Corporate Tax Reform Plan To Be Rolled Out By Treasury Wednesday

WASHINGTON, Feb 21 (Reuters) - The U.S. Treasury Department will roll out President Barack Obama's corporate tax reform plan on Wednesday, administration officials said on Tuesday.

The plan will follow principles such as "fairness" that Obama laid out in his State of the Union address, the officials said.

Comments

[TheAnarchist]

08:49 AM on 02/22/2012

This is so much bull!@#$. Here's the deal. Taxes don't raise revenue for spending by the government. You're led to believe they do so that you won't accumulate sufficient savings and assets to become wealthy. What taxes do is force you to borrow, they put you in debt to the corporations. When you don't have enough disposable income because of the Federal and State and local tax drain, you have to borrow...use credit cards, etc. or go without.

Because the rich realized in 1971 that the US became a sovereign fiat currency monetary system, where it didn't need to raise revenue to spend, the rich immediately and successfully lobbied for income tax reductions...from 75% to 35% over the next five years. The rest of us did not get a tax reduction. Then they set about getting the rest of their effective tax liability eliminated through tax code changes.

99% of Americans don't realize that the government can spend all it wants without raising a single penny in taxes. It can do this because it is the sole issuer of our currency. Why would it need revenue? And, since the end of the gold standard (1971) it doesn't have to balance budgets like a business or household, neither of which can create their own money.

[somewhatodd]

08:25 AM on 02/22/2012

huffpo trollsters are whining as if uncle sam done raised his onerous tobacky tax.

[authorized-user]

08:21 AM on 02/22/2012

Corps will never give up 30 years of undermining the tax code and regulations for a 25% rate.
Why should they, some pay 0% and get refunds.

[Kazzim Zongo]

08:14 AM on 02/22/2012

Speaking of taxes, here's a lesson from the UK in today's news:


"50% tax rate 'failing to boost revenues:
The amount of income tax paid fell sharply last month in the first formal indication that the new 50% higher rate is not raising the expected amount of revenue."...Telegraph

[TheAnarchist]

08:55 AM on 02/22/2012

Tjey have to keep the Queen's coffers full. England, like the US is a sovereign currency nation and does not need tax revenue to spend, per se. They issue their own currency in any amount needed, why would they the need revenue.

Taxes drain income from workers and businesses and should only be levied when economies overheat. Taxation reduces inflationary pressures, it does not augment government spending.

[MaxBob]

08:03 AM on 02/22/2012

By raising COSTS on corporation, we will redistribute this wealth to the less fortunate thru new programs and policies implemented to keep 'us' in office. DA!

[TheAnarchist]

09:03 AM on 02/22/2012

Nah, they want you to believe that because they can then continue to tax you. What they really mean is that in economic terms tax cuts for corporations, in todays world mean absolutely nothiing. You're right it's all political posturing.

The cuts should be made on all marginal income tax rates. Since they were successful with the argument about the FICA tax holiday, it should it be expanded to all taxes. There is no economic or financial basis for taxes as revenue and a balanced budget argument in a sovereign, fiat currency monetary system. In such a system the government is not constrained by revenue to spend. This is not theory. Think about it. If you could issue your own currency, all that you needed, WHY would you have to raise revenue from any source?

[MaxBob]

08:02 AM on 02/22/2012

Da Co mrade! FAIRNESS is key. It must be repeated constantly to a 'numbed' electorate. DA!

[TheAnarchist]

09:07 AM on 02/22/2012

Yep, u got it. F & F 99.9% of Americans don't realize that the more they are taxed the more they go into debt. That's what taxartion is really all about. When the economy starts to overheat the government can withdraw money by raising interest rates not taxing incomes. We are a long way from having high rates of money inflation. Commodity inflation is driven by folks with too much money and using it to speculate in commodity markets.

America needs to wake up to the fact that our government can issue all the electronic money it needs without taxation. Why would it need revenue when it can create all the currency it needs electronically?

[Ted LPD]

07:02 AM on 02/22/2012

Going offense is key here

[Ronald Pardue]

05:54 AM on 02/22/2012

i just got an email about a proposed bill that if it passes in 2013, every bank transaction will be charged a 1% tax. even if, you direct depossit your retirement check. that is every time that you put money or take money out, you will pay this tax.

[cue]

06:07 AM on 02/22/2012

Source? Anonymous rumors are cheap.

[clearasmud]

06:28 AM on 02/22/2012

Are you referring to the Tobin tax?

If so, you are incorrect.

[PhilipTaylor]

05:35 AM on 02/22/2012

FIRST INCOME (l9l3) TAX ONLY IMPACTED THOSE MAKING OVER $1,333,333/ Year (in today's Dollars 2011)

[PhilipTaylor]

05:36 AM on 02/22/2012

Translation of First Tax Rate Table into Today’s Numbers Using Reagan’s Mid-term Top Rate of 50% (Today’s Dollars)
 
2011 Average Income is $5O,OOO   
 
0% TAX on first $1,333,333
8.3%  on next $2,000,000
16.7%  on next $1,666,667
25.0%  on next $1,666,667
33.3%  on next $10,000,000
41.7%  on next $16,666,667
50.0%  on anything over $33,333,333
 
ONLY PEOPLE THAT MADE 26.7 TIMES THE AVERAGE INCOME PAID ANY TAXES!
 
AVG INC0ME IN l9l3 was $75O / year  and Nobody paid taxes that made less that $2O,OOO
 
O% on first $2O,OOO
1% on next $3O,OOO
2% on next $25,OOO
3% on Next $25,OOO
4% on next $15O,OOO
5% on next $25O,OOO
6% on Anything over $5OO,OOO 
 
0RIGINAL INC0ME TAX WAS BUILT to TAX THE R1CH TO VERY R1CH 0NLY!

[MyResponsibility]

08:24 AM on 02/22/2012

Way off on your calculations. 0-$20,000 in todays dollars in 1913 was exempt.

[Sorenson]

01:03 AM on 02/22/2012

...where it will be promptly ignored by Congress.

[babyspittle]

12:28 AM on 02/22/2012

a little light on the meat.

[themodernleader]

12:12 AM on 02/22/2012

  By Obama's men's ddefinition of fairness, corporations will be asked to pay a minimum tax of a few percent of token dollars rather than no taxes at all.  Competent subordinates would have presented a comprehensive taxation program within 6 months of the new administration that would be graduated with the top strata being 92% of profits  or there-abouts.

[TallMagnolia]

05:03 AM on 02/22/2012

Yawn... you are so full of $4!7.

[themodernleader]

06:02 PM on 02/22/2012

    Obama has adopted the Republican plan to cut the theoretically minimum tax on corporate profits.  When all else is considered, he finds ways to side with the capitalists and financiers while the middle class dissolves.  It is fair to claim that the Obama Administration is an addendum to the Bush bunch.

[frank1946]

12:00 AM on 02/22/2012

Unitary Tax comes back again.

Big Government needs to shrink by 30 %.

Unitary Tax is poison to Business Investment in the USA.

Obama is attempting to stop all investment in the United States with this Trojan Horse Tax Plan.

[babyspittle]

12:28 AM on 02/22/2012

lol

[Fran Pipkin]

11:25 PM on 02/21/2012

Wonder what is deemed "fair". What I have seen in recent past is anything but "fair".

[babyspittle]

12:29 AM on 02/22/2012

its true, our real corporate taxes are lower than just about every developed nation.

[Kenz300]

10:58 PM on 02/21/2012

We need to look at what tax rates have been throughout our last 50 years.

Seems like the top 1% did a lot less looting of our financial system when the tax rate was higher.

The top 1% are paying very low rates compared to the past. The world seemed a lot fairer in the past. Seems like the top 1% got greedy.

[ajsandq]

01:30 AM on 02/22/2012

The past always looks better.