It's definitely an election year

#1
dreVol

dreVol

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#1
Obama proposing to lower the corporate tax rate.

The Obama administration will propose lowering the top income-tax rate for corporations to 28% from 35% but would raise overall tax revenue by eliminating dozens of popular deductions in an effort to restructure the corporate tax code.

The proposal, which will be announced Wednesday, would lower the "effective" tax rate on manufacturers to "no more than 25%," according to a senior administration official, down from the current average rate of about 32%. It raises taxes on oil and gas companies that would lose many large deductions and subsidies.

The plan would require U.S. companies operating overseas to pay—for the first ...
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Obama Proposes Tax Revamp - WSJ.com

I don't have a subscription, so I don't know what the rest of the article says. Interesting move. I'm curious to see how it'll play out with the class warfare theme we've seen up until this point.
 
#2
#2
It's a classic triangulation move right out of the Bill Clinton/Dick Morris playbook.
 
#3
#3
GAVol said:
It's a classic triangulation move right out of the Bill Clinton/Dick Morris playbook.
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And it makes a lot of sense.

Lower the rate, but close the loopholes so that those who have lobbied for these insane subsidies stop getting them, but also cannot hoist the false claim that their tax rate is too high.
 
#4
#4
John Boehner should grab hold of this and ram it through the house just to call the bluff.

It's obviously just fodder for Obama's campaign narrative of blaming everything on Congress, rich people and corporations.
 
#6
#6
Here's a story on it

Obama to offer corporate tax plan - CNN.com

I few interesting tidbits:

Been working on it for over a year - seriously?
Singles out Oil Industry as the industry getting subsidies - no surprise.
Doesn't say it will eliminate all loopholes for business - just some.

Anyone wanna bet that industries he favors or have high union representation keep subsidies while others lose them?
 
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#7
#7
Oops - read a little closer

Obama also said that it was time to end subsidies and tax breaks for the oil industry, which "rarely has been more profitable," while increasing tax credits for developing alternative energy sources.
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I'm shocked I tell you, shocked.
 
#8
#8
read one story with this paragraph thrown in the middle

The corporate tax plan dovetails with Obama's call for raising taxes on millionaires and maintaining current rates on individuals making $200,000 or less.
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seems like a pretty large chunk of taxpayers was left out
 
#9
#9
Another dead giveaway

"In short, it will help level the playing field for businesses and allow the government to collect needed revenue while promoting economic growth," Geithner said in his written statement to the Senate panel.
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#10
#10
utvolpj said:
read one story with this paragraph thrown in the middle



seems like a pretty large chunk of taxpayers was left out
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you know it. The big chunk of revenue comes from those between 200K and 1MM. Many more filers here than those over 1MM.
 
#11
#11
Obama has always been underestimated as a campaigner. Guarantee you the GOP miscalculates on this and yet again Obama outmaneuvers them.
 
#13
#13
volinbham said:
And we all lose.
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From your perspective, I suppose so.

Watching the talking heads on Fox start foaming at the mouth, and then Boehner and Cantor tripping over each other with about a half dozen incoherent crap in response will at least have some entertainment value.

Puts the pressure on Romney, too, because of course he will have to talk about it. And every time Romney discusses these types of things, regardelss of what he says about it, everyone in the room (and watching on tv) is immediately reminded of how much money he has made.

Its a brilliant play.
 
#16
#16
lawgator1 said:
From your perspective, I suppose so.

Watching the talking heads on Fox start foaming at the mouth, and then Boehner and Cantor tripping over each other with about a half dozen incoherent crap in response will at least have some entertainment value.

Puts the pressure on Romney, too, because of course he will have to talk about it. And every time Romney discusses these types of things, regardelss of what he says about it, everyone in the room (and watching on tv) is immediately reminded of how much money he has made.

Its a brilliant play.
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It's a transparent but deft play; especially the day of a GOP debate where he knows every candidate will have to talk about it.

The Obama reelection strategy is clear. If you don't like your lot in life, Obama is either going to write you a check or give you an unpopular entity to blame for it other than himself.
 
#17
#17
lawgator1 said:
From your perspective, I suppose so.
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You've said many times that you favor a more flat corp. tax that treats all businesses equally.

Obama is proposing shifting one set of favored companies for another - it's the same old shiz. More cronyism and payoff to his constituents.

We have a chance at real tax reform and he's going to make a cynical election play that will push that possibility back for at least 4 years.

How does that help anyone besides him and his favorites?
 
#18
#18
GAVol said:
It's a transparent but deft play; especially the day of a GOP debate where he knows every candidate will have to talk about it.

The Obama reelection strategy is clear. If you don't like your lot in life, Obama is either going to write you a check or give you an unpopular entity to blame for it other than himself.
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Agree with your first comment.

Your second is a bit perjorative and would rephrase that is correctly describing the sinister nature of the relationship between money and politics and what it has led to in terms of absurd tax breaks.






volinbham said:
You've said many times that you favor a more flat corp. tax that treats all businesses equally.

Obama is proposing shifting one set of favored companies for another - it's the same old shiz. More cronyism and payoff to his constituents.

We have a chance at real tax reform and he's going to make a cynical election play that will push that possibility back for at least 4 years.

How does that help anyone besides him and his favorites?
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My favorite idea is 1) no income tax for corporations at all; 2) with pass through of all corporate profits to individuals for tax purposes (with exception of reasonable corporate cash reserves); 3) lower the rate on the top tiers; 4) but treat all forms of income as ordinary income.

And if I had my druthers, yes, all corporations would be treated the same.

The plan he proposes isn't going to pass. And if it did it wouldn't change my life at all I don't suspect.

I'm just admiring the political savvy of it, is all. Romney gonna' be very uncomfortable up on stage. His folks will have come up with some some line for him to pretend to have thought of right there, on the spot. And he might even get some polite applause. But everyone watching will be thinking that the guy makes $20 million -plus a year and puts a bunch of it in offshore accounts and pays a tax rate of less then 14 %.
 
#19
#19
. . . And the details start coming out. The plan would effectively increase the dividend tax rate from 15% to 44% . . . but it's a tax cut plan. :crazy:
 
#20
#20
GAVol said:
. . . And the details start coming out. The plan would effectively increase the dividend tax rate from 15% to 44% . . . but it's a tax cut plan. :crazy:
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only the millionaire fat cats will be impacted by this plan, right?
 
#21
#21
Taxing multinationals for overseas income is also included. Which I think would be a negative, since instead of potentially be taxed by two nations, it would rather just subject themselves to one by moving overseas.

I like a low flat corporate rate, with all payouts (stock and dividend payouts) treated as income.

But everything should be flat. Policy through tax law is so incredibly stupid to me. I'd rather just see grants and contracts.
 
#23
#23
GAVol said:
John Boehner should grab hold of this and ram it through the house just to call the bluff.

It's obviously just fodder for Obama's campaign narrative of blaming everything on Congress, rich people and corporations.
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Hoover increased taxation by 40% and we see what that got us.

Great Britian just increased taxes quite a bit and we see what that got them, less tax revenues.






volinbham said:
Will it hit Green Energy tax breaks? How about Ag?
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Obama proposes to spend $2.6b on research into how use of fossil fuels has contributed to climate change, we already know that, practically zero.





volinbham said:
Oops - read a little closer



I'm shocked I tell you, shocked.
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So BHO proposes to reduce corporate taxes on large corporations, what isn't mentioned is that he means to include more small businesses in the corporate tax plan that have been expempted because they are small and as Reagan pointed out, small businesses are the backbone of the American economy.





lawgator1 said:
Obama has always been underestimated as a campaigner. Guarantee you the GOP miscalculates on this and yet again Obama outmaneuvers them.
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Watch out for the GOP ham sandwich.

If David and Goliath were going to meet on the field of battle tomorrow, the smart money would still be on the big guy.

At this point a ham sandwich could beat Obama, no one likes him anymore.




GAVol said:
on what planet?
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Great question!!!! :)

(I tried to figure that out for a pretty good while, and then decided I would just leave it to NASA.)
 
#24
#24
gsvol said:
At this point a ham sandwich could beat Obama, no one likes him anymore.
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Which is why all the polls show him beating any of the GOP nominees, head to head, and pretty handily, at that.

So I guess that Santorum and Romney are a notch below ham sandwiches. Pastrami, maybe? Liver and onion?
 
#25
#25
lawgator1 said:
Which is why all the polls show him beating any of the GOP nominees, head to head, and pretty handily, at that.

So I guess that Santorum and Romney are a notch below ham sandwiches. Pastrami, maybe? Liver and onion?
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Donald Trump once led that poll.

I'll care about the head to head polls sometime in July when there's an actual nominee.
 
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