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Obama: Top Tax Rate Should Be 28% for Corporations, 40% for Small Business

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#1
The Joker

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Obama: Top Tax Rate Should Be 28% for Corporations, 40% for Small Business


By JOHN MCCORMACK


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. "I’m 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."

Neither Obama's Tuesday speech nor his February 2012 corporate tax reform plan explained in detail which loopholes would be closed. During the 2012 presidential campaign, the Obama campaign hammered Mitt Romney for not saying which loopholes he would close to pay for a proposed reduction in individual income tax rates.

http://www.weeklysta...ess_742312.html
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#2
Hoganknows

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Tax and spend..... tax and spend...same ole tune
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#3
ShortyPrice

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Businesses don't pay income taxes, their customers do.

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#4
The Joker

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View PostShortyPrice, on 31 July 2013 - 08:38 AM, said:

Businesses don't pay income taxes, their customers do.


Yes they do pay an income tax.

When you look on your paystub and see Federal Income Tax, Medicare, FICA, etc, etc.

That's your half that was paid by you. The business (your employer) pays the other half......

Edited by The Joker, 31 July 2013 - 08:43 AM.

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#5
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View PostThe Joker, on 31 July 2013 - 08:42 AM, said:

Yes they do pay an income tax.

When you look on your paystub and see Federal Income Tax, Medicare, FICA, etc, etc.

That's your half that was paid by you. The business (your employer) pays the other half......

Not really.

The federal income tax line is your personal income tax.

FICA and Medicare line items are your half of those taxes.  Corporations pay those as long as they're paying employees, regardless of whether they have income or not.

In the grand scheme, corporate income tax cost is passed along to the customer.

I've long been a believer in eliminating the corporate income tax and only taxing money that goes to an actual human being, whether that's in the form of pay or dividends.

#6
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View Postnova, on 31 July 2013 - 08:55 AM, said:

Not really.

The federal income tax line is your personal income tax.

FICA and Medicare line items are your half of those taxes.  Corporations pay those as long as they're paying employees, regardless of whether they have income or not.

In the grand scheme, corporate income tax cost is passed along to the customer.

I've long been a believer in eliminating the corporate income tax and only taxing money that goes to an actual human being, whether that's in the form of pay or dividends.



Ok. I stand corrected.

The problem for businesses is TAXES.

Federal Corporate Tax
State Tax
FICA, Medicare
Property Tax
Unemployment Insurance
Workers Compensation

And the list goes on and on......

This is why the USA is not competitive anymore. We tax companies into oblivion.
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ShortyPrice

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View PostThe Joker, on 31 July 2013 - 08:42 AM, said:

Yes they do pay an income tax.

When you look on your paystub and see Federal Income Tax, Medicare, FICA, etc, etc.

That's your half that was paid by you. The business (your employer) pays the other half......

Yes, I agree.  But when it gets down to brass tacks, any tax a business pays is passed along to the customer in the form of higher prices.  Ultimately, the consumer pays all income taxes, either directly out their paycheck or pocket or indirectly, in the form of inflated prices on the goods and services a business provides.

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surely everyone can see the irony here, right?

#9
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I read the Times article on my phone. Am I missing something... Where does he say he wants small businesses to pay 40 while cutting taxes for the big guys?

Close loopholes for the big guys, cut for the little guys IMO
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View PostNextYearIsHere, on 31 July 2013 - 04:18 PM, said:

I read the Times article on my phone. Am I missing something... Where does he say he wants small businesses to pay 40 while cutting taxes for the big guys?

Close loopholes for the big guys, cut for the little guys IMO

Most small business owners file the business income on their personal returns. So they are paying the 39.8% rate by default. But since that income stays in the business not with the person it over taxes the business owner. Just because the business shows 1 million in sales in a year doesn't mean I have 1 million in income. Its closer to 80,000 with the rest recycled through the company each month.

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