corporate tax cuts

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Corporate Income Tax Is a Game No One Wins

Megan McArdle thinks we should get rid of it entirely

(Newser) - This week, Treasury Secretary Jack Lew asked Congress to make it harder for US corporations to evade taxes by being "acquired" by a foreign corporation in a low-tax country. It's the latest in the long back-and-forth game of corporate taxation, writes Megan McArdle at Bloomberg . For every move... More »

Obama to GOP: Let's Cut Corporate Taxes

... but only if you agree to job creation measures

(Newser) - President Obama has a new "grand bargain" for Republicans, though it's a little less grand this time around. In a speech today, Obama will offer to overhaul the corporate tax code, reducing the rate and reaping a onetime windfall in the process, the Wall Street Journal reports. In... More »

26 Big Firms Paid More to CEOs Than to US in Taxes

New study blasts corporate tax code

(Newser) - A new study that might set your blood boiling finds that 26 large US companies, each of which generated an average of more than $1 billion in net income last year, paid more to their CEOs than they paid to the federal government in taxes last year. The CEOs received... More »

GOP Rolls Out Budget With Huge Tax Cuts

There would be just two brackets, with the top at 25%

(Newser) - House Republicans rolled out a new Paul Ryan-penned budget proposal today that calls for a drastic tax-code overhaul, major changes to Medicare and Medicaid, and deep cuts in domestic spending, all while softening a set of automatic defense spending cuts set to hit in January. The budget would scrap our... More »

Obama to Bare Plan Cutting Corporate Taxes to 28%

Tax code overhaul to be unveiled today

(Newser) - President Obama will unveil details of his plan for a massive overhaul of the corporate tax code today, including cutting the top rate from 35% down to 28%, an administration official tells the New York Times . Manufacturers will see their effective maximum rate cut to 25%, and a minimum tax... More »

30 Top Corporations Paid US No Taxes, Despite Profit

Few companies actually pay 35% rate

(Newser) - America may have a lofty 35% corporate tax rate—but who actually pays that? A new study from a pair of left-leaning think tanks examined 280 Fortune 500 companies from 2008-2010, and found that their average effective rate was 18.5%, with a quarter paying less than 10% and 30... More »

GOP Rep's Jobs Bill Would Abolish Corporate Taxes

Gohmert's plan beats Obama's to House

(Newser) - Louie Gohmert and President Obama's plans to get Americans back to work have the same name—the American Jobs Act of 2011—but that's where the similarities end. Rep. Gohmert, a Republican from Texas, introduced legislation to the House yesterday that would reduce the corporate tax rate from... More »

Romney: I've Got a 59-Step Economic Plan

Plan includes cutting regulations, corporate taxes, expanding trade

(Newser) - Mitt Romney will today unveil 59 specific policy proposals designed “to turn around America’s economy,” he announces in a USA Today op-ed, promising that his proposals are “rooted in the conservative premise that government itself cannot create jobs.” The op-ed outlines the broad strokes of... More »

Many Firms Pay CEOs More Than the Taxman

Liberal think tank singles out 25 of the 100 highest-paid execs

(Newser) - Many in Washington are calling for lower corporate taxes, but many US corporations have now become so adept at dodging the taxman that they’re paying their CEOs a lot more than Uncle Sam, according to a new study from a liberal think tank. The study found that 25 of... More »

Both Parties Look to Cut Corporate Tax

Lobbyists eager for next big legislative push

(Newser) - The Obama administration is planning to propose a new set of cuts in the corporate tax rate, hoping to strike a vein of bipartisan cooperation. “This would send a reassuring signal to the economy, and is something both parties should support in theory,” a senior administration official tells... More »

Dems, GOP Back Push to Cut Corporate Tax Rate

Bipartisan support builds behind effort to close loopholes

(Newser) - With deficit reduction on the agenda and America's corporations sitting on a record amount of cash, Democrats and Republicans have found something they agree on: It's time to slash the corporate tax rate. Bipartisan support is building for plans to eliminate many loopholes and tax breaks and use... More »

Stewart: No Taxes for GE? I Give Up

Worse, President Obama doesn't seem to care, he notes

(Newser) - The GOP often argues that "we're making it harder and harder for good, honest corporate citizens to create jobs here" thanks to a stiff corporate tax rate, Jon Stewart noted last night . "Can you blame a company like GE for not wanting to do business in America when... More »

Tax Breaks for New Jobs Gain Bipartisan Support

But some dismiss move as 'corporate welfare'

(Newser) - Support is building in Washington for the idea of giving companies tax breaks when they hire new workers. President Obama’s economic team has been exploring the possibility for weeks, and lawmakers on both sides of the aisle like the idea of helping unemployed constituents. “There’s a lot... More »

House Passes Bill to Halt Big Oil Tax Breaks

Veto threat as Republicans call it industry discrimination

(Newser) - Millions of dollars in tax breaks enjoyed by the top five oil companies would be rescinded under an $18 billion tax package which cleared the House of Representatives yesterday. The money saved would be plowed into creating alternative sustainable energy sources. It represents just a penny a gallon to the... More »

Dems Take Aim at Big Business

Obama and Clinton turn up the heat heading into Wisconsin, Ohio primaries

(Newser) - Hillary Clinton and Barack Obama, heading into primaries in states struggling with joblessness and the mortgage crisis, are sharpening their attacks on big business, the Wall Street Journal reports. Both are lambasting oil companies, corporate tax cuts, and health insurers. Tuesday’s Wisconsin primary will be a test of which... More »

Dems Tread Similar Paths on Economy

Neither Clinton nor Obama venturing far into populist Edwards territory

(Newser) - With the Ohio and Pennsylvania primaries on the horizon, Hillary Clinton and Barack Obama are fine-tuning economic visions that have more similarities than differences, reports the Washington Post. Both candidates promise to ease the middle class tax burden while putting pressure on corporations that send jobs overseas, and to protect... More »

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