February 22nd, 2012
05:00 AM ET
2 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. TwM

    Stealing an excellent idea from Romney. At least he is acknowledging what the Republicans have been saying, lower tax rates to increase our competitive edge over seas. Funny it comes now in an election year.

    February 22, 2012 09:08 am at 9:08 am |
  2. steve

    Three years to do this? Election year politics is all it is.

    February 22, 2012 09:11 am at 9:11 am |
  3. Guest

    Nancy said you have to pass it to see what's in it. I just read what the payroll tax bill is full of and it will depress any taxpayer to know that we are borrowing money from China to give Obama checks to give out to his cronies.

    February 22, 2012 09:13 am at 9:13 am |
  4. helpuz

    This set of tax restructuring includes a tax on foreign owned assets held by US companies!!! – This is crazy. There is no quicker way to drive business out of this country than to do this – they will pull out of the US entirely. Obama is so desperate for revenue to fund his crazy spending binge, he is stooping to new lows.....

    February 22, 2012 09:15 am at 9:15 am |
  5. Al

    There you go, 28%, I'm sure that 28% is about 18% more than any reputable company is willing to give up and allow to be taken from it. If I were the CEO of any company and I was told that I would have to welcome the fact that the government wants my company back in the U.S. and I would have to explain to the board members and the stock holders that we will be taking a 28% loss just by doing so, I would get laugh out of office. I would venture to say that 10% is more than reasonable but only if it's permanent and not just for some short period of time. Or companies can get charge the same percentage that Obama donate to charity before he moved into the White House.

    February 22, 2012 09:29 am at 9:29 am |
  6. Jim

    If you think this "reform" means anything other than the government collecting more money from corporations (an expense that will be passed on to every customer), you are a fool. Additionally, you can be sure that the "reform" will provide incentives to sectors and regions the administration "likes" and receives lots of funding from.

    February 22, 2012 09:40 am at 9:40 am |
  7. scott

    This is an excellent compromise. American corporations with off shore headquarters need to bring them back to the US and pay taxes here and not in Switzerland.

    February 22, 2012 09:44 am at 9:44 am |
  8. Jaggar

    I love how Obama and Congress are continuing to do nothing about individual tax reform. Obama talks a good game but he is not helping us out at all. He talks about the wealthy not paying taxes and how the middle class need help, but where is the reform? It has been over three years and he is just now working on corporate tax reform. Has it dawned on anyone that he is just lip serive. Obama has a way of placing blame to get everyone angry and then does nothing to solve the issue. Yes, republicans don't want to tax the wealthy, we have heard it over and over, yet nothing has been done. PLEASE DO SOMETHING!

    February 22, 2012 09:47 am at 9:47 am |
  9. Dis Guss Ted

    corporations should pay a flat tax therefore eliminating all loopholes and also also be taxed at double the rate if they maintain offshore status but operate in the US which is avoiding taxes but they want the benefits of operating and making their money in the US.

    February 22, 2012 09:48 am at 9:48 am |
  10. Anonymous

    why don't you report on his plan to jack up dividend income taxes which will hurt those entering their retirement years the most?

    February 22, 2012 09:55 am at 9:55 am |
  11. Extinction

    It's the only answer.

    February 22, 2012 09:56 am at 9:56 am |
  12. JOHN

    He'll do anything to be reelected. Obama is more a humanist then a chrisitan. How do I know. I've read both the Bible and the Humanist Manifesto's and his beliefs and policies match up well with Manifesto II. Read it (google it) and see many of his polices and core beliefs in print.

    February 22, 2012 09:56 am at 9:56 am |
  13. freelance

    The first good thing that this President is finally doing!!

    February 22, 2012 10:02 am at 10:02 am |
  14. rs

    It contains much Republicans have been hoping for.

    So, watch them pivot smartly and denounce it immediately!

    February 22, 2012 10:14 am at 10:14 am |
  15. syriza

    If the Summer of Recovery already started two summers ago, then why should the corporations get tax cuts when they are reportedly making records amounts?!?!

    February 22, 2012 10:16 am at 10:16 am |
  16. a disgrace

    obama's failed presidency is over...

    February 22, 2012 10:18 am at 10:18 am |
  17. Anonymous

    The President's tax plan is intended to "enhance American competitiveness by simplifying the tax code and eliminating dozens of tax loopholes and subsidies,........FEEDBACK: my feedback is then for the Government to also provide the basic Services in Healthcare and Education that ALL the other first word Countries provide to its people.

    February 22, 2012 10:24 am at 10:24 am |
  18. Whateva

    If Dingleberry In Chief is not competitive, it doesn't matter whta he lowers the corporate tax rate to. It needs to be in the teens.

    February 22, 2012 10:26 am at 10:26 am |
  19. Four and The Door

    The top corporate tax rate of 35%, among the highest in the world, has long been bemoaned by business leaders and tax experts.
    _________________________________________________________________________________________________
    But Obama's plan still does not even lower corporate taxes to the world average 25%. He is only talking about coming down to 28%. And what about dividends? Those quarterly payouts that support many retirees? He is raising the tax rates on that from 15% to 39%. The people who will get hit here can't be the intended targets. Retirees? Really?

    February 22, 2012 10:27 am at 10:27 am |
  20. bezboz

    Imagine Bush trying to do this. The Liberal media will rip him apart as a rich-favoring corporate monster. Since it's their beloved Obama, the same plan is intended to "enhance American competitiveness".

    February 22, 2012 10:29 am at 10:29 am |
  21. Bulworth

    Like any political promise it sounds to good to be true but, if it is I am sure the House of Representatives will pronounce it," dead on arrival."

    February 22, 2012 10:34 am at 10:34 am |
  22. Joe

    ANOTHER shovel ready scheme.

    February 22, 2012 10:38 am at 10:38 am |
  23. Richie

    POTUS,

    Secure your nuclear football because Omega force is still on site...

    I swear your honor he was trying to make these shameful profiteering ucks not feel like used rubbers after he lowered our nuclear wide deaf con level after his attempt to illicit an emotional response shut down the entire white house then tried to secure it by arresting a used car sales man and floated previously suppressed reports and buried the fraudulent ones after using these shameful ucks to help suppress the slaughter of many United States positions that conflicted his version of events that he did not collapse democracy to suppress the collapse of human rights to suppress the collapse of rule of law...

    That's all orgasmic grown up stuff...ok...so go see how the leading bachelor is doing and burn up some more of my air waves while interlacing it with ship that North Korea would never ucking do...

    February 22, 2012 10:43 am at 10:43 am |
  24. Kerry

    Corporations are making record breaking profits while the citizens are falling way behind. If the government does not step in and try to equalize this imbalance it will never happen. The country needs more revenue, it is obvious where it has to come from. Some corporations pay no tax. This has been the fault of the system and it needs to be rectified.

    February 22, 2012 10:44 am at 10:44 am |
  25. dscon

    The Obama administration plans to unveil a long-awaited corporate tax reform plan on Wednesday, lowering the top income-tax rate for corporations to 28 percent from 35 percent

    February 22, 2012 10:53 am at 10:53 am |
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