Obama Pushes Sweeping Corporate Tax Reform
Top rate to be cut as playing field leveled, Geithner says
By Rob Quinn, Newser Staff
Posted Feb 15, 2012 6:08 AM CST
Treasury Secretary Timothy Geithner testifies on Capitol Hill yesterday.   (AP Photo/J. Scott Applewhite)

(Newser) – President Obama is planning the biggest overhaul of the corporate tax code since Ronald Reagan's in 1986. The administration will soon unveil a blueprint for making the code more fair and lowering the top rate of 35%, which is among the highest in the world, Treasury Secretary Timothy Geithner told a Senate committee yesterday. But Geithner says "dozens and dozens" of corporate tax breaks will also be scrapped in the overhaul, Reuters reports.

"In short, it will help level the playing field for businesses and allow the government to collect needed revenue while promoting economic growth," Geithner said, describing the Obama plan as a first step toward both parties—and businesses—reaching consensus on tax reform. He said that reforms would aim to limit companies' ability to shift profits overseas, while a "very limited" number of corporate tax breaks would remain to encourage companies in "creating and building stuff in the United States."

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Feb 15, 2012 1:14 PM CST
Isn't MOODY already making a fiasco in Greece? The GOP wants it to happen here?
Feb 15, 2012 11:56 AM CST
These GOP 'ers talk about the 46% of people that do not pay any federal tax ,because they do not make enough money and tax breaks. These same gop'ers say abortion should be illegal and are trying to make it illegal. If the GOP'ers can break plan parenthood and make abortion illegal in America. There will be about 5,000,000 new babies going straight on welfare, or wards of the state every year. I say the GOP'ers speak with fork tongue, you can ask any indian.
Feb 15, 2012 11:23 AM CST
If Obama is really about being "fair," and leveling the playing field, then a flat tax is what he should argue for. If I make $100,000 a year and you make only $10,000 a year, it is not fair for you to pay nothing and for me to pay 35% of my income in taxes, just because I make more. This is precisely what the Left argues in the face of the fact that 45% of Americans pay no income taxes at all. If Obama were truly an "honest" man, and not a deceiver, then he would simply say that the man making $10,000 a year should pay $100 in taxes and the 100k man should pay $10,000 in taxes. Fair means equal in every way, and a flat income tax for everyone would be the only form of tax fairness. Unfortunately, for the wealthy and middle class, Obama is manipulating the emotions of many in the face of all reasonable proof. The only consequence to making the poor pay a flat tax is that they would become Republicans.