The corporate tax 'shell game'
February 23rd, 2012
11:07 AM ET
2 years ago

The corporate tax 'shell game'

New York (CNNMoney) - It sounds great.

Lower the top corporate tax rate of 35% and make up for the lost federal revenue by reducing the number of business tax breaks - especially those much maligned and ill-defined "loopholes" carved out by corporate lobbyists.

The Republicans advocate for it. And now the White House is proposing it.

FULL STORY

Filed under: CNNMoney.com • President Obama • Republicans • Taxes
soundoff (21 Responses)
  1. Truth and Nothing But the Truth

    I'm sure Obama's version of "tax reform" will be just like Obamacare. A disaster. He'll use this opportunity (never waste one according to the libs) to raise taxes on business to fund his leftwing socialist agenda. Of course, he's going after oil companies in order to further his green agenda and fund more disasters like Solyndra. Obama and his resident imbecile Turbo Tax Timmy have NO CLUE about what real tax reform is. To them it is just another way to further their leftwing ideology.

    February 23, 2012 11:14 am at 11:14 am |
  2. Wire Palladin, S. F.

    Each day I thank God that Truth represents a small portion of our population.

    February 23, 2012 11:21 am at 11:21 am |
  3. GOPisGreedOverPeople

    The GOP solution: Start a war with Iran (totally unfunded of course). Then send the poor people to fight/die in the war while giving the rich people "no bid contracts" (killing two birds with one stone). Then use Iran's oil to pay for the war. And when the war is over, Iran will sell us cheap oil!!!.......Just like in Iraq!!!!..........Oh wait.......Never mind.

    February 23, 2012 11:26 am at 11:26 am |
  4. Fair is Fair

    Wire Palladin, S. F.

    Each day I thank God that Truth represents a small portion of our population.
    ---------
    And there you have it. If you can't argue the message, attack the messenger. The oldest trick in the democrat book. Come on Wire.... you can do better, can't you?

    February 23, 2012 11:41 am at 11:41 am |
  5. 2020

    You are very fortunate you have a president whose focus is on the 99%, not the 1%. with 50M of its own citizens without health insurance coverage, shame on you! it is not a 3rd world, worse than Africa. It is more inconceivable that people criticize Warren buffett calls for fair taxes. What's wrong with you people. Don't blame everyone for your own foe, it is homemade.

    February 23, 2012 11:48 am at 11:48 am |
  6. Captain Awesome

    Whoa Whoa wait a minute! I thought that giving tax cuts to the eeeville BIG corporations was a bad thing? So now it's a good thing because obama says so?

    February 23, 2012 11:48 am at 11:48 am |
  7. Four and The Door

    At least now Obama is admitting for the very first time that American tax rates for businesses are among the highest in the world right now and that an important part of getting our economy growing again involves reducing that burden. It makes no sense at all to have our own government making American companies less competitive on the global economy by taxing excessively.

    This is and always has been the basis for Republican efforts to reduce government spending so that we can reduce taxes on working Americans ( ALL of them if you pay attention to Mitt Romney's tax plan from today ) and to reduce the huge tax burden on American companies so that they do not need to operate overseas to compete and that they can contribute more effectively to growing the American economy.

    Romney 2012. More than ever!

    February 23, 2012 11:52 am at 11:52 am |
  8. Wire Palladin, S. F.

    Truth, but mostly lies – Each day you get the foreign owned media with a hint of Saudi, Fox, taking points, and post lies non stop. It is the oldest trick in the disgusting republican playbook. Blame everyone else for republican failure.

    February 23, 2012 11:53 am at 11:53 am |
  9. WiredweirdinSF

    Truth is absolutely right, this is nothing but another trick by the Obozo administration. Something to make it look like they are actually trying to do something, like the stimulus package that when he gave a trillion dollars to the corrupt unions bosses and all of the other imbeciles that voted for him. Realize that 50% of Americans (how many support him) pay not income taxes at all, and this corrupt, incompetent, inept, union toady administration has done nothing but degrade and demean those Americans that actually do work and pay taxes. Also you won't hear it from CNN or any of the other liberally biased media, but check out the tax bomb that will go off on January 1, 2013. That is the Obama style.

    February 23, 2012 11:59 am at 11:59 am |
  10. Mikey

    @Truth – You are too funny – a totally transparent pure and simple(ton) Obama hater. Even when he does pretty much exactly what the right wants, you can't give him credit. Anyone who is a regular reader of this ticker knows that.

    That's okay. Please keep posting. You are a great argument for President Obama's reelection. You show how dishonest and brainless his opposition is.

    On the subject at hand: If this thing is not revenue neutral, that's okay. However, we will have to find revenue elsewhere or trim spending more that we already have to in order to bring deficits down over the long haul – which is imperative.

    February 23, 2012 12:03 pm at 12:03 pm |
  11. Mikey

    @Four – Romney has promised to reduce taxes by 20% or more, increase the earned income tax credit 20%, increase military spending, leave Social Security and Medicare alone, AND balance the budget. That is exactly how Reagan tripled the national debt.

    Any idea how Romney intends to transcend the laws of math?

    February 23, 2012 12:07 pm at 12:07 pm |
  12. Rudy NYC

    For Republicans, this is just as bad, if not worse, than the payroll tax cut. Let's see them find some way to object to "lowering the rate, and widening the base" as they like to always say. Trust me, they'll find some way to do it.

    February 23, 2012 12:08 pm at 12:08 pm |
  13. Ray E. (Georgia)

    Shell Game? Uh, aw yes. The Liberals and Democrats want to run the country but they want the Republicians and the Conservatives to pay for it. The cold hard facts it there isn't enough money to hire workers and pay their welfare too, so it is Offshore we go. It is a decision between the Shmoo and Joe Btfsptk. The Shmoo is in office now Ask and you shall receive ! Somebody else is paying the freight. Joe Btfspik can't escape that little cloud that keeps following him like that 16 Trillion Dollar Debt the Liberals have run up. But hey, how about those Gas Prices Eh??

    February 23, 2012 12:12 pm at 12:12 pm |
  14. Four and The Door

    Fair is Fair
    Wire Palladin, S. F.
    Each day I thank God that Truth represents a small portion of our population.
    ---
    And there you have it. If you can't argue the message, attack the messenger. The oldest trick in the democrat book. Come on Wire.... you can do better, can't you?
    ____________________________________________________________________________________________
    Wire avoids actual issues, facts and ideas at every opportunity. You have bared his strategy for all to see.

    February 23, 2012 12:16 pm at 12:16 pm |
  15. Truth and Nothing But the Truth

    Mikey - @Truth – Even when he (Obama) does pretty much exactly what the right wants, you can't give him credit.
    ===================================================================================
    You're joking right? Do you HONESTLY expect Obama to do "exactly what the right wants" (which means exactly what the left does NOT want) IN AN ELECTION YEAR???!!! BWAHAHAHA!!! Wanna buy a bridge?!!

    Bottomline FACT is that this is NOTHING more than more election year smoke and mirrors by Obama to try and undercut the Republican agenda to get this country back on track and distract the American people from the disaster he has presided over the last 4 years. There is NO WAY he would ever propose anyything that was "exactly what the right wants". I honestly can't believe you said that. Geez, ease up on that kool-aide.

    February 23, 2012 12:20 pm at 12:20 pm |
  16. Four and The Door

    Mikey
    @Four – Romney has promised to reduce taxes by 20% or more, increase the earned income tax credit 20%, increase military spending, leave Social Security and Medicare alone, AND balance the budget....
    Any idea how Romney intends to transcend the laws of math?
    ________________________________________________________________________________________________
    Yes. By doing what he knows very well how to do. Growing the economy. Obama is still trying to figure out why demand-sided economics hasn't worked like David Axelrod said it would. I say we send him on a one-way ticket home to Chicago to ponder that question.

    February 23, 2012 12:24 pm at 12:24 pm |
  17. Rudy NYC

    Fou and The Door wrote:

    "Wire Palladin, S. F.
    Each day I thank God that Truth represents a small portion of our population."

    "And there you have it. If you can't argue the message, attack the messenger. The oldest trick in the democrat book. Come on Wire.... you can do better, can't you?"

    Wire avoids actual issues, facts and ideas at every opportunity. You have bared his strategy for all to see.
    -------------
    Are you really serious? "Nothing But" is your idea of a messenger? That's normal to you? Oh, my.

    February 23, 2012 12:30 pm at 12:30 pm |
  18. Rudy NYC

    Four wrote:

    Yes. By doing what he knows very well how to do. Growing the economy.
    ----------
    Excuse me, but the result will be more national debt while the "job creators" line their pockets. Meanwhile, the economy will see a boom on Wall Street, which will be followed by a bust on Main Street. That is the pattern. That is what happens each and every time Republicans enact their "trickle down" tax policies.

    Even Reagan saw the folly of it, and raised taxes. Even George H.W. Bush saw the danger of it, and called it "voodoo economics". After 2008, even a deaf, dumb and blind man can sense the danger of it.

    February 23, 2012 12:34 pm at 12:34 pm |
  19. Mikey

    @Truth – "IN AN ELECTION YEAR???!!! BWAHAHAHA!!!"

    You're really going to blow a gasket when he does something to increase oil and gas production or takes some other step to reduce gas prices this summer.

    Question: Do you really believe that if the right wants something the left necessarily opposes it and vice-versa? That is exactly the Lilliputian "which end of the egg" thinking that has infested our political process. Neither side has a monopoly on good ideas or the "Truth", even if you think you do.

    February 23, 2012 12:38 pm at 12:38 pm |
  20. Truth and Nothing But the Truth

    Wire Palladin, S. F. - Each day I thank God that Truth represents a small portion of our population
    ======================================================================
    Actually Wire, it is the leftists/liberals/Democrats that are a small portion of our population, but try to act like you are the majority. In 2010, you saw what the American people thought of the first two years of Obama's leftwing agenda. Come November, you will witness the completion of the task with Obama's return to Chicago where he can fundamentally transform his career into a hotel lounge singer.

    February 23, 2012 12:39 pm at 12:39 pm |
  21. Truth and Nothing But the Truth

    Yes Rudy, we know you believe a thriving economy, with low unemployment and 20 million more people paying taxes INTO the government is just not a realistic plan and is doomed to fail.

    The Democrats plan is to further stimulate the economy with unemployment checks and watse billions more on green energy companies that cannot survive without billions in government money. The Democrats will continue to take more and more from fewer and fewer to expand the government into a complete takeover of the healthcare in this country. After that, I'm sure you'll just take over the evil oil companies as well. Obama and the Democrats have a lot in common with Hugo Chavez.

    February 23, 2012 12:45 pm at 12:45 pm |