Bill Clinton " Cut the Corporate Tax."

[Maple]

Something I agree with. Bill should call Obama and let him know how to create jobs and also increase revenue to the government because people who work- pay taxes, those that are unemployed don't pay taxes, they collect the revenue from taxes in the form of welfare, unemployment benefits, food stamps, etc.

What a novel idea and to think that Bill Clinton did not go to Harvard. LOL
http://www.huffingtonpost.com/2011/07/05/clinton-corporate-tax-rate_n_890166.html

“We’ve got an uncompetitive rate,” Clinton told a crowd at the Aspen Ideas Festival on Saturday. “We tax at 35 percent of income, although we only take about 23 percent. So we should cut the rate to 25 percent, or whatever’s competitive, and eliminate a lot of the deductions so that we still get a fair amount, and there’s not so much variance in what the corporations pay."

 

[Modbert]

This is the key part of what he said:

“We’ve got an uncompetitive rate,” Clinton told a crowd at the Aspen Ideas Festival on Saturday. “We tax at 35 percent of income, although we only take about 23 percent. So we should cut the rate to 25 percent, or whatever’s competitive, and eliminate a lot of the deductions so that we still get a fair amount, and there’s not so much variance in what the corporations pay."

Problem is, they will never get rid of the deductions if they do cut the Corporate Tax.

Also:

In practice, though, American corporations often end up paying significantly less than the full 35 percent. Through tax breaks and loopholes, The New York Times reported in May, "United States corporations pay only slightly more on average than their counterparts in other industrial countries."

And it's common for major corporations -- including, in the past year, General Electric, Exxon Mobil, and Boeing -- to sidestep taxes entirely.

In fact, as I posted on here previously:

Another example is the "burdening" Corporate tax rate of 35%. Which corporation paid 35% in 2011? Suckers with bad Accountants, that's who.

From 2004:

Most US firms paid no income taxes in '90s - The Boston Globe

WASHINGTON -- More than half of US corporations paid no federal income taxes during the boom years of the late 1990s, and those that did were able to shelter much of their income, according to congressional accountants.

The report by the General Accounting Office raises questions about whether the corporate income tax burden is too light and distributed unequally. It could undermine arguments that US companies are overtaxed and provide ammunition to politicians and activists who claim companies are using loopholes to avoid paying their fair share.

And the tune hasn't changed in 2008:

Study says most corporations pay no U.S. income taxes | Reuters

(Reuters) - Most U.S. and foreign corporations doing business in the United States avoid paying any federal income taxes, despite trillions of dollars worth of sales, a government study released on Tuesday said.

The Government Accountability Office said 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005.

More than half of foreign companies and about 42 percent of U.S. companies paid no U.S. income taxes for two or more years in that period, the report said.

During that time corporate sales in the United States totaled $2.5 trillion, according to Democratic Sens. Carl Levin of Michigan and Byron Dorgan of North Dakota, who requested the GAO study.

 

[Avorysuds]

You mean Obama might have to do more than give a speech where he attacks Republicans then leaves to go play golf or raise money for re-election? To busy campaigning to end wars let alone stop starting them, and people want Obama to look at the tax code?

 

[Supposn]

Maple, I advocate replacing income taxes with a general consumption tax to whatever extent feasible. An intelligently drafted consumption tax is simpler and superior to an intelligently drafted income tax.
[Our income taxes ain’t all that intelligently drafted and we should strive for equitable tax policy to be reflected within all of our existing and newly enacted taxes].

Until all individual income taxes are eliminated, corporate taxes should be retained at top rates equal to any retained individuals’ income taxes.

Our experience of World War Two and the post- war period was an “expense account society”; entrepreneurs and corporate executives showing little individual incomes but living extremely well off their corporate expense accounts.

Respectfully, Supposn