A Look at the Senate Democrats' JOBS & INFRASTRUCTURE PLAN FOR AMERICA’S WORKERS

[Slade3200]

Do you know what that means? It has nothing to do with what we are discussing

Do you know what that means?

I know what a tax cut means. Allowing people, or corporations, to keep more of their earnings.
If you cut rates and "close some loopholes" and the corporations pay the exact same in taxes.........

YOU HAVEN'T CUT TAXES.

He wanted to cut taxes for corporations and manufacturers and he wanted to pay for it by eliminating inversion loopholes that took money out of the US. How dare he! Regardless he was still proposing cutting taxes for millions of people and businesses.

He wanted to cut taxes for corporations and manufacturers and he wanted to pay for it by eliminating inversion loopholes

What's an "inversion loophole"

Look it up, I’m not your teacher.
Tax inversion - Wikipedia

Obama want's to cut corporate taxes.

"Excellent"

He's the best!

"We paid $1 billion last year. How much will we pay after his tax cut?"

$1 billion.

"DERP!"

Had the republicans voted on a plan based on his proposal there would have been a 10% reduction, right? 38% to 28%

Why is this so hard for you to swallow?

 

[Oldstyle]

The GOP will attack them mercilessly on this and position it as them piggybacking off of Trumps plan when they have never supported tax cuts. In fact, none of them even had the respect for the taxpayer to vote on the current cuts!

That's how I would go at them, on top of telling the public, "they now what some of YOUR money back to spend on their friends and pals on boondoggles. Not to mention increase the tax cuts to corporations who have given raises and bonues to their employees. All of that will be lost if you elect them"

Well, I don't know that it's fair to say that Dems have never supported tax cuts. Remember that in 2013, against the urging of the left wing of his party, Obama made most of the Bush tax cuts permanent. Furthermore, the bipartisan budget deal of 2016, which most Dems voted for, protected over $700 billion in tax breaks. Also remember that Bill Clinton signed a massive tax-cut bill in 1997.

With all due respect, Mike...not allowing the tax cuts made by the GOP to expire isn't exactly Democrats "supporting" tax cuts! It was simply pointed out to President Obama that if he was to get rid of the Bush tax cuts it would pretty much put an already lethargic economy right in the toilet and the voters would torch the Democrats for it! The same is true with Clinton's signing the tax cut bill put forth by Newt and the GOP. What choice did he have? The Republicans had just steamrollered him in the midterms. The voters had spoken and they weren't calling for more spending and bigger government!

Obama extended the Bush cuts and then proposed bigger cuts in his own tax reform bill, did he not?

What "bigger cuts" did Obama and the Democrats pass? I must have missed that...

He didn’t pass, he proposed tax reform to take the corporate rate from 38 to 28 and down to 25 for manufacturers. The republicans wouldn’t even consider it. They were in full obstruction mode. You don’t remember this?

I keep hearing this refrain from you liberals...that it was the GOP that kept Barry from doing all these "wonderful" things, Slade...yet when you look at the majorities that Obama had to work with in the House and Senate before the 2010 midterms how was that even possible? The truth is...Obama couldn't get moderate Democrats to give him the votes needed to pass things. The GOP was basically sitting on their hands out in the hall! It wasn't Republican obstruction that did in the Obama agenda...it was the American voter who saw what you progressives were trying to do with the power they'd given you...had second thoughts about that...and voted out more Democrats in one election than had ever happened in the modern political era!

 

[Toddsterpatriot]

Do you know what that means?

I know what a tax cut means. Allowing people, or corporations, to keep more of their earnings.
If you cut rates and "close some loopholes" and the corporations pay the exact same in taxes.........

YOU HAVEN'T CUT TAXES.

He wanted to cut taxes for corporations and manufacturers and he wanted to pay for it by eliminating inversion loopholes that took money out of the US. How dare he! Regardless he was still proposing cutting taxes for millions of people and businesses.

He wanted to cut taxes for corporations and manufacturers and he wanted to pay for it by eliminating inversion loopholes

What's an "inversion loophole"

Look it up, I’m not your teacher.
Tax inversion - Wikipedia

Obama want's to cut corporate taxes.

"Excellent"

He's the best!

"We paid $1 billion last year. How much will we pay after his tax cut?"

$1 billion.

"DERP!"

Had the republicans voted on a plan based on his proposal there would have been a 10% reduction, right? 38% to 28%

Why is this so hard for you to swallow?

The Federal corporate rate was 35%, not 38%.

Your own link said closing the "loopholes" would have made it revenue neutral.

That means corporations, on average, would not see a reduction in taxes.
Why would Republicans be excited about that? Why would you?

 

[Slade3200]

Well, I don't know that it's fair to say that Dems have never supported tax cuts. Remember that in 2013, against the urging of the left wing of his party, Obama made most of the Bush tax cuts permanent. Furthermore, the bipartisan budget deal of 2016, which most Dems voted for, protected over $700 billion in tax breaks. Also remember that Bill Clinton signed a massive tax-cut bill in 1997.

With all due respect, Mike...not allowing the tax cuts made by the GOP to expire isn't exactly Democrats "supporting" tax cuts! It was simply pointed out to President Obama that if he was to get rid of the Bush tax cuts it would pretty much put an already lethargic economy right in the toilet and the voters would torch the Democrats for it! The same is true with Clinton's signing the tax cut bill put forth by Newt and the GOP. What choice did he have? The Republicans had just steamrollered him in the midterms. The voters had spoken and they weren't calling for more spending and bigger government!

Obama extended the Bush cuts and then proposed bigger cuts in his own tax reform bill, did he not?

What "bigger cuts" did Obama and the Democrats pass? I must have missed that...

He didn’t pass, he proposed tax reform to take the corporate rate from 38 to 28 and down to 25 for manufacturers. The republicans wouldn’t even consider it. They were in full obstruction mode. You don’t remember this?

I keep hearing this refrain from you liberals...that it was the GOP that kept Barry from doing all these "wonderful" things, Slade...yet when you look at the majorities that Obama had to work with in the House and Senate before the 2010 midterms how was that even possible? The truth is...Obama couldn't get moderate Democrats to give him the votes needed to pass things. The GOP was basically sitting on their hands out in the hall! It wasn't Republican obstruction that did in the Obama agenda...it was the American voter who saw what you progressives were trying to do with the power they'd given you...had second thoughts about that...and voted out more Democrats in one election than had ever happened in the modern political era!

Ever heard of Obamacare? That was the focus. Don’t pretend like the GOP was supportive of the president. Don’t pretend like they didn’t obstruct with every opportunity they could get. I personally didn’t support everything Obama did. I’m a small government guy but I’m calling it like it was. We are talking about tax plans right now. Just be honest and admit that obama proposed tax cuts and he got shit down by the GOP. It’s what happened

 

[Slade3200]

He wanted to cut taxes for corporations and manufacturers and he wanted to pay for it by eliminating inversion loopholes that took money out of the US. How dare he! Regardless he was still proposing cutting taxes for millions of people and businesses.

He wanted to cut taxes for corporations and manufacturers and he wanted to pay for it by eliminating inversion loopholes

What's an "inversion loophole"

Look it up, I’m not your teacher.
Tax inversion - Wikipedia

Obama want's to cut corporate taxes.

"Excellent"

He's the best!

"We paid $1 billion last year. How much will we pay after his tax cut?"

$1 billion.

"DERP!"

Had the republicans voted on a plan based on his proposal there would have been a 10% reduction, right? 38% to 28%

Why is this so hard for you to swallow?

The Federal corporate rate was 35%, not 38%.

Your own link said closing the "loopholes" would have made it revenue neutral.

That means corporations, on average, would not see a reduction in taxes.
Why would Republicans be excited about that? Why would you?

Corporations who were avoiding taxes by going over seas would pay more. That’s hardly the majority of corporations. Why wouldn’t you support them paying more and funding a cut for local businesses?

 

[Flopper]

I agree with the Democrats on raising the corporate rate to 25%. Paul Ryan said he could only get the rate down to 25% based on the loopholes Republicans had removed. They got it down to 21% by taking away individual tax breaks and kicking Americans off of their healthcare. That 25% rate is still a nearly 30% cut in the corporate rate.

I disagree with the Democrat plan to raise the top rate. However I agree with getting rid of the carries interest deduction. I would also get rid of the pass through rate. The rate is too high for small businesses who would pay less filing as a individual. The rich have apparently figured out a way to exploit it. I also agree with the AMT as long a it is et higher and indexed to inflation.

Corporate tax rates and what corporations pay can be vastly different. Prior to the new tax law, large profitable US corporations paid and effective tax rate of 18%, a far cry from the top rate. With the top rate at 21%, the average effective rate will drop to at least 15% and could reach as low as 10%.

Although the low tax rates will certainly help the big multinationals, the biggest benefit will fall on small to medium sized corporations doing most of their business in the US. The big multi-nationals like GE pay practically nothing. They have rooms full of tax experts to assure the company pays the lowest possible overall tax amount by moving financial transactions between companies and countries to take advantage tax breaks in various places.

The rich will always figure a way to exploit changes in the tax code because they hire people that do nothing but study the tax laws and loopholes.

Corporate tax rates and what corporations pay can be vastly different.

Corporations pay the statutory tax rate on taxable income.
What's their secret method of dropping below that?

I agree they pay statutory rates on taxable income.

 

[Oldstyle]

With all due respect, Mike...not allowing the tax cuts made by the GOP to expire isn't exactly Democrats "supporting" tax cuts! It was simply pointed out to President Obama that if he was to get rid of the Bush tax cuts it would pretty much put an already lethargic economy right in the toilet and the voters would torch the Democrats for it! The same is true with Clinton's signing the tax cut bill put forth by Newt and the GOP. What choice did he have? The Republicans had just steamrollered him in the midterms. The voters had spoken and they weren't calling for more spending and bigger government!

Obama extended the Bush cuts and then proposed bigger cuts in his own tax reform bill, did he not?

What "bigger cuts" did Obama and the Democrats pass? I must have missed that...

He didn’t pass, he proposed tax reform to take the corporate rate from 38 to 28 and down to 25 for manufacturers. The republicans wouldn’t even consider it. They were in full obstruction mode. You don’t remember this?

I keep hearing this refrain from you liberals...that it was the GOP that kept Barry from doing all these "wonderful" things, Slade...yet when you look at the majorities that Obama had to work with in the House and Senate before the 2010 midterms how was that even possible? The truth is...Obama couldn't get moderate Democrats to give him the votes needed to pass things. The GOP was basically sitting on their hands out in the hall! It wasn't Republican obstruction that did in the Obama agenda...it was the American voter who saw what you progressives were trying to do with the power they'd given you...had second thoughts about that...and voted out more Democrats in one election than had ever happened in the modern political era!

Ever heard of Obamacare? That was the focus. Don’t pretend like the GOP was supportive of the president. Don’t pretend like they didn’t obstruct with every opportunity they could get. I personally didn’t support everything Obama did. I’m a small government guy but I’m calling it like it was. We are talking about tax plans right now. Just be honest and admit that obama proposed tax cuts and he got shit down by the GOP. It’s what happened

So what you're saying is that the ACA was the ONLY thing that Barry could concentrate on for the better part of two years? How pathetic is that? Why didn't he pass comprehensive immigration reform as he promised? Why didn't he redo the tax code?

Once again...the GOP didn't have the ABILITY to "shut down" what the Democrats were doing and that's obvious if you look at the passage of the ACA despite not getting any GOP support! So if Obama and the progressive wing of the Democratic Party could pass ObamaCare without Republican help...then why couldn't they pass tax reform?

 

[Slade3200]

Obama extended the Bush cuts and then proposed bigger cuts in his own tax reform bill, did he not?

What "bigger cuts" did Obama and the Democrats pass? I must have missed that...

He didn’t pass, he proposed tax reform to take the corporate rate from 38 to 28 and down to 25 for manufacturers. The republicans wouldn’t even consider it. They were in full obstruction mode. You don’t remember this?

I keep hearing this refrain from you liberals...that it was the GOP that kept Barry from doing all these "wonderful" things, Slade...yet when you look at the majorities that Obama had to work with in the House and Senate before the 2010 midterms how was that even possible? The truth is...Obama couldn't get moderate Democrats to give him the votes needed to pass things. The GOP was basically sitting on their hands out in the hall! It wasn't Republican obstruction that did in the Obama agenda...it was the American voter who saw what you progressives were trying to do with the power they'd given you...had second thoughts about that...and voted out more Democrats in one election than had ever happened in the modern political era!

Ever heard of Obamacare? That was the focus. Don’t pretend like the GOP was supportive of the president. Don’t pretend like they didn’t obstruct with every opportunity they could get. I personally didn’t support everything Obama did. I’m a small government guy but I’m calling it like it was. We are talking about tax plans right now. Just be honest and admit that obama proposed tax cuts and he got shit down by the GOP. It’s what happened

So what you're saying is that the ACA was the ONLY thing that Barry could concentrate on for the better part of two years? How pathetic is that? Why didn't he pass comprehensive immigration reform as he promised? Why didn't he redo the tax code?

Once again...the GOP didn't have the ABILITY to "shut down" what the Democrats were doing and that's obvious if you look at the passage of the ACA despite not getting any GOP support! So if Obama and the progressive wing of the Democratic Party could pass ObamaCare without Republican help...then why couldn't they pass tax reform?

It sure took a large part of their focus for two years but you are right he fell short on a lot of campaign promises, just as Trump has a ways to go to fulfill his. He did however propose specific large scale tax cuts in 2013 and 2014 and 2015, these were ignored by the GOP congress. Why is it so hard for you to acknowledge facts?

 

[Oldstyle]

What "bigger cuts" did Obama and the Democrats pass? I must have missed that...

He didn’t pass, he proposed tax reform to take the corporate rate from 38 to 28 and down to 25 for manufacturers. The republicans wouldn’t even consider it. They were in full obstruction mode. You don’t remember this?

I keep hearing this refrain from you liberals...that it was the GOP that kept Barry from doing all these "wonderful" things, Slade...yet when you look at the majorities that Obama had to work with in the House and Senate before the 2010 midterms how was that even possible? The truth is...Obama couldn't get moderate Democrats to give him the votes needed to pass things. The GOP was basically sitting on their hands out in the hall! It wasn't Republican obstruction that did in the Obama agenda...it was the American voter who saw what you progressives were trying to do with the power they'd given you...had second thoughts about that...and voted out more Democrats in one election than had ever happened in the modern political era!

Ever heard of Obamacare? That was the focus. Don’t pretend like the GOP was supportive of the president. Don’t pretend like they didn’t obstruct with every opportunity they could get. I personally didn’t support everything Obama did. I’m a small government guy but I’m calling it like it was. We are talking about tax plans right now. Just be honest and admit that obama proposed tax cuts and he got shit down by the GOP. It’s what happened

So what you're saying is that the ACA was the ONLY thing that Barry could concentrate on for the better part of two years? How pathetic is that? Why didn't he pass comprehensive immigration reform as he promised? Why didn't he redo the tax code?

Once again...the GOP didn't have the ABILITY to "shut down" what the Democrats were doing and that's obvious if you look at the passage of the ACA despite not getting any GOP support! So if Obama and the progressive wing of the Democratic Party could pass ObamaCare without Republican help...then why couldn't they pass tax reform?

It sure took a large part of their focus for two years but you are right he fell short on a lot of campaign promises. He did however propose specific large scale tax cuts in 2013 and 2014 and 2015, these were ignored by the GOP congress. Why is it so hard for you to acknowledge facts?

What large scale tax cuts did Barry propose?

 

[Slade3200]

He didn’t pass, he proposed tax reform to take the corporate rate from 38 to 28 and down to 25 for manufacturers. The republicans wouldn’t even consider it. They were in full obstruction mode. You don’t remember this?

I keep hearing this refrain from you liberals...that it was the GOP that kept Barry from doing all these "wonderful" things, Slade...yet when you look at the majorities that Obama had to work with in the House and Senate before the 2010 midterms how was that even possible? The truth is...Obama couldn't get moderate Democrats to give him the votes needed to pass things. The GOP was basically sitting on their hands out in the hall! It wasn't Republican obstruction that did in the Obama agenda...it was the American voter who saw what you progressives were trying to do with the power they'd given you...had second thoughts about that...and voted out more Democrats in one election than had ever happened in the modern political era!

Ever heard of Obamacare? That was the focus. Don’t pretend like the GOP was supportive of the president. Don’t pretend like they didn’t obstruct with every opportunity they could get. I personally didn’t support everything Obama did. I’m a small government guy but I’m calling it like it was. We are talking about tax plans right now. Just be honest and admit that obama proposed tax cuts and he got shit down by the GOP. It’s what happened

So what you're saying is that the ACA was the ONLY thing that Barry could concentrate on for the better part of two years? How pathetic is that? Why didn't he pass comprehensive immigration reform as he promised? Why didn't he redo the tax code?

Once again...the GOP didn't have the ABILITY to "shut down" what the Democrats were doing and that's obvious if you look at the passage of the ACA despite not getting any GOP support! So if Obama and the progressive wing of the Democratic Party could pass ObamaCare without Republican help...then why couldn't they pass tax reform?

It sure took a large part of their focus for two years but you are right he fell short on a lot of campaign promises. He did however propose specific large scale tax cuts in 2013 and 2014 and 2015, these were ignored by the GOP congress. Why is it so hard for you to acknowledge facts?

What large scale tax cuts did Barry propose?

I’ve already posed links. He wanted to cut the corporate rates to 28% and the manufacturing rates to 25% and do a middle class tax cut

 

[Oldstyle]

What's REALLY pathetic, Slade is that you progressive concentrated on Obamacare for all that time...and what you came up with was a piece of legislation that was deliberately crafted so that the ACA couldn't work!

 

[Flopper]

He wanted to cut taxes for corporations and manufacturers and he wanted to pay for it by eliminating inversion loopholes

What's an "inversion loophole"

Look it up, I’m not your teacher.
Tax inversion - Wikipedia

Obama want's to cut corporate taxes.

"Excellent"

He's the best!

"We paid $1 billion last year. How much will we pay after his tax cut?"

$1 billion.

"DERP!"

Had the republicans voted on a plan based on his proposal there would have been a 10% reduction, right? 38% to 28%

Why is this so hard for you to swallow?

The Federal corporate rate was 35%, not 38%.

Your own link said closing the "loopholes" would have made it revenue neutral.

That means corporations, on average, would not see a reduction in taxes.
Why would Republicans be excited about that? Why would you?

Corporations who were avoiding taxes by going over seas would pay more. That’s hardly the majority of corporations. Why wouldn’t you support them paying more and funding a cut for local businesses?

Well, that's what Trump says. However, the provisions in law when applied tell a different story.

The law takes currently untaxed profits of US companies being stored abroad and taxes them at a new ultra-low rates if brought back to the US: 8 percent for profits invested in real estate, such as Trump properties and other hard assets abroad, and 15.5 percent for profits in cash and stock and other liquid assets.

But it’s an incredibly bad idea. The repatriation provision in the law significantly reduces tax revenues from these corporate giants and effectively rewards companies that kept profits abroad. That doesn’t raise money — and what’s more, it costs money in the long term by telling companies that storing profits overseas will be rewarded in the future.

No matter how well meaning a tax reform bill may be, the lobbying efforts of giant corporations will put more money in their pockets.

 

[Oldstyle]

Look it up, I’m not your teacher.
Tax inversion - Wikipedia

Obama want's to cut corporate taxes.

"Excellent"

He's the best!

"We paid $1 billion last year. How much will we pay after his tax cut?"

$1 billion.

"DERP!"

Had the republicans voted on a plan based on his proposal there would have been a 10% reduction, right? 38% to 28%

Why is this so hard for you to swallow?

The Federal corporate rate was 35%, not 38%.

Your own link said closing the "loopholes" would have made it revenue neutral.

That means corporations, on average, would not see a reduction in taxes.
Why would Republicans be excited about that? Why would you?

Corporations who were avoiding taxes by going over seas would pay more. That’s hardly the majority of corporations. Why wouldn’t you support them paying more and funding a cut for local businesses?

Well, that's what Trump says. However, the provisions in law when applied tell a different story.

The law takes currently untaxed profits of US companies being stored abroad and taxes them at a new ultra-low rates if brought back to the US: 8 percent for profits invested in real estate, such as Trump properties and other hard assets abroad, and 15.5 percent for profits in cash and stock and other liquid assets.

But it’s an incredibly bad idea. The repatriation provision in the law significantly reduces tax revenues from these corporate giants and effectively rewards companies that kept profits abroad. That doesn’t raise money — and what’s more, it costs money in the long term by telling companies that storing profits overseas will be rewarded in the future.

No matter how well meaning a tax reform bill may be, the lobbying efforts of giant corporations will put more money in their pockets.

How can the repatriation provision reduce revenues when multi national corporations aren't paying taxes to the US on profits made overseas now? That makes zero sense. If you weren't paying the Feds anything but by lowering your tax rate I induce you to bring profits back into the US where you ARE paying taxes on that money...it's obvious that will increase revenues.

 

[Slade3200]

What's REALLY pathetic, Slade is that you progressive concentrated on Obamacare for all that time...and what you came up with was a piece of legislation that was deliberately crafted so that the ACA couldn't work!

Ive heard that talking point. Not buying it

 

[Slade3200]

Obama want's to cut corporate taxes.

"Excellent"

He's the best!

"We paid $1 billion last year. How much will we pay after his tax cut?"

$1 billion.

"DERP!"

Had the republicans voted on a plan based on his proposal there would have been a 10% reduction, right? 38% to 28%

Why is this so hard for you to swallow?

The Federal corporate rate was 35%, not 38%.

Your own link said closing the "loopholes" would have made it revenue neutral.

That means corporations, on average, would not see a reduction in taxes.
Why would Republicans be excited about that? Why would you?

Corporations who were avoiding taxes by going over seas would pay more. That’s hardly the majority of corporations. Why wouldn’t you support them paying more and funding a cut for local businesses?

Well, that's what Trump says. However, the provisions in law when applied tell a different story.

The law takes currently untaxed profits of US companies being stored abroad and taxes them at a new ultra-low rates if brought back to the US: 8 percent for profits invested in real estate, such as Trump properties and other hard assets abroad, and 15.5 percent for profits in cash and stock and other liquid assets.

But it’s an incredibly bad idea. The repatriation provision in the law significantly reduces tax revenues from these corporate giants and effectively rewards companies that kept profits abroad. That doesn’t raise money — and what’s more, it costs money in the long term by telling companies that storing profits overseas will be rewarded in the future.

No matter how well meaning a tax reform bill may be, the lobbying efforts of giant corporations will put more money in their pockets.

How can the repatriation provision reduce revenues when multi national corporations aren't paying taxes to the US on profits made overseas now? That makes zero sense. If you weren't paying the Feds anything but by lowering your tax rate I induce you to bring profits back into the US where you ARE paying taxes on that money...it's obvious that will increase revenues.

I believe the reduction of revenue he is referring to is from the corporate tax cuts

 

[Flopper]

Obama extended the Bush cuts and then proposed bigger cuts in his own tax reform bill, did he not?

What "bigger cuts" did Obama and the Democrats pass? I must have missed that...

He didn’t pass, he proposed tax reform to take the corporate rate from 38 to 28 and down to 25 for manufacturers. The republicans wouldn’t even consider it. They were in full obstruction mode. You don’t remember this?

I keep hearing this refrain from you liberals...that it was the GOP that kept Barry from doing all these "wonderful" things, Slade...yet when you look at the majorities that Obama had to work with in the House and Senate before the 2010 midterms how was that even possible? The truth is...Obama couldn't get moderate Democrats to give him the votes needed to pass things. The GOP was basically sitting on their hands out in the hall! It wasn't Republican obstruction that did in the Obama agenda...it was the American voter who saw what you progressives were trying to do with the power they'd given you...had second thoughts about that...and voted out more Democrats in one election than had ever happened in the modern political era!

Ever heard of Obamacare? That was the focus. Don’t pretend like the GOP was supportive of the president. Don’t pretend like they didn’t obstruct with every opportunity they could get. I personally didn’t support everything Obama did. I’m a small government guy but I’m calling it like it was. We are talking about tax plans right now. Just be honest and admit that obama proposed tax cuts and he got shit down by the GOP. It’s what happened

So what you're saying is that the ACA was the ONLY thing that Barry could concentrate on for the better part of two years? How pathetic is that? Why didn't he pass comprehensive immigration reform as he promised? Why didn't he redo the tax code?

Once again...the GOP didn't have the ABILITY to "shut down" what the Democrats were doing and that's obvious if you look at the passage of the ACA despite not getting any GOP support! So if Obama and the progressive wing of the Democratic Party could pass ObamaCare without Republican help...then why couldn't they pass tax reform?

There was a lot legislation in Obama's first two year other the ACA. Tax cuts, bailout of automotive industry, Consumer Protection, economic stimulus to lessen impact of the recession, Children Health Insurance Programs, and of course the ACA. After 2010, major democratic legislation dried up with republican control of congress.

 

[Toddsterpatriot]

He wanted to cut taxes for corporations and manufacturers and he wanted to pay for it by eliminating inversion loopholes

What's an "inversion loophole"

Look it up, I’m not your teacher.
Tax inversion - Wikipedia

Obama want's to cut corporate taxes.

"Excellent"

He's the best!

"We paid $1 billion last year. How much will we pay after his tax cut?"

$1 billion.

"DERP!"

Had the republicans voted on a plan based on his proposal there would have been a 10% reduction, right? 38% to 28%

Why is this so hard for you to swallow?

The Federal corporate rate was 35%, not 38%.

Your own link said closing the "loopholes" would have made it revenue neutral.

That means corporations, on average, would not see a reduction in taxes.
Why would Republicans be excited about that? Why would you?

Corporations who were avoiding taxes by going over seas would pay more. That’s hardly the majority of corporations. Why wouldn’t you support them paying more and funding a cut for local businesses?

Corporations who were avoiding taxes by going over seas would pay more.

Of course, anything to make our corporations less competitive!

Why wouldn’t you support them paying more

We're the only major economy that tries to tax world wide income. Why?

 

[Toddsterpatriot]

I agree with the Democrats on raising the corporate rate to 25%. Paul Ryan said he could only get the rate down to 25% based on the loopholes Republicans had removed. They got it down to 21% by taking away individual tax breaks and kicking Americans off of their healthcare. That 25% rate is still a nearly 30% cut in the corporate rate.

I disagree with the Democrat plan to raise the top rate. However I agree with getting rid of the carries interest deduction. I would also get rid of the pass through rate. The rate is too high for small businesses who would pay less filing as a individual. The rich have apparently figured out a way to exploit it. I also agree with the AMT as long a it is et higher and indexed to inflation.

Corporate tax rates and what corporations pay can be vastly different. Prior to the new tax law, large profitable US corporations paid and effective tax rate of 18%, a far cry from the top rate. With the top rate at 21%, the average effective rate will drop to at least 15% and could reach as low as 10%.

Although the low tax rates will certainly help the big multinationals, the biggest benefit will fall on small to medium sized corporations doing most of their business in the US. The big multi-nationals like GE pay practically nothing. They have rooms full of tax experts to assure the company pays the lowest possible overall tax amount by moving financial transactions between companies and countries to take advantage tax breaks in various places.

The rich will always figure a way to exploit changes in the tax code because they hire people that do nothing but study the tax laws and loopholes.

Corporate tax rates and what corporations pay can be vastly different.

Corporations pay the statutory tax rate on taxable income.
What's their secret method of dropping below that?

I agree they pay statutory rates on taxable income.

Yup. So how do they get their tax rate below 35% on taxable income?

 

[Oldstyle]

What "bigger cuts" did Obama and the Democrats pass? I must have missed that...

He didn’t pass, he proposed tax reform to take the corporate rate from 38 to 28 and down to 25 for manufacturers. The republicans wouldn’t even consider it. They were in full obstruction mode. You don’t remember this?

I keep hearing this refrain from you liberals...that it was the GOP that kept Barry from doing all these "wonderful" things, Slade...yet when you look at the majorities that Obama had to work with in the House and Senate before the 2010 midterms how was that even possible? The truth is...Obama couldn't get moderate Democrats to give him the votes needed to pass things. The GOP was basically sitting on their hands out in the hall! It wasn't Republican obstruction that did in the Obama agenda...it was the American voter who saw what you progressives were trying to do with the power they'd given you...had second thoughts about that...and voted out more Democrats in one election than had ever happened in the modern political era!

Ever heard of Obamacare? That was the focus. Don’t pretend like the GOP was supportive of the president. Don’t pretend like they didn’t obstruct with every opportunity they could get. I personally didn’t support everything Obama did. I’m a small government guy but I’m calling it like it was. We are talking about tax plans right now. Just be honest and admit that obama proposed tax cuts and he got shit down by the GOP. It’s what happened

So what you're saying is that the ACA was the ONLY thing that Barry could concentrate on for the better part of two years? How pathetic is that? Why didn't he pass comprehensive immigration reform as he promised? Why didn't he redo the tax code?

Once again...the GOP didn't have the ABILITY to "shut down" what the Democrats were doing and that's obvious if you look at the passage of the ACA despite not getting any GOP support! So if Obama and the progressive wing of the Democratic Party could pass ObamaCare without Republican help...then why couldn't they pass tax reform?

There was a lot legislation in Obama's first two year other the ACA. Tax cuts, bailout of automotive industry, Consumer Protection, economic stimulus to lessen impact of the recession, Children Health Insurance Programs, and of course the ACA. After 2010, major democratic legislation dried up with republican control of congress.

So why didn't they tackle tax reform or immigration reform? Obama promised to address both early in his Presidency. Instead he ignored them.

 

[busybee01]

I agree with the Democrats on raising the corporate rate to 25%. Paul Ryan said he could only get the rate down to 25% based on the loopholes Republicans had removed. They got it down to 21% by taking away individual tax breaks and kicking Americans off of their healthcare. That 25% rate is still a nearly 30% cut in the corporate rate.

I disagree with the Democrat plan to raise the top rate. However I agree with getting rid of the carries interest deduction. I would also get rid of the pass through rate. The rate is too high for small businesses who would pay less filing as a individual. The rich have apparently figured out a way to exploit it. I also agree with the AMT as long a it is et higher and indexed to inflation.

Corporate tax rates and what corporations pay can be vastly different. Prior to the new tax law, large profitable US corporations paid and effective tax rate of 18%, a far cry from the top rate. With the top rate at 21%, the average effective rate will drop to at least 15% and could reach as low as 10%.

Although the low tax rates will certainly help the big multinationals, the biggest benefit will fall on small to medium sized corporations doing most of their business in the US. The big multi-nationals like GE pay practically nothing. They have rooms full of tax experts to assure the company pays the lowest possible overall tax amount by moving financial transactions between companies and countries to take advantage tax breaks in various places.

The rich will always figure a way to exploit changes in the tax code because they hire people that do nothing but study the tax laws and loopholes.

What companies paid could vary wildly. Some firms paid no taxes and some paid the full rate. Again Ryan said the best he could do was get the rate down to 25% based on the loopholes they eliminated. Getting it down to 21% came from getting rid of individual tax rates and kicking as many people off the their insurance as they could. The rate should be 25% and there should be a minimum tax rate.

The trouble is that the pass-through was ripe for exploitation. This never should have been there and should be eliminated.