Will the Republicans oppose THIS?

potzer25 · 02-22-2012, 06:48 AM

Eliminate loopholes and lower the corporate rate.

Obama to float corporate tax overhaul Wednesday | Reuters

Quote:

OBAMA TO PROPOSE 28 PERCENT TOP CORPORATE RATE - Per a senior Administration official, the corporate tax reform framework to be outlined today will "eliminate dozens of tax loopholes and subsidies, broaden the base and cut the corporate tax rate to spur growth in America: The framework eliminates dozens of different tax expenditures and fundamentally reforms the business tax base to reduce distortions that hurt productivity and growth.

"It reinvests these savings to lower the corporate tax rate to 28 percent, putting the United States in line with major competitor countries and encouraging greater investment. ... The framework would refocus the manufacturing deduction and use the savings to reduce the effective rate on manufacturing to no more than 25 percent, while encouraging greater research and development and the production of clean energy. ...

The framework will "strengthen the international tax system, including establishing a new minimum tax on foreign earnings, to encourage domestic investment: Our tax system should not give companies an incentive to locate production overseas or engage in accounting games to shift profits abroad, eroding the U.S. tax base. Introducing the principle of a minimum tax on foreign earnings would help address these problems and discourage a global race to the bottom in tax rates ...

"Business tax reform should be fully paid for and lead to greater fiscal responsibility than our current business tax system by either eliminating or making permanent and fully paying for temporary tax provisions now in the tax code."

757Hokie83 · 02-22-2012, 07:46 AM

Obama is proposing it? I didnt read what it is about, but yeah, the right will oppose it

fordman84 · 02-22-2012, 08:28 AM

Sure hope not, that is needed. Of course with elections coming up the GOP will throw out some red herrings, and I'm guessing say that "those aren't enough".

But it is a good step and a right one I think. If the GOP were in the Oval Office and did this, the dems would oppose it as well. You don't agree or congratulate a competitor right before a contract/election.

JuiceTheGator · 02-22-2012, 08:33 AM

This kinda' stuff is quite complex. I'm sure there's a Marxist obamination in there somewhere in return for the common sense tax adjustment. Someone just has to find it.

Bone · 02-22-2012, 08:37 AM

Well I know they'll oppose this BS:
Review & Outlook: Obama's Dividend Assault - WSJ.com

Good thing his budget is DOA.

When was the last time the Senate passed a budget anyway?

Bone · 02-22-2012, 08:38 AM

President Obama's 2013 budget is the gift that keeps on giving—to government. One buried surprise is his proposal to triple the tax rate on corporate dividends, which believe it or not is higher than in his previous budgets.

Mr. Obama is proposing to raise the dividend tax rate to the higher personal income tax rate of 39.6% that will kick in next year. Add in the planned phase-out of deductions and exemptions, and the rate hits 41%. Then add the 3.8% investment tax surcharge in ObamaCare, and the new dividend tax rate in 2013 would be 44.8%—nearly three times today's 15% rate.

Keep in mind that dividends are paid to shareholders only after the corporation pays taxes on its profits. So assuming a maximum 35% corporate tax rate and a 44.8% dividend tax, the total tax on corporate earnings passed through as dividends would be 64.1%.

LOL! Nice try Obie!

Leader O'Cola · 02-22-2012, 08:57 AM

Quote:

Originally Posted by Bone

Well I know they'll oppose this BS:
Review & Outlook: Obama's Dividend Assault - WSJ.com

Good thing his budget is DOA.

When was the last time the Senate passed a budget anyway?

Status of Appropriations Legislation for Fiscal Year 2012 - THOMAS (Library of Congress)

Smart · 02-22-2012, 09:09 AM

This is the #1 most important issue to me when it comes to the 2012 Election. I have always considered myself a lock GOP voter, but if we nominate someone who is against this for partisan reasons, my vote will definitely be up for grabs. This is much needed for our country, and we (the GOP and the country) would be stupid not to pass this.

Edit: For what it is worth, though, Romney has been calling for this for years. I am 100% sure he will support this. I imagine Santorum will as well, but we'll see.

Bone · 02-22-2012, 10:10 AM

Quote:

Originally Posted by Leader O'Cola

Status of Appropriations Legislation for Fiscal Year 2012 - THOMAS (Library of Congress)

Passing Appropriations Bills?
1,000 Days Since the Democrat-Controlled Senate Has Passed a Budget - Big Government

olympicoscar · 02-22-2012, 10:53 AM

Quote:

Originally Posted by JuiceTheGator

This kinda' stuff is quite complex. I'm sure there's a Marxist obamination in there somewhere in return for the common sense tax adjustment. Someone just has to find it.

You've just stated the whole problem. Don't pass anything Obama proposes because it will help the Dems win the election.

fordman84 · 02-22-2012, 11:28 AM

Quote:

Originally Posted by olympicoscar

You've just stated the whole problem. Don't pass anything Obama proposes because it will help the Dems win the election.

Pretty sure everyone already knows this. That is why there is about 6 months were actual work can get done in DC, because soon after the Pres inauguration everyone is already back up in campaign mode.

olympicoscar · 02-22-2012, 01:34 PM

Quote:

Originally Posted by fordman84

Pretty sure everyone already knows this. That is why there is about 6 months were actual work can get done in DC, because soon after the Pres inauguration everyone is already back up in campaign mode.

Well I don't know if everyone knows it, but it has been well documented. I've never seen it this bad before. Since the 2010 elections, hatred has hit a new level.

goDAWGSsicem · 02-22-2012, 01:41 PM

^Were you not around in '08 or '04?

goDAWGSsicem · 02-22-2012, 01:43 PM

I was realy shocked to see that headline, will repubs oppose it? Depends on the details... and the earmarks. There has to be something hidden in there.

... but kudos for Obama actually propsing some legislation, it's about time.

Leader O'Cola · 02-22-2012, 01:49 PM

Quote:

Originally Posted by Bone

Passing Appropriations Bills?
1,000 Days Since the Democrat-Controlled Senate Has Passed a Budget - Big Government

I'm not sure if you're being serious...

Bone · 02-22-2012, 02:15 PM

Serious about asking when the last time the senate passed a budget?

The answer is April 29, 2009.

olympicoscar · 02-22-2012, 02:19 PM

Quote:

Originally Posted by goDAWGSsicem

^Were you not around in '08 or '04?

This is worse. Look at some of the Republican websites. Look at the words of Santorum and Gingrich. I've never heard of a man's religion questioned like this year. Santorum's references to Obama being like Hitler and practicing a "different kind of Christianity." No, this is much worse.

Even worse, the General Election has not started yet.

Leader O'Cola · 02-22-2012, 02:20 PM

Quote:

Originally Posted by Bone

Serious about asking when the last time the senate passed a budget?

The answer is April 29, 2009.

So what you are saying is you don't specifically understand the policies enacted by the Budget Control Act of 2011, nor the general procedure of the overall process...
?

Bone · 02-22-2012, 02:21 PM

Just asking when the senate passed its last budget.

Leader O'Cola · 02-22-2012, 02:29 PM

Quote:

Originally Posted by Bone

Just asking when the senate passed its last budget.

why do you think they need to?

did I miss some news where the Budget Control Act of 2011 was overturned?

02-22-2012, 07:46 AM	#2
757Hokie83 Captain Spaulding Join Date: Apr 2010 Location: Hampton Roads Posts: 8,316 Rep Power: 115362	Obama is proposing it? I didnt read what it is about, but yeah, the right will oppose it __________________ Hey guys. Woah, Big Gulps, huh? All right! Well, see ya later.

02-22-2012, 08:28 AM	#3
fordman84 Giant Member Join Date: Aug 2011 Location: Flower Mound, Tx Posts: 5,370 Rep Power: 45890	Sure hope not, that is needed. Of course with elections coming up the GOP will throw out some red herrings, and I'm guessing say that "those aren't enough". But it is a good step and a right one I think. If the GOP were in the Oval Office and did this, the dems would oppose it as well. You don't agree or congratulate a competitor right before a contract/election. __________________ Love is like a fart, if you have to force it then it's probably shit.

02-22-2012, 08:33 AM	#4
JuiceTheGator Engorged Member Join Date: Dec 2009 Location: Sw Florida Posts: 11,339 Rep Power: 32508	This kinda' stuff is quite complex. I'm sure there's a Marxist obamination in there somewhere in return for the common sense tax adjustment. Someone just has to find it. __________________ All I really want is to learn something new and interesting. Surprise me dumbass.

02-22-2012, 08:37 AM	#5
Bone Jerry lives on.. Join Date: Dec 2009 Location: Upstate, NY Posts: 3,364 Rep Power: 5665	Well I know they'll oppose this BS: Review & Outlook: Obama's Dividend Assault - WSJ.com Good thing his budget is DOA. When was the last time the Senate passed a budget anyway? __________________ The bottle was dusty but the liquor was clean.

02-22-2012, 08:38 AM	#6
Bone Jerry lives on.. Join Date: Dec 2009 Location: Upstate, NY Posts: 3,364 Rep Power: 5665	President Obama's 2013 budget is the gift that keeps on giving—to government. One buried surprise is his proposal to triple the tax rate on corporate dividends, which believe it or not is higher than in his previous budgets. Mr. Obama is proposing to raise the dividend tax rate to the higher personal income tax rate of 39.6% that will kick in next year. Add in the planned phase-out of deductions and exemptions, and the rate hits 41%. Then add the 3.8% investment tax surcharge in ObamaCare, and the new dividend tax rate in 2013 would be 44.8%—nearly three times today's 15% rate. Keep in mind that dividends are paid to shareholders only after the corporation pays taxes on its profits. So assuming a maximum 35% corporate tax rate and a 44.8% dividend tax, the total tax on corporate earnings passed through as dividends would be 64.1%. LOL! Nice try Obie! __________________ The bottle was dusty but the liquor was clean.

02-22-2012, 09:09 AM	#8
Smart UW-Madison, Class of 2012 Join Date: Aug 2011 Location: Madison, WI Posts: 2,410 Rep Power: 15959	This is the #1 most important issue to me when it comes to the 2012 Election. I have always considered myself a lock GOP voter, but if we nominate someone who is against this for partisan reasons, my vote will definitely be up for grabs. This is much needed for our country, and we (the GOP and the country) would be stupid not to pass this. Edit: For what it is worth, though, Romney has been calling for this for years. I am 100% sure he will support this. I imagine Santorum will as well, but we'll see. Last edited by Smart; 02-22-2012 at 09:11 AM.

02-22-2012, 01:41 PM	#13
goDAWGSsicem Biggest Member Join Date: Jan 2010 Location: Georgia Posts: 19,627 Rep Power: 23017	^Were you not around in '08 or '04? __________________ How 'Bout Them DAWGS?

02-22-2012, 01:43 PM	#14
goDAWGSsicem Biggest Member Join Date: Jan 2010 Location: Georgia Posts: 19,627 Rep Power: 23017	I was realy shocked to see that headline, will repubs oppose it? Depends on the details... and the earmarks. There has to be something hidden in there. ... but kudos for Obama actually propsing some legislation, it's about time. __________________ How 'Bout Them DAWGS?

02-22-2012, 02:15 PM	#16
Bone Jerry lives on.. Join Date: Dec 2009 Location: Upstate, NY Posts: 3,364 Rep Power: 5665	Serious about asking when the last time the senate passed a budget? The answer is April 29, 2009. __________________ The bottle was dusty but the liquor was clean.

02-22-2012, 02:21 PM	#19
Bone Jerry lives on.. Join Date: Dec 2009 Location: Upstate, NY Posts: 3,364 Rep Power: 5665	Just asking when the senate passed its last budget. __________________ The bottle was dusty but the liquor was clean.