Bipartisan support builds for slicing corporate tax rate [View All]

[Kablooie]

Source: Los Angeles Times

U.S. corporations have enjoyed a two-year bull run on Wall Street. They are sitting on a record amount of cash and are back to paying bonuses that are the envy of executives around the world. And the icing on the cake for many of them might be just around the corner: a tax cut that has bipartisan support in Congress.
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Supporters of the corporate tax cuts say they're needed to make U.S. companies more competitive with their foreign counterparts, and the administration and House Republicans say they want to offset rate cuts by eliminating unspecified loopholes and tax breaks. Yet despite complaints that they fork over too much money to Washington, U.S. corporations have been paying an increasingly smaller share of federal taxes over the last half-century. Nearly a third of all federal taxes came from corporations in 1952. Last year, they paid just 8.9%, according to government figures.
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The top tax rate for corporations has dropped from 52% in 1952 to 35% today. That has led corporate taxes as a share of U.S. economic output to decrease from 6.1% in 1952 to 1.3% last year.
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"Let's focus on getting a competitive tax rate and see what happens to revenue," said Business Roundtable president John Engler. "Lower tax rates would generate more investment and generate higher revenues."
In addition to wanting to lower the overall rate, Democrats and Republicans said they will consider a huge, one-time tax cut on corporate profits stashed abroad. Reducing the rate to about 5% from 35% for one year would lure back $1 trillion to boost the economy, businesses said.



Read more: http://www.latimes.com/business/la-fi-corporate-tax-20110420,0,4761108.story?page=1&track=rss

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BIPARTISAN!?

What the hell?

Who are the Dems that think that even MORE tax breaks for corporations is a dandy idea?

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I feel sick.