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Treasury to release corporate tax plan Wednesday

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posted on Feb, 21 2012 @ 09:49 PM
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Lower the 35 percent corporate tax rate is one plan.
(no number given)

Eliminate loopholes and subsidies is one more.
(no details yet)

Imposing a minimum tax on the overseas profits of American companies is another.
(no rate given)



WASHINGTON (AP) -- The Obama administration will propose lowering the current 35 percent corporate tax rate, while at the same time eliminating loopholes and subsidies and imposing a minimum tax on the overseas profits of American companies.

Administration officials said the Treasury Department on Wednesday will detail aspects of President Barack Obama's proposed overhaul of the corporate tax system, a plan he broadly outlined in his State of the Union speech last month.

The 35 percent nominal corporate tax rate is the highest in the world after Japan. But deductions, credits and exemptions allow many corporations to pay taxes at a much lower rate.

AP article



The Republican candidates all have different corporate tax rate suggestions

Former Massachusetts Gov. Mitt Romney has called for a 25 percent rate, former House Speaker Newt Gingrich, R-Ga., would cut the corporate tax rate to 12.5 percent, and former Sen. Rick Santorum, R-Pa., would exempt domestic manufacturers from the corporate tax and halve the top rate for other businesses.




What will this do for the majority of Americans ??




posted on Feb, 21 2012 @ 10:02 PM
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reply to post by xuenchen
 


I bet it will be the first one. I would love it to be all three though.

Closing loop holes, taxing overseas profits and lowering the tax rate would increase revenue and be awesome. Unless the lower rate is so low that they end up paying less overall.

Came back in after and saw the "What would it do for the majority of American's?"

I'll answer from my point of view. I don't know any business owners so I would say little to nothing.
edit on 21-2-2012 by calnorak because: (no reason given)



posted on Feb, 21 2012 @ 10:15 PM
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reply to post by xuenchen
 


I think all American products built overseas should be subject to a cost prohibitive tarriff to bring jobs back home.



 
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