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Obama’s new Corporate Tax Cut. Did I say “Cut”? I meant “Hike”

22 Feb

The latest strategy from Obama is to sell his new Corporate Tax Cut, lowers the overall rate from 35% to 28%, but as with all Obama parlor tricks, it eliminates many deductions that allow corporations to pay less than the 35% rate under the current system.

Also, brand new to the table is the provision that profits that are made from overseas will now be taxed even if the money is never brought back to the United States.

This is going to have devastating impact on companies like Ford, IBM and Caterpillar, to name but a few.

That means that many businesses that slip through loopholes or enjoy subsidies and pay an effective tax rate that is substantially less than the 35 percent corporate tax could end up paying more under Obama’s plan.

Obama, acting like the common street hustler that he is, is perpetrating an election year class envy hoax on the gullible and this is nothing but a con designed to whip up class envy and finally punish the successful by advancing his socialist wealth redistribution scheme.

The Republican candidates need to pound this and pound it loudly and without end.

Exit question: If this new corporate tax proposal actually comes into being, and it is admittedly a long shot at best, will General Electric and Government Motors finally have to pay taxes?

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3 responses to “Obama’s new Corporate Tax Cut. Did I say “Cut”? I meant “Hike”

  1. Saddlesore

    February 22, 2012 at 6:08 pm

    The really sad thing is that even with all these tax increases built into Obama’s budget, the deficit is still out of sight. Tax increases simply do not raise revenue, they just reduce growth.

     
  2. sheafferhistorian

    February 22, 2012 at 10:56 pm

    Companies with a majority of their manufacturing overseas hardly qualify as American companies.

     
  3. Chris Nowlin

    February 23, 2012 at 7:49 am

    Chicago politics brought to you by the biggest political mobster!

     

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