The Democrats propose to tax corporations even less!
By Tony Logan
NOT MY TRIBE - 2/22/2012 10:41AM MDT - 3 Comments
In typical double speak method, the Democratic Party Obama Administration is proposing to supposedly raise corporate tax revenues by actually lowering them! The tax rate for corporations is now at 35% with numerous loopholes out of actually paying that, so Obama has come along with a proposal to lower the rate even more to 28%. Really, Obama?
‘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 — 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.’
This issue of corporations not actually paying their taxes is what makes many national capitalist economies of the world ‘Third World’. And Mitt Romney actually wants to lower the corporate tax rate to just 25%, so Obama has countered by saying he will do almost the same!
What’s the difference in the two corporate funded parties rush to make the US more like a Third World country? I’m not so sure there is any difference. They both are in a mad race to give out taxes monies to huge corporations rather than to tax these behemoths.
For full article about the Obama corporate tax proposals, see the Bloomberg report Obama to propose lowering corporate tax rate to 28 percent
Tags: corporate taxes, Democrats, loopholes, Obama, TaxesPosted: February 22nd, 2012 under Dem, Headlines, Perspective, Politics.
Comments: 3
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Comment from Andy Osnard
(IP: 170.190.40.78)
Time: February 25, 2012, 1:36 pm
The way it breaks down is, the more you tax corporations, the more they go offshore taking American Jobs with them. At 35%, the US has one of the highest corporate taxes in the western economy.
Corporations mainly are going to find loopholes to paying taxes anyway, so why not lower the taxes to 15%, keep the jobs here so some of the 22% of the unemployed can have these jobs, pay taxes and get our economy back to civilized standards?
Comment from Andy Osnard
(IP: 170.190.40.78)
Time: February 25, 2012, 1:41 pm
On thinking more on this comment, I would like to ad that doing away with corporate taxes altogether could be a plus, but tax all imports of American Companies manufacturing abroad so that they would have more incentive to keep the jobs here.
Also a read of the evils of the US Chamber of Commerce on their treasonous acts against the American worker can add more insight.
Comment from Tony Logan
(IP: 63.231.100.90)
Time: February 25, 2012, 11:01 pm
Andy, there is a lot of bullshit manipulation of statistics about corporate tax rates out there, and the US corporations would like one to believe that they are being taxed to death compared to other countries when they simply or not. The best comparative indicator of how people worldwide are actually being taxed can be found using a list of countries by tax revenue as percentage of GDP, so go to wikipedia and use the Heritage Foundation’s ranking of countries tax rates by this standard. If you push the button TWICE on top of ‘Heritage Foundation’ there at http://en.wikipedia.org/wiki/List_of_countries_by_tax_revenue_as_percentage_of_GDP you will get a top to bottom ranking by percentage that will help you to see that the actual tax rate of the population in the US is at about the level people are taxed in South Africa, with almost all people living in the major industrial countries taxed at a higher rate than the US population is.
You do know that many corporations in the US actually get away with paying little or no taxes, too.
Plus, corporations do not run to other countries, either just because some have lower tax rates, but rather because the wages in those countries are much lower in those disadvantaged places. Do we really want corporations not taxed like countries like Nicaragua and Honduras let the corporations fly by without paying next to anything? Not really, Andy. We don’t. We need them taxed as high as the corporations get taxed in the Scandinavian countries, Germany, France, and Italy instead. And we need those tax revenues not packed off the provide corporate welfare via the Pentagon buying programs.
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