pay more in taxes, not the rich. And your higher taxes will help cover the bigger corporate tax cuts and continued tax cuts for the rich.

Working people and small busineesses aren't at the table in these "tax negotiations".

[SidDithers]

21. I thought your thread was about Corporate Tax policy...

so why are you bringing up home mortgage interest deductions?

Try to stick to your own topic.

Sid

[emulatorloo]

25. Rule 29: "f you find that you are being beaten, you can create a diversion"

29 If you find that you are being beaten, you can create a diversion--that is, you can suddenly begin to talk of something else, as though it had a bearing on the matter in dispute.
This may be done without presumption if the diversion has some general bearing on the matter.

38 Ways To Win An Argument—Arthur Schopenhauer
http://www.indiauncut.com/iublog/article/38-ways-to-win-an-argument-arthur-schopenhauer/

[Name removed]

28. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Better Believe It]

30. "CORPORATIONS WILL ACTUALLY HAVE TO PAY THEIR TAXES." Sure they will.

The White House crack down on Wall Street and big business is coming!

With Timothy Geithner leading it!

And he'll also be announcing a big crackdown on Wall Street derivatives trading along with free candy for all the kids!

[SidDithers]

32. See post #31...nt

Sid

[Name removed]

33. Deleted message

Sub-thread removed by moderator. Click here to review the message board rules.

[jtown1123]

40. All the proposals floating around aim to get rid of mortgage interest deductions

and other deductions that help middle class people, not corporations. I'll believe they're cutting CORPORATE tax loopholes when I see it.

[RandomKoolzip]

8. Wait a minute....

...at a time when a majority of Americans are demanding that corporations pay a larger share of taxes, the "liberal"/"socialist" Obama Administration thinks this is both sound fiscal policy AND crafty politicking?! Wrong in every conceivable way.

[emulatorloo]

12. This will result in MORE TAX REVENUE. They are closing loopholes, and cutting exemptions

Means more corps will ACTUALLY HAVE TO PAY TAXES

[sufrommich]

16. Read the article, the Obama administration is pushing for

closing loopholes and offering tax breaks for products made in the US. It's good for small business, not so good for huge corporations.

[karnac]

14. Taxing the rich more vs corporations more. what's better?

I don't completely understand all the issues but i do know one thing

You tax a rich guy more, he might grumble, but he has a tendency to stay where you can keep on taxing him.

You tax a corporation more, they can just leave and incorporate in a different country.

[emulatorloo]

22. Lots of corps pay no taxes . The actual plan is to lower rates, but close loopholes so they all pay

taxes.

So while the rate is lower, more corps will be actually paying taxes because exemptions are cut and loophole closed.

[Better Believe It]

35. Please post some credible links regarding that plan.

Sounds more like you're presenting political "talking points" designed to justify a plan rather than a detailed explanation of how they will cut corporate tax rates.

I think the "Gang of Sex", deficit commission members and numerous other Democratic/Republican bi-partisan politicians have clearly indicated they want to cut top corporate and personal income tax rates by ending tax "loopholes" for working people such as the mortgage interest deduction.

That information and relevant news articles have been posted many times by many posters on Democratic Underground.

Let's see what the legislation really looks like in the coming weeks as they reach a bi-partisan agreement on cutting the deficit on the backs of working people and the elderly.

I bet it will be a lot closer to my expectations than your rosy predictions.

[karnac]

42. those that pay much have to explain to shareholders why THEY did not LEAVE

that country. a corporation's fiducial responsibility is not to USA, but their shareholders. if it is financially more prudent to LEAVE with the capital, with the jobs, they WILL DO IT.



so tell me, how can the government protect YOU for sure? only a progressive/left*wing/left dictatorship can do it. fine. but do you have the WEAPONS and are willing to KILL OR DEFEND AND DIE ?????????????????????

We suffer little compared to the rest of the world. with all our racial/class/hate/money problems.


is it worth it.

[Shiver]

24. Selective quotation is fun!

Unrec.

[SidDithers]

27. Right up there with speculative outrage!...

:thumbsup:

Sid

[Scurrilous]

34. And so progressive!!1!

[FrankinMO]

36. I will believe it when I see it...

This might help a bit, but lets be honest folks. The train left the station loooooong ago.


Our trade deficit is about $45 billion. We buy more than we sell.
We have about 23 million out of work.
44 Million on food stamps.
Mortgage debt at 13 trillion.
Savings per family about 6k.
We are 14 trillion dollars in the hole and barely pay the interest alone. Well, we pay it because they can just "print" money and pay off the interest.

I could go on with the doom and gloom but we all know the monster under the bed, and it's just time before he rears his ugly head.

And Bernanke tells us there is no inflation? I would like to know where he shops for food and the gas station he fills up at.

Look, when one of the uppers at GoldmanSachs became head of the Fed Reserve in NYC, we all knew it was going to get nasty.

When the fed talks of quantitative easing, what it really means is "let me print some money and bail out my friends and let the working man pay it off".

I am sorry, but after the whole Tarp thing it kinda bums me out.

[SidDithers]

37. Welcome to DU...

you'll fit right in.

Sid

[sinkingfeeling]

38. Why would I believe anything from politico?

[Better Believe It]

44. You should believe Geithner. They will cut corporate taxes just like they cut taxes for the rich.