Obama plans to lower business taxes/remove breaks by AnthonyT

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Obama plans to lower business taxes/remove breaks

POSTED BY: ANTHONYT
UPDATED: Saturday, February 25, 2012 07:55
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Wednesday, February 22, 2012 11:38 AM

Freedom is Important because People are Important

http://money.cnn.com/2012/02/22/news/economy/obama_corporate_taxes/ind
ex.htm?iid=HP_LN&hpt=hp_t1

Hello,

I presume this plan is dead on arrival. Republicans are unlikely to agree to anything this close to an election, lest Obama claim a victory of some sort. But I wondered what you all thought of it. I'd guess that with the removal of certain tax breaks, the Obama proposal will still end up with more overall revenue from businesses.

--Anthony

_______________________________________________

"In every war, the state enacts a tax of freedom upon the citizenry. The unspoken promise is that the tax shall be revoked at war's end. Endless war holds no such promise. Hence, Eternal War is Eternal Slavery." --Admiral Robert J. Henner

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Wednesday, February 22, 2012 11:53 AM

SIGNYM

I believe in solving problems, not sharing them.

I think it's a wonderful idea. The personal tax code is a nightmare (I do my own most of the time) and it sounds to me like the corporate tax code is even worse. That leads to a very uneven playing field among businesses, with some getting huge tax breaks and others bearing the burden.

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Wednesday, February 22, 2012 3:51 PM

ANTHONYT

Freedom is Important because People are Important

Hello,

I have to agree with you there, Signy. Simpler is generally better.

The idea that tax codes have to run into the hundreds of pages is abhorrent to me.

--Anthony

_______________________________________________

"In every war, the state enacts a tax of freedom upon the citizenry. The unspoken promise is that the tax shall be revoked at war's end. Endless war holds no such promise. Hence, Eternal War is Eternal Slavery." --Admiral Robert J. Henner

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Wednesday, February 22, 2012 4:40 PM

KWICKO

"We'll know our disinformation program is complete when everything the American public believes is false." -- William Casey, Reagan's presidential campaign manager & CIA Director (from first staff meeting in 1981)

So we've allegedly got some of the highest corporate tax rates, but if you know how to work the system, you pay ZERO corporate taxes - and in many cases get a REFUND from the government.

Lowering the effective rate and closing those loopholes seems to be a reasonable compromise. No doubt the GOP will rail against it.

"Although it is not true that all conservatives are stupid people, it is true that most stupid people are conservatives." - John Stuart Mill

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Wednesday, February 22, 2012 5:38 PM

GEEZER

Keep the Shiny side up

Doesn't sound like a bad idea, but don't expect these changes to bring in that much additional revenue. From what I've seen, closing most of the "corporate loopholes" might bring in an additional few billion at best. When the latest payroll tax reduction, including the unemployment extension, is gonna cost an un-funded $100 billion plus a year, it's more politics than actual debit (or even deficit spending) reduction.

Overall, corporate income tax is around 16% of total income tax, with individual income tax making up the other 84%, so a 10% or so increase in corporate tax isn't gonna accomplish much.

I'd like to see a repeal of all the Bush tax cuts, repeal of the payroll tax reduction, and application the Buffet Rule to get a bit more out of the $1 million+ income folks.

Of course, this does no good at all unless we also make a serious start on reducing spending.

"Keep the Shiny side up"

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Thursday, February 23, 2012 9:30 AM

NIKI2

Gettin' old, but still a hippie at heart...

I'm with Geezer. Also, I don't know WHAT loopholes he intends to close...all of them? If so: great. But if it's just for show and they're not gonna close enough of them, screw 'em. Ah, there I found it; he plans to get rid of "dozens" of 'em, and there are 130 on the books. Screw 'em.

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Thursday, February 23, 2012 2:53 PM

RIONAEIRE

Beir bua agus beannacht

Getting rid of all the loopholes would be nice.

"A completely coherant River means writers don't deliver" KatTaya

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Thursday, February 23, 2012 3:37 PM

KWICKO

Quote:
Originally posted by Niki2:
I'm with Geezer. Also, I don't know WHAT loopholes he intends to close...all of them? If so: great. But if it's just for show and they're not gonna close enough of them, screw 'em. Ah, there I found it; he plans to get rid of "dozens" of 'em, and there are 130 on the books. Screw 'em.

Sooooo... All or nothing, eh? If you can't fix everything, then you shouldn't try to fix anything?

"Although it is not true that all conservatives are stupid people, it is true that most stupid people are conservatives." - John Stuart Mill

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Thursday, February 23, 2012 3:46 PM

ANTHONYT

Freedom is Important because People are Important

Quote:
Originally posted by Kwicko:
Quote:
Originally posted by Niki2:
I'm with Geezer. Also, I don't know WHAT loopholes he intends to close...all of them? If so: great. But if it's just for show and they're not gonna close enough of them, screw 'em. Ah, there I found it; he plans to get rid of "dozens" of 'em, and there are 130 on the books. Screw 'em.

Sooooo... All or nothing, eh? If you can't fix everything, then you shouldn't try to fix anything?

"Although it is not true that all conservatives are stupid people, it is true that most stupid people are conservatives." - John Stuart Mill

Hello,

I will say that cosmetic changes are not desirable. If a 'fix' does not in fact solve a problem, and if the problem is indeed solvable, then the cosmetic fix is a waste of time and resources.

In order for a partial fix to be desirable, there would have to be no hope for a proper fix.

To put it another way, if you had a plumber to your house to fix a leak of 100 drips per minute, and he reduced it to 90 drips per minute, would you be content with the improvement, or irate at the half-assery?

--Anthony

_______________________________________________

"In every war, the state enacts a tax of freedom upon the citizenry. The unspoken promise is that the tax shall be revoked at war's end. Endless war holds no such promise. Hence, Eternal War is Eternal Slavery." --Admiral Robert J. Henner

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Thursday, February 23, 2012 5:54 PM

FREMDFIRMA

Quote:
Originally posted by AnthonyT:
To put it another way, if you had a plumber to your house to fix a leak of 100 drips per minute, and he reduced it to 90 drips per minute, would you be content with the improvement, or irate at the half-assery?

Now imagine if that plumber's repairs managed to increase the rate to 250 drips a minute, and he wrecked your hot water heater, and felt up your wife, then presented a bill for five times the estimate...

And you have, in a nutshell, how I feel about our so-called intelligence agencies.

-Frem

I do not serve the Blind God.

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Friday, February 24, 2012 3:33 AM

AURAPTOR

America loves a winner!

I guess this is Obama's way of 'focusing like a laser beam' on getting the economy back ?

Should have done this on day 1, instead of inflating the national debt by trillions in pointless govt give-aways.

Mere election year theatrics, and nothing more.

" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "

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Saturday, February 25, 2012 7:55 AM

NIKI2

Gettin' old, but still a hippie at heart...

No, Mike, not "all or nothing". I haven't seen the FACTS, but if his closing a few loopholes, while at the same time lowering the tax rate, results in enough loopholes still being there that it INCREASES the wealth of those who can use them, I think that's going backwards, not forwards.

Bear in mind that only recently this proposal was put forward and almost accepted by the Repubs because lowering the tax rate while closing the proposed loopholes in that scenario would have resulted in no revenue increase, no increase in what those affected would pay. It was a "no net gain" proposal, and I don't know if this is the same thing.

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