Washington (CNN) – The Treasury Department will unveil President Barack Obama's corporate tax reform plan on Wednesday, senior administration officials told CNN.
Treasury Secretary Tim Geithner told a Senate panel last week the plan will be an effort to find "common ground" on broad principles between Republicans and Democrats on Capitol Hill.
For the last 10 years, corporations and wealthy Americans have enjoyed the lowest tax rates in 50 years. They've taken that extra money and either sat on it (currently, they are sitting on about $2 trillion in cash) or invested it overseas, where labor is cheap and regulations barely exist.
Over 62% of millionaires and billionaires WANT to pay more in taxes. A majority of non-wealthy Americans agree the rates for those who can most afford it should go up.
THIS is the will of the people. The top rates need to go up – it's the least the wealthy can do for the country that has given them so much.
I can hardly wait to hear what the clueless wonder has for a tax plan. He ADMITS the corporate tax rate is the highest in the world. He KNOWS one of his advisers (GE's Immelt) is one of the biggest corporate DEADBEATS in the country and has exported tens of thousands of jobs to India and China. So get rid of all the loop holes and establish a minimum base rate so no company completely avoids paying taxes and then lower the maximum.
And when the clueless wonder is done doing this with business, maybe he could do the same thing with individuals because there are FAR too many people paying NOTHING, and even getting back more than they pay using tax credits.
EVERYBODY needs to be paying something, even if it is a small amount. It's called "skin in the game". Only the poorest of the poor should be able to avoid paying something.
"Right now, companies get tax breaks for moving jobs and profits overseas," Obama said in his address to Congress in January. "Meanwhile, companies that choose to stay in America get hit with one of the highest tax rates in the world.
Small businesses are not able to operate overseas but still everyone agrees that small businesses are where our best opportunities are for economic growth and hiring. But instead of doing something about this tax burden, the Obama Administration has been spending it's efforts trying to raise taxes, raise the debt ceiling and raise government spending. So now election time comes around and he's pretending the last 3 years didn't happen. Regardless of what his political advisers are telling him, Americans are not stupid.
Nothing in cooperative policy will please Republicans when the 2012 election win is their only goal. This attitude is partly why moderates and independents are rapidly moving toward the President's team and the turnout for the Republican is so poor.
Obama also said that it was time to end subsidies and tax breaks for the oil industry, which "rarely has been more profitable,
...and so do you think " His Fairness" will do the same for GM? Don't count on it. But after forking over tens of billion in tax dollars to this Fortune 500 company who still went bankrupt, Obama continues to give GM huge tax breaks. And they just posted the most profitable quarter in their history. While at the same time moving tens of thousands of jobs to China. Obama is playing Americans for fools. He is a classic political hack. Every day.
im glad to see obama work to help get jobs... after yrs of being a corporate basher and job killing president right before election he sees the light....ugh
I can see the right wing lose their minds...Closing loop holes, and making the corps shipping jobs overseas pay more...and giving breaks to corps staying here makes alot of sense.
Set it back to less than 7 % and every company would like to do business in the great USA
Since this is very similar to a plan the GOBP deathcult once supported, I'm sure we can expect , , , , rabid and unprincipled obstructionism from those former supporters.