Momentum Builds for Corporate Tax Overhaul

WillowTree

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Sep 15, 2008
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Corporate Tax Overhaul Is on Horizon - WSJ.com







The White House and congressional Republicans are moving from different directions toward a consensus that the U.S. corporate tax code needs a fundamental overhaul, a goal high on corporate leaders' agenda.

Specific proposals for retooling the complex corporate-tax system aren't on the table and the debate over the issue is sure to be lengthy and difficult. But President Barack Obama and Republican congressional leaders are separately sounding the same broad theme that corporate tax rates should be lower.

"Tax reform could be a significant boost to our competitiveness," Rep. Eric Cantor (R., Va.), the new House majority leader, said this week. "I'm hopeful and expect the president to put some action behind his statements."

The movement on the corporate-tax issue comes as Mr. Obama and his aides are pushing a broad effort to repair relations with U.S. business leaders. Since Democrats lost control of the House in November, Mr. Obama has met with chief executives to solicit their ideas on job growth, negotiated a free-trade pact with South Korea widely supported by business, and begun searching for figures with strong ties to the business world to take top White House jobs.
 
The White House is also advancing a rapprochement with the U.S. Chamber of Commerce, the capital's biggest, richest business lobby, which has clashed repeatedly with the administration on a range of issues. On Wednesday, the White House said Mr. Obama would address members of the chamber for the first time at the group's Washington headquarters on Feb. 7.







I hope they serve him up some "crow".
 
Tax reform should not be limited to just corporations. The entire tax code should be "reformed".

I never thought I'd say this but I think it's time we should look at tariffs as well.
 
Corporate Tax Overhaul Is on Horizon - WSJ.com







The White House and congressional Republicans are moving from different directions toward a consensus that the U.S. corporate tax code needs a fundamental overhaul, a goal high on corporate leaders' agenda.

Specific proposals for retooling the complex corporate-tax system aren't on the table and the debate over the issue is sure to be lengthy and difficult. But President Barack Obama and Republican congressional leaders are separately sounding the same broad theme that corporate tax rates should be lower.

"Tax reform could be a significant boost to our competitiveness," Rep. Eric Cantor (R., Va.), the new House majority leader, said this week. "I'm hopeful and expect the president to put some action behind his statements."

The movement on the corporate-tax issue comes as Mr. Obama and his aides are pushing a broad effort to repair relations with U.S. business leaders. Since Democrats lost control of the House in November, Mr. Obama has met with chief executives to solicit their ideas on job growth, negotiated a free-trade pact with South Korea widely supported by business, and begun searching for figures with strong ties to the business world to take top White House jobs.

Sure....let's give them some more incentive to ship jobs overseas!
 
Corporate Tax Overhaul Is on Horizon - WSJ.com







The White House and congressional Republicans are moving from different directions toward a consensus that the U.S. corporate tax code needs a fundamental overhaul, a goal high on corporate leaders' agenda.

Specific proposals for retooling the complex corporate-tax system aren't on the table and the debate over the issue is sure to be lengthy and difficult. But President Barack Obama and Republican congressional leaders are separately sounding the same broad theme that corporate tax rates should be lower.

"Tax reform could be a significant boost to our competitiveness," Rep. Eric Cantor (R., Va.), the new House majority leader, said this week. "I'm hopeful and expect the president to put some action behind his statements."

The movement on the corporate-tax issue comes as Mr. Obama and his aides are pushing a broad effort to repair relations with U.S. business leaders. Since Democrats lost control of the House in November, Mr. Obama has met with chief executives to solicit their ideas on job growth, negotiated a free-trade pact with South Korea widely supported by business, and begun searching for figures with strong ties to the business world to take top White House jobs.

I can predict with authority what will happen:

A tax overhaul bill will be hammered out that includes a long, long list of exemptions and exclusions to protect powerful industries, lobbyists will descend on our reps and shower them with positive and negative pressure.

The final bill will look like the world's largest sellout to corporate interests.

All you gotta do is look at the financial regulation that has been adopted since 2008, or look at the health insurance deform bill, to realize that Congress has no teeth and that both parties serve their corporate sponsors first and foremost.
 
Tax reform should not be limited to just corporations. The entire tax code should be "reformed".

I never thought I'd say this but I think it's time we should look at tariffs as well.


Same here. I said something to that affect on tariffs a few months ago. That's a tough one. Bring the companies back, lower tax rates, start hiring millions of unemployed.
 
Tax reform should not be limited to just corporations. The entire tax code should be "reformed".

I never thought I'd say this but I think it's time we should look at tariffs as well.


Same here. I said something to that affect on tariffs a few months ago. That's a tough one. Bring the companies back, lower tax rates, start hiring millions of unemployed.


I don't care how much they cut corporate taxes, there is no way that corporations are going to bring jobs back to the US when they can hire foreign workers at a fraction of what American workers demand.
 
Tax reform should not be limited to just corporations. The entire tax code should be "reformed".

I never thought I'd say this but I think it's time we should look at tariffs as well.


Same here. I said something to that affect on tariffs a few months ago. That's a tough one. Bring the companies back, lower tax rates, start hiring millions of unemployed.

Yep.
 
Tax reform should not be limited to just corporations. The entire tax code should be "reformed".

I never thought I'd say this but I think it's time we should look at tariffs as well.


Same here. I said something to that affect on tariffs a few months ago. That's a tough one. Bring the companies back, lower tax rates, start hiring millions of unemployed.


I don't care how much they cut corporate taxes, there is no way that corporations are going to bring jobs back to the US when they can hire foreign workers at a fraction of what American workers demand.

The idea is actually to raise the effective corporate tax rate by installing a lower base rate and eliminating the loopholes that allow corps like Exxon to pay zero taxes.

Same basic principle as the flat income tax.

Perhaps the biggest problem with our tax code is that despite the base rates hardly anybody actually pays any tax anymore.

We all pay FICA and half of us pay a low rate of actual income tax, but corps pay very little:

800px-U.S._Federal_Receipts_-_FY_2007.png
 
We currently have one of the highest Corporate Tax Rates in the World. We need to get it down to where Canada's Rate is or even lower. The Socialist/Progressive nutters will freak out over this but it will have to be done. Even the Marxist-trained Community Organizer in there now is accepting reality. His silly sycophants will freak out over this for awhile but than they'll just shut up and vote for him again. Hopey Changey sheep are by far the dumbest kooks in this country. The Corporate Tax Rate will be reduced.
 
Canada's Corporate Tax Rate just dropped to 16.5%. Our current Corporate Tax Rate sits at a whopping 35%. We'll have to get ours down to Canadian levels. I guess we'll see how much they cut the rate. I hope it's significant.
 
We currently have one of the highest Corporate Tax Rates in the World. .

that's the base rate and nobody pays taxes at that rate. The effective tax rate is the real rate of taxation.

Exxon paid zero taxes in 09 and 08 despite record setting billion$ profits.
 
Canada's Corporate Tax Rate just dropped to 16.5% and they seem to be doing pretty well. 35% is way too high. The Rate has to be reduced. Even this President gets that.
 

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