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Old 07-31-2013, 08:28 AM   #1
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Default Good News for Corporations but Bad News for Small Business

Obama says Top Tax Rate Should Be 28% for Corporations, 40% for Small Businesses

The New York Times reports that President Obama is reviving an old proposal to lower the corporate tax rate from 35 percent to 28 percent (and 25 percent for manufacturers). Obama's push to lower the corporate tax rate to 28 percent comes less than a year after he raised the top individual income tax rate, paid by many small businesses, to 39.6 percent.

In a speech delivered Tuesday afternoon, Obama did not explain why he thinks it's a sound economic idea to raise the top marginal tax rate on small businesses but lower it for corporations.

"Right now, our tax code is so riddled with wasteful loopholes that many companies doing the right thing and investing in America pay 35%, while the corporations with the best accountants stash their money abroad and pay little or nothing at all," Obama said, according to the text of his prepared remarks. "Im willing to simplify our tax code in a way that closes those loopholes, ends incentives to ship jobs overseas, and lowers rates for businesses that create jobs right here in America."

http://www.weeklystandard.com/blogs/...ss_742312.html


Even at 28%, Obama's new tax rate would be higher than the 25% average paid by our main competitors.

So with one hand the president giveth, and with the other he taketh away. Worse, he seems intent on rewarding big companies with tax cuts while punishing small companies that account for 85% of all new jobs.

Most small businesses aren't corporations, so they won't pay the lower tax. Instead, they'll continue to pay a top rate on their income of close to 44%, thanks largely to Obama's tax hikes on entrepreneurs.

http://news.investors.com/ibd-editor...or-the-gop.htm
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Old 07-31-2013, 09:44 AM   #2
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I hate the tax code. Go Flat tax, take the power to manipulate the entire nation away from Polticians.
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Old 07-31-2013, 11:10 AM   #3
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I hate the tax code. Go Flat tax, take the power to manipulate the entire nation away from Polticians.
We have to abolish the Federal Reserve too.
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Old 07-31-2013, 11:37 AM   #4
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We have to abolish the Federal Reserve too.
word...
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Old 07-31-2013, 11:55 AM   #5
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Obama suggests lowering taxes.

The right complains.

****ing hilarious! It really is true, no matter what Obama proposes, the right will fight it tooth and nail.

Also, the 39.6% tax rate is not a corporate tax rate and any silly claim that is is is nothing more than blatant dishonesty. It's the ****ing personal income tax rate on regular earnings above $400,000. No matter what size business you work for/own, if you take personal income in that bracket, you pay that rate. Even Tim Cook (not Apple) pays 39.6% on any regular income he makes above $400,000.
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Old 07-31-2013, 12:04 PM   #6
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Obama suggests lowering taxes.

The right complains.

****ing hilarious! It really is true, no matter what Obama proposes, the right will fight it tooth and nail.

Also, the 39.6% tax rate is not a corporate tax rate and any silly claim that is is is nothing more than blatant dishonesty. It's the ****ing personal income tax rate on regular earnings above $400,000. No matter what size business you work for/own, if you take personal income in that bracket, you pay that rate. Even Tim Cook (not Apple) pays 39.6% on any regular income he makes above $400,000.
to be perfectly accurate, Mitch McConnell was unabashed when he said "our #1 goal is to make Barack Obama a one term President"... now that he already got a second term, the strategy didn't change. He could say he want to privatize Medicare and GOP'ers would cry he hates Old People. He could say we shoudl cut food stamps funding in half, and th GOP would pass a special resolution doubling the SNAP budget.

Its really quite comical in the second term. The question wil be do they have the stamina to obstruct for 11 more years after Hillary cleans their clocks?
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Old 07-31-2013, 12:12 PM   #7
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Its really quite comical in the second term. The question wil be do they have the stamina to obstruct for 11 more years after Hillary cleans their clocks?
Speaking of comical timing, and second terms... any guesses as to why the President waited until LameDuck:30 to finally approach the idea of lowering corporate tax rates? You know the kind of rates our normal Proggers insist aren't high enough?
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Old 07-31-2013, 12:15 PM   #8
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Speaking of comical timing, and second terms... any guesses as to why the President waited until LameDuck:30 to finally approach the idea of lowering corporate tax rates? You know the kind of rates our normal Proggers insist aren't high enough?
Who insists the marginal rate isn't high enough?
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Old 07-31-2013, 12:21 PM   #9
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Who insists the marginal rate isn't high enough?
Please, you kids complain about corporations' effective tax rates all the time.
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Old 07-31-2013, 12:10 PM   #10
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Obama suggests lowering taxes.

The right complains.

****ing hilarious! It really is true, no matter what Obama proposes, the right will fight it tooth and nail.

Also, the 39.6% tax rate is not a corporate tax rate and any silly claim that is is is nothing more than blatant dishonesty. It's the ****ing personal income tax rate on regular earnings above $400,000. No matter what size business you work for/own, if you take personal income in that bracket, you pay that rate. Even Tim Cook (not Apple) pays 39.6% on any regular income he makes above $400,000.
It's funny that you take The Zero-Vote Budget President's fiscal proposals so seriously. I mean, since absolutely nobody else does.
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Old 07-31-2013, 12:11 PM   #11
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It's funny that you take The Zero-Vote Budget President's fiscal proposals so seriously. I mean, since absolutely nobody else does.
Poor attempt at a deflection.
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Old 07-31-2013, 12:15 PM   #12
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Poor attempt at a deflection.
Sometimes you guys need a nice deflection into reality.

http://www.usnews.com/news/articles/...paign-politics
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Old 07-31-2013, 12:20 PM   #13
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Sometimes you guys need a nice deflection into reality.

http://www.usnews.com/news/articles/...paign-politics
Bottom line is, Obama is saying "lets cut taxes", and the "cut taxes!!!!!!!!" party is having none of it. It's nothing more than obstruction for the sake of obstructionism.
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Old 07-31-2013, 12:32 PM   #14
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Obama suggests lowering taxes.

The right complains.

****ing hilarious! It really is true, no matter what Obama proposes, the right will fight it tooth and nail.
Here's the thread title " Good News for Corporations but Bad News for Small Business".

So how do you get that I was complaining about lowering taxes for corporations?

Let me make this perfectly clear "I'm happy that BO realized that raising taxes on corporations would drive more business overseas". He doesn't want to lower it on small business because they don't have that option.
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Old 07-31-2013, 12:36 PM   #15
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Here's the thread title " Good News for Corporations but Bad News for Small Business".

So how do you get that I was complaining about lowering taxes for corporations?

Let me make this perfectly clear "I'm happy that BO realized that raising taxes on corporations would drive more business overseas". He doesn't want to lower it on small business because they don't have that option.
.. and you go on to quote an article complaining (dishonestly) about how it's punishing small businesses (which it's not). Not my fault you apparently didn't not read or understand what you you copying and pasting.

The entire point of lowering the marginal rate and cutting loopholes is to take a step toward leveling the playing field between big corporations and small businesses.
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Old 07-31-2013, 11:59 AM   #16
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I guess you could argue that small business wil be getting tax credits from the ACA to help cover employees, large companies will not.
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Old 07-31-2013, 01:21 PM   #17
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As far as the proposal being non-revenue neutral. I am completely unsympathetic. Corporate tax revenue as a % of GPD is currently at record lows (less than 50% of the average since 1950), and not just because of the recession.

This, of course, is why the difference between effective tax rate, and marginal tax rate (that Beavis completely fails to comprehend) is talked about all the time. A top marginal tax rate of 35% is almost completely meaningless as a indicator of actual tax rate (it only defines an upper limit).

Small businesses that can't take advantage of the spagetti code that is the current tax code pay much closer to that maximum than the giant corporations that can pay an army of tax experts to exploit that. Lower and marginal rates and remove loopholes, and that difference gets a bit smaller.

Raise some extra revenue (almost entirely from the coffers of the most exploitative businesses) and it's even better.
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Old 07-31-2013, 01:31 PM   #18
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This, of course, is why the difference between effective tax rate, and marginal tax rate (that Beavis completely fails to comprehend) is talked about all the time. A top marginal tax rate of 35% is almost completely meaningless as a indicator of actual tax rate (it only defines an upper limit).
My understanding aside, just curious... if it makes so much sense, why does the President feel the need to attach it to yet another federal spending spree? (while federal spending vs GDP remains at a record pace)
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Old 07-31-2013, 01:54 PM   #19
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My understanding aside, just curious... if it makes so much sense, why does the President feel the need to attach it to yet another federal spending spree? (while federal spending vs GDP remains at a record pace)
What do you see as wrong with making the rate small businesses pay closer to the rate huge corporations pay, regardless of the overall rate?
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Old 07-31-2013, 02:11 PM   #20
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What do you see as wrong with making the rate small businesses pay closer to the rate huge corporations pay, regardless of the overall rate?
Yeah, the best solution to disparate levels of punishment is to increase the amount of punishment so it can be more evenly spread.
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Old 07-31-2013, 03:08 PM   #21
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Yeah, the best solution to disparate levels of punishment is to increase the amount of punishment so it can be more evenly spread.
A small step toward leveling the playing field between businesses of various sizes is what this would do. That you are so desperate to remain willfully ignorant and to frame it as something else is just highlighting your own partisanship.
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Old 07-31-2013, 03:04 PM   #22
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My understanding aside, just curious... if it makes so much sense, why does the President feel the need to attach it to yet another federal spending spree? (while federal spending vs GDP remains at a record pace)
That is one most worthless metrics ever to use when discussing policies and economy. The president is proposing additional federal funding because we have major problems (piss poor infrastructure, horrible aircraft control system, worthless weather predication tools, getting beat by the Germans on the 3d Metallic Printer Manufacturing and basic RD) that need public funds to address and all those project will also boost private sector growth. WVU and others have published peer reviewed studies that for every dollar spent by Federal Government you spent on fixing infrastructure, you get 3 dollar generate in the secondary markets support those projects.

Also for the record if you are small business owner and you are tying your personnel income to the business then you need to relook at your operations. Because for all small businesses I been apart of or know, no owner if they have brain would get their business taxed at 39% level.
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Old 07-31-2013, 01:48 PM   #23
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because Obama is big corporation's dandy boy.
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Old 07-31-2013, 01:49 PM   #24
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Re OP title;

What else is new.
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Old 07-31-2013, 02:31 PM   #25
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Getting re-elected will do that to a guy.

Obama will make 50-100 million on the back end.
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