Wednesday, February 22nd, 2012 and is filed under Blog
After several years of offering oblique generalities about the need to lower the corporate tax, Obama is finally putting his money where his mouth is. Last week, Congressman Dave Camp called out Timothy Geithner for not offering a corporate tax cut in the President’s FY 2013 budget. So with much fanfare, Geithner has unveiled a proposal to cut the top corporate tax rate from 35% to 28%.
So is Obama a born-again supply side tax cutter? Not by a long shot.
Here are the facts.
While we all want a lower flatter tax, this plan does not lower the marginal rates enough to warrant the elimination of these deductions. Moreover, if you’re going to eliminate credits and deductions for those companies that pay millions in taxes, why not eliminate them for every business, including green energy firms that pay no taxes to begin with? Yet, Obama plans to renew the Production Tax Credit handout for Big Wind, a credit that is unfortunately supported by some Republicans.
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