1. Post #1
    SomeRandomGuy16's Avatar
    August 2011
    939 Posts
    [release]President Obama proposed a major overhaul of the nationís corporate tax code on Wednesday, an election-year gambit that aims to draw a contrast over a key policy issue with the Republicans vying to replace him.

    The plan would lower the nationís corporate tax rate to 28 percent. At the same time, Obama wants to boost overall revenue from corporate taxation by banning numerous deductions and loopholes that save companies tens of billions of dollars a year on their tax bills.

    The current U.S. corporate tax rate of 35 percent is one of the highest in the world, but the abundance of loopholes and deductions enable many businesses to pay far less than that ó or nothing at all. Companies in the United States pay almost half the taxes that companies in other rich countries pay, compared with the size of the economy, according to the Organization for Economic Cooperation and Development.[/release]

    Source
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  2. Post #2

    February 2012
    49 Posts
    *checks the forum this was posted in to make sure I'm not accidentally in ITN* *checks again*

    Nope
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  3. Post #3
    SomeRandomGuy16's Avatar
    August 2011
    939 Posts
    -snip-

  4. Post #4
    Spooter's Avatar
    August 2007
    954 Posts
    So he's lowering their tax rate, but closing the loopholes so they actually have to pay their share.

    Awaiting Republican backlash.
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  5. Post #5
    Gold Member
    PvtCupcakes's Avatar
    May 2008
    10,900 Posts
    Not sure what to think about this.
    If this gets companies like Exxon to pay corporate tax then it would probably be a net gain.
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  6. Post #6
    IKTM's Avatar
    September 2011
    749 Posts
    So he's lowering their tax rate, but closing the loopholes so they actually have to pay their share.

    Awaiting Republican backlash.
    I don't think they can really criticize this without looking even more foolish than they already do.
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  7. Post #7
    MEGA SENPAI KAWAII UGUU~~ =^_^=
    Megafan's Avatar
    September 2008
    14,507 Posts
    I would rather he just close the loopholes anyway, but this is okay. I suspect the Republicans will still reject this plan, though.
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  8. Post #8
    Mooman's Avatar
    November 2009
    449 Posts
    I don't think they can really criticize this without looking even more foolish than they already do.
    Well, that hasn't stopped them before....

  9. Post #9
    Gold Member
    TestECull's Avatar
    July 2007
    6,514 Posts
    Hrm...I'm all for forcing them to pay their taxes instead of allowing them to explot loopholes. I'm dubious as to whether or not the 28% tax rate will do any good for the government's bottom line.


    It will be a boon to small businesses that can't exploit the loopholes though, so that's a good thing for the economy.
    I don't think they can really criticize this without looking even more foolish than they already do.
    That won't stop them.

  10. Post #10
    I regularly throw pity parties.
    A B.A. Survivor's Avatar
    August 2010
    11,645 Posts
    It's funny because the president has no power over this.
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  11. Post #11
    Gold Member
    Dennab
    September 2010
    8,080 Posts
    I would be fine with him lowering it if it got them to actually pay taxes and not get huge amounts of money from the government for literally no reason.

  12. Post #12
    Gold Member
    PvtCupcakes's Avatar
    May 2008
    10,900 Posts
    It's funny because the president has no power over this.
    Hey guys I'm in 8th grade and I learned this during 3rd period government class.
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  13. Post #13
    Gold Member
    Raidyr's Avatar
    February 2007
    22,714 Posts
    Obama will compromise, the tax rate will be lowered, and only some of the most egregious well-known loopholes will be somewhat fixed. Calling it.
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  14. Post #14
    Gold Member
    Lonestriper's Avatar
    September 2008
    5,207 Posts
    Lower, close loopholes, increase capital gains tax

    rolling in ~dollas~
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  15. Post #15
    Dennab
    June 2011
    2,108 Posts
    Key word is proposes.

    As soon as there is any opposition which of course there will be Obama will just cave and cower.

    It will either get shut down or watered down to coors lite level.
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  16. Post #16
    Gold Member
    DarkSpider's Avatar
    July 2006
    814 Posts
    Key word is proposes.

    As soon as there is any opposition which of course there will be Obama will just cave and cower.

    It will either get shut down or watered down to coors lite level.
    It's not so much that he caves, but that he is limited in what his power allows. If the Republican majority owned house says no, it's a no.
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  17. Post #17
    Hidole555's Avatar
    July 2009
    4,351 Posts
    Key word is proposes.

    As soon as there is any opposition which of course there will be Obama will just cave and cower.

    It will either get shut down or watered down to coors lite level.
    Ugh, coors lite. I don't even drink and the thought of that makes me cringe.

  18. Post #18
    Mechanical43's Avatar
    July 2007
    761 Posts
    Key word is proposes.

    As soon as there is any opposition which of course there will be Obama will just cave and cower.

    It will either get shut down or watered down to coors lite level.
    Do you expect him to execute order is way out of that shitty republican majority ?


    Edit for Ridge's comprehension : Do you expect Obama to utilise executive orders to get by the republican congress ?
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  19. Post #19
    What fun is there in making sense?
    Dennab
    October 2007
    9,274 Posts
    Do you expect him to execute order is way out of that shitty republican majority ?
    I'm sorry, can you repeat that in a manner that makes sense?

  20. Post #20
    Dennab
    June 2011
    2,108 Posts
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  21. Post #21
    Spooter's Avatar
    August 2007
    954 Posts
    Not really a fan of this video. He cites the New York Times speculating that the loopholes won't be closed, and uses that as his key piece of evidence to say "See they totally won't actually do it!" It really is based on conjecture, either this speaker's or the NY Times', not fact.

  22. Post #22
    Gold Member
    Madman_Andre's Avatar
    November 2007
    7,239 Posts
    I agree with Cent, this will do nothing.

  23. Post #23
    imasillypiggy's Avatar
    December 2009
    8,851 Posts
    The question is if they can find more loopholes.

  24. Post #24
    I regularly throw pity parties.
    A B.A. Survivor's Avatar
    August 2010
    11,645 Posts
    Hey guys I'm in 8th grade and I learned this during 3rd period government class.
    What? All I'm saying is that everyone's acting like Obama can just change tax rates.