What ever happened to Obama's Corporate Tax Reform?
Last edited Thu Dec 21, 2017, 09:12 AM - Edit history (3)
Sound familiar...?
I know these articles sound critical - but - let that add to the irony.
https://americansfortaxfairness.org/issues/corporate-taxes/analysis-of-president-obamas-corporate-tax-reform-plan/
President Obama’s plan would lower the overall corporate income tax rate from 35 percent to 28 percent and lower the effective corporate tax rate for manufacturers to 25 percent. He wants to fund those lower rates by eliminating loopholes, including ones that encourage sending jobs overseas. He also proposes a minimum tax on corporate foreign earnings – almost like a Buffett Rule for multinational corporations. He has provided no details about how this proposal would work, what the tax rate would be or how much revenue it would raise.
The president also proposes using one-time revenue-raisers to support new “investments such as modernizing our infrastructure; creating new manufacturing hubs; and training our workers. …” Although it is not clear in the White House fact sheet, a recent story in The Washington Post suggests that the funding mechanism would be a temporary tax during the transition to a new business tax system on the $2 trillion in U.S. corporate profits that are offshore and untaxed by the federal government until brought back home.
https://www.brookings.edu/opinions/u-s-corporate-tax-reform-why-obamas-good-ideas-dont-add-up/
In President Obama’s new budget released earlier this week, he proposed four major changes in the way the U.S. taxes foreign profits of U.S. multinational corporations. The document contains several useful ideas for much needed corporate tax reform. And while the rates proposed are quite unrealistic, perhaps these are the President’s opening bids in what could become a lengthy negotiation with Republicans in Congress.
http://time.com/money/4630346/president-obama-taxes-increase-obamacare/
Obama’s tax legacy is largely one of preserving George W. Bush’s lower rates, at least for the middle class. The American Taxpayer Relief Act, which Obama signed into law as part of a “fiscal cliff” budget deal in January 2013, made roughly $2.8 trillion of Bush’s expiring $3.4 trillion tax cuts permanent...While the law didn’t receive universal Republican support, it grabbed votes from the Republicans likely to serve as key players in any upcoming Trump administration tax reform, including current House speaker Paul Ryan