Obama: Top Tax Rate Should Be 28% for Corporations, 40% for Small Business

The New York Times reports that President Obama is reviving an old proposal to lower the corporate tax rate from 35 percent to 28 percent (and 25 percent for manufacturers). Obama's push to lower the corporate tax rate to 28 percent comes less than a year after he raised the top individual income tax rate, paid by many small businesses, to 39.6 percent.

Obama said WHAT?

Are you kidding me?

28% for corporations 40% on small business that is already getting hammered by Obama care, and this living wage bullcrap.

Small business pays double?

Small business is the largest employer in THIS country and small business is already paying half of your SS contributions, and everything else it takes to keep a business doors open.

40% ?

Small business is mostly middle class your mom and pops and he thinks it's a 'sound economic policy'.

Obama destroying the middle class since 2008 Yes We Can ! ! ! !

Who the hell are his economic adviser's ?

Talk about the clueless leading the hopeless.

reply to post by neo96


Truly ridiculous... and people wonder why the large corporations are slowly destroying all the small businesses. It's because the large corporations pay little to no taxes, in some cases they even get paid by the IRS. You can thank the lobbyists and power brokers for that imo. Many of the politicians are paid off by the large corporations and in many cases they even work for them or did work for them in the past. It seems they are totally set on destroying their smaller business competition in any way possible... people beg for more regulations against the large corporations but all we get is legislation written by the large corporations which is designed specifically to benefit them and make it harder for their competition to survive.

ad this to a 50year secret on how they gonna restructure the tax codes.
and you know what is fixing to happen.

the rich get richer and everybody else gets to be poor.

Hopefully no one in their right mind is still questioning or denying Obamas outright shillery at this point....

Originally posted by neo96

Who the hell are his economic adviser's ?

siegfried and roy

basically

I just saw this on Drudge and was going to post it up but you beat me to it .

This just goes to prove that Obama is a moron. Id love to see how a liberal spins this one as they are hanging from his, well you know. Im all for lowering the tax rate for big corps but Im also for having an even LOWER tax rate for small businesses. All this is going to do is make the gap between the rich and poor even larger, guaranteed. Its going to make it harder for small businesses to grow while its going to make large corps even larger.

Who knows, maybe thats his plan. Big corps become so large that they have to be bailed out down the line and end up being owned by the government. Hell, hes practically a commie at heart anyways. Who really knows what this guy is thinking anymore.

Sounds like a challenge to me. This is broke, fix it. Sounds fair enough.

10%,20%, 25%, 30%
no work no file
elderly and students no file
Working individual 10%
Small business 20%
Homeland Corporations 25%
Multinational Corporations 30%

sound fair?

You know I am a fan of your posts Neo.

We have passed the point of no return.

Before you know it we are going to see shanty towns, more pan handlers than ever before, and theft crimes skyrocket. We already see these yes, but as unemployment skyrockets because of ignorance, so will all of these.

People think it is bad now....

One word....Cypress......its coming

The income tax is the wrong way to raise money in the first place. Taxes should be on accumulated wealth instead. Exempt the first $500,000 per person. So if you are married, $1 million is exempt. Make it progressive so those that have $100 million pay a large percentage (say 6-10% annually) than those at a $1million (say 1-2%). Couple it with a straight tax on corporate revenue of 1-2% and a national sales tax of 2-3%. Enact laws to ensure full disclosure(forfeiture if caught, etc).

Eliminate the Fed, exchange all Fed Reserve notes for Treasury dollars and pay off all the US debt with the same. Allow limited short term printing but never two years in a row and the following years budget must include full repayment or something along those lines. Force the government to run a balanced budget. if they can't, then you simply sequester over and over again. If the need for foriegn war arises then force a national vote for a special levy. If it fails you don't fight that foriegn wars. Quit funding programs which are not advancing the interest of the general population and quit failing to hold those who run accountable for excessive spending. If they can't get it done, we can find someone else who will. Tight ships can be run when there is the will.

Then you have social security and other government pensions who will no longer have an investment vehicle without Treasury bonds. Let them instead fund the mortgage market, requiring 25% down payments on less than generous appraisals. Cap appraisals increases at 10% annually starting at day zero making it less likely to fund a bubble You can pretty much guarantee a profitable program if underwriting is stringent. All their investment gains now are simply interest paid (actually accrued) by the government which is funded by the income tax paid by you and me (but not GE). Too bad if that takes private investors out of the mortgage picture, let them find more economically productive ways to deploy their capital than leaching off everyone's mortgage payments.

The longer the politicians talk about tax rates, etc. the more disillusioned i get. They simply refuse to take on the real issues that face this country. I for one will not be voting for one incumbent any time soon. Kicking them all out immediately and then again and again will finally get the message through that those seek office need to be doing so to help their communities rather than a means to provide them with a livelihood.

Originally posted by neo96

The New York Times reports that President Obama is reviving an old proposal to lower the corporate tax rate from 35 percent to 28 percent (and 25 percent for manufacturers). Obama's push to lower the corporate tax rate to 28 percent comes less than a year after he raised the top individual income tax rate, paid by many small businesses, to 39.6 percent.

Obama said WHAT?

Are you kidding me?

28% for corporations 40% on small business that is already getting hammered by Obama care, and this living wage bullcrap.

Small business pays double?

Small business is the largest employer in THIS country and small business is already paying half of your SS contributions, and everything else it takes to keep a business doors open.

40% ?

Small business is mostly middle class your mom and pops and he thinks it's a 'sound economic policy'.

Obama destroying the middle class since 2008 Yes We Can ! ! ! !

Who the hell are his economic adviser's ?

Talk about the clueless leading the hopeless.

His economic advisors are from the same ilk that would advise Mitt Romney to do the same.

When you people realize that Washington is nothing more than a tool for the big corporations to bleed the paupers dry and eliminate all small business, the sooner a proactive discussion can be had about removing these people from power and putting all of the corporate powers in handcuffs.

Any American citizen who subscribes to partisan politics is at this point a fool and also a part of the problem.

Abandon your party allegiances. Realize that the enemy controls both parties and all presidents.

Hey Neo, what's an individual income tax?

Hey, what's a corporate income tax? Do corporate taxes ever vary?

I wonder if often corporations aren't the multi billion dollar behemoths you probably think they are.

reply to post by neo96


YAY for massive increase in the cost of goods and services!!!


But wait,.. I thought he said last week we are going to grow the economy by supporting the middle class? Is that how we support them? Force their employers to cut their hours to less than 30, then raise the minimum wage and tax burdens so that the goods and services they need cost exponentially more?

How old was Obama during the Carter years? Were those his drug abuse years he admitted to in his book?

Originally posted by Domo1
Hey Neo, what's an individual income tax?

The percentage of your gross wages (income) the federal government directly taxes a citizen.

So basically what this functioning retard is pushing for is a national tax policy that mirrors states like California, New York, and New Jersey. The same states that are experiencing massive corporate and individual migrations to states like Texas or Florida with a very low corporate and individual tax rates?

Makes so much sense. I love this change and hope stuff.

Originally posted by neo96
Small business is the largest employer in THIS country and small business is already paying half of your SS contributions, and everything else it takes to keep a business doors open.

It is a myth. Based on 2007 statistics only 11,1 % of American people work for small businesses. Probably this number has even lowered due to the economics crisis. The ones who got hit the most were the small businesses.

On the other hand 52,7% of people worked for corporations, which is by far the largest number when comparing to other developed nations.

rwer.wordpress.com...


I personally do not agree with this tax rate. Small businesses have it rough already. It is nearly impossible to compete with corporations in nearly any field. They have the resources for more advanced tech, while they are able to keep the prices significantly lower due to a large number of clients.

Although, as far as I see it, the sentence was taken out of context without explaining the reasons. Obama wants to get the corporate tax reformed, as so many corporations with good accountants avoid paying taxes in the first place. This seems more of a bait for the corporations, so they would stop using different loopholes to avoid paying taxes, while shipping the jobs away. If all the corporations who did not pay all their taxes paid the 28% , it would add to the government budget times more than all the small business taxes combined.

reply to post by neo96

Who the hell are his economic adviser's?

The city council for Detroit, Michigan?

reply to post by NOTurTypical


A corporation can also be a very small business. Quite a few are.

reply to post by Cabin


False.

Many visitors from abroad are surprised to learn that even today, the U.S. economy is by no means dominated by giant corporations. Fully 99 percent of all independent enterprises in the country employ fewer than 500 people. These small enterprises account for 52 percent of all U.S. workers, according to the U.S. Small Business Administration (SBA). Some 19.6 million Americans work for companies employing fewer than 20 workers, 18.4 million work for firms employing between 20 and 99 workers, and 14.6 million work for firms with 100 to 499 workers. By contrast, 47.7 million Americans work for firms with 500 or more employees.

Using SBA.gov statistics from the 2010 US census tells a totally different story.

www.about.com/us economics

Originally posted by Domo1
reply to post by NOTurTypical

 

A corporation can also be a very small business. Quite a few are.

Agreed.

reply to post by NOTurTypical


Everything depends on how you take the definition of small business.

In the study used:

Small business 1-9 workers & it was raised to 50, although the picture did not change much.

By these statistics we can say that 52,7% of Americans worked for companies which employed more than 250 employees.

You were making the cutoff at 500 employees. I do not know about US standards for small business, although if 500 was the cutoff point, in nearly all countries in the world the small business sector would make 99% of the economy. A company with 500 employees is not a small business. In my opinion a maximum of 50 should be the cutoff point, after that point the company is not a small business any more. I personally prefer how its done in Oz, any company which has under 15 employees is a small business, even 50 is too much to get a clear overview.

I do not know about US standards, but in EU:

1-9 microbusiness
10-50 small business
50-249 medium business
250-1000 large business
1000+ enterprise


Please do not shout false, before even reading the source. Both of these studies were correct, the classifications of a small company varied.


PS. Found the US business size standards. Companies with under 250 employees (which is very odd in my opinion) are considered small businesses. By these standards still under 50%, 47,3% of people worked for small companies in 2007