Wednesday, February 22, 2012

Obama Considers Lowering the Corporate Tax Rate; Good Job Barry

Well I guess he seems to want to cut taxes somewhere at long last.

The president wants to lower the U.S. corporate tax rate from the current 35 percent, the highest in the world after Japan. Under his plan, manufacturers would receive incentives so that their effective tax rate could be even lower. 

Obama's election-year plan would set a new 28 percent corporate tax rate, still higher than the 25 percent rate sought by congressional Republicans. 

At least it is a starting point to jump off from. Also getting rid of all the corporate welfare that allowed GE to pay $0 in taxes is also something I get behind as well. I'm not so sure about having some minimum tax on overseas profits but something needs to be done to repatriate those funds.

Some companies have billions of dollars trapped overseas because they don't want to give 35% of that money to the government as soon as they ship it back. Maybe tax it at half the rate or something for a period of time then bring it up to the normal rate later on. Companies should not be penalized for growing their companies outside of the US but they should pay some taxes on that money though.

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