February 22nd, 2012
05:00 AM ET
3 years ago

Obama to offer corporate tax reform plan

Washington (CNN) - The Treasury Department will unveil President Barack Obama's corporate tax reform plan Wednesday - a framework that would reduce the overall rate paid by corporations, a senior administration official told CNN.

The President's tax plan is intended to "enhance American competitiveness by simplifying the tax code and eliminating dozens of tax loopholes and subsidies, incentivizing job creation and investment here at home and lowering the business rate while broadening the tax base," the official said.

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Filed under: Economy • President Obama • Taxes • Treasury
soundoff (76 Responses)
  1. Raven

    Hopefully he will actually be able to do this without being blocked at every turn by the Republicans.

    February 22, 2012 05:28 am at 5:28 am |
  2. John

    This shovel ready scheme will work ! As Lucy holds the football for Charlie Brown.

    February 22, 2012 05:31 am at 5:31 am |
  3. Guess What

    look at the smoke coming out of his blow hole, and at the end of 2012, every bodies taxes go up 30%

    February 22, 2012 05:35 am at 5:35 am |
  4. Wire Palladin, S. F.

    Didn't the behemoth from New Jersey think that instead of correcting the unfairness in the tax code, it should be voluntary?

    February 22, 2012 05:37 am at 5:37 am |
  5. Kara

    History has shown us that we can't believe anything this lying Marxist says (and it's very obvious we can't believe anything the Obama h os say on Early Start)

    Lower corporate rate? Show me the details

    February 22, 2012 05:38 am at 5:38 am |
  6. Wire Palladin, S. F.

    While republicans work on eliminating women's rights, our president continues to work on measure that will create jobs in America.

    February 22, 2012 05:39 am at 5:39 am |
  7. Wire Palladin, S. F.

    Reliving the social issues that were settled and became law in the 1970s and 1980s appears to be the only job creation plan that republicans have.

    February 22, 2012 05:46 am at 5:46 am |
  8. Dnsdamenace

    I wonder what the Republicans will find wrong with this effort? The main thing is make Obama and the Democrats look bad!

    February 22, 2012 05:55 am at 5:55 am |
  9. oldad

    End of oil company subsidies, end of discussion. The oil companies run this country, the Republicans provide them cover.

    February 22, 2012 06:02 am at 6:02 am |
  10. mobious

    Wow he is actually doing something the Repubs should do. The "99%"ers arent going to like this.

    February 22, 2012 06:15 am at 6:15 am |
  11. DK

    Like corporations need tax breaks. The one I unfortunately work for screws there people over by pay cuts, forced vacations, 2080 hrs/year work initiatives(sick and vacation don't go towards this). Thanks SE CT for sucking in the I.T. job market!

    February 22, 2012 06:16 am at 6:16 am |
  12. George

    Obamaworld: When a tax cut increases tax revenues.

    February 22, 2012 06:42 am at 6:42 am |
  13. sunsudo

    Don't care what the campaigner says. His actions make him Americas biggest mistake.

    February 22, 2012 06:51 am at 6:51 am |
  14. Paul

    Can you imagine? A president that can think in different ways to help the US economy. Obama is, by far, the most intelligent and hard working president that I am aware of. He does not do spur of the moment decisions. They are thought out. He looks at facts himself...not just what people tell him. So many Americans hate thinkers like this.

    February 22, 2012 07:00 am at 7:00 am |
  15. T'sah from Virginia

    ►Obama to offer corporate tax reform plan◄
    And watch – even though it SOUNDS good to the PUBS – they will still kick it in the can!!
    They will argue about the "loophole" and how dare you take corporation's "subsidies" away
    We know they sing "one-term President" and agreeing with the President will NOT be today!!!

    Obama 2012!!

    February 22, 2012 07:04 am at 7:04 am |
  16. dave richman

    Sounds good when its presented this way, but I have learned to be very skeptical of Obama's proposals which have often contained serious negatives in the details. Wait and see.

    February 22, 2012 07:05 am at 7:05 am |
  17. wilcu

    Since it was organized under Obama administration the republi-pukes will say no. Just like they say no to common sense.

    February 22, 2012 07:20 am at 7:20 am |
  18. vinny

    The key here is a minumum tax on foreign earnings. Im normally no fan of this PResident and his failed policies, but lowering the corporate tax rate while penalizing foreign earnings is a good step

    February 22, 2012 07:21 am at 7:21 am |
  19. Charlie

    So a company does business in a country where there is a lower tax rate and we punish them. Time for U.S. companies to stop supporting third world countries.

    February 22, 2012 07:24 am at 7:24 am |
  20. Paulie

    By eliminating tax loopholes he will decimate American corporate business as we know it. Bye bye DOW 13,000. It will hurt everyones bottom line and also result in more firings and layoffs.

    February 22, 2012 07:25 am at 7:25 am |
  21. coy4one

    This plan needs to be passed by Congress! It's long overdue! Especially the part of outsourcing jobs overseas and getting a tax break.

    February 22, 2012 07:26 am at 7:26 am |
  22. Jason D

    Put an equal for equal tarrif on china too...they charge a 25% tarrif on us, we charge the same on their goods...close them down..and get the UN to do the same thing, either they open up their market to imports or we close their market to exports and do the same for india, pakistan, korea, etc.

    Level the playing field...then you'll see the jobs come back even if its only to manufacture for the american market its still a lot of manufacturing jobs

    February 22, 2012 07:27 am at 7:27 am |
  23. S.B. Stein E.B. NJ

    I don't know why people want to lower the rate while closing the loopholes. Let the rates stay the same for the first year and see where we are with that. We have huge deficits that need to be paid. Let that be done first.

    February 22, 2012 07:31 am at 7:31 am |
  24. grey

    So their going to eliminate dozens of tax loop holes. While it sounds good on the surface, the problem is Congress, with presidential signatures has passed thousands of loop holes over the past decade. The forest is burning, and billy here wants to put it out by pe-ing on it.

    February 22, 2012 07:32 am at 7:32 am |
  25. Anonymous

    Reducing corporate taxes without imposing a pay limit on the executives will not help US companies other than making a bunch of greedy and incompetent executives get richer at the expense of taxpayers.

    February 22, 2012 07:33 am at 7:33 am |
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