May 5, 2009
EXPECT President Obama's international tax proposal to set off a firestorm in Congress and the business community. The proposal, which will be released in more detail when the president's full budget comes out in the next few days, would alter tax rules so that companies are less able to shift profits to avoid U.S. taxation while also cracking down on tax havens for companies and individuals. In a speech yesterday, the president billed the plan as a revenue raiser, which it would be, and a plan to create jobs, a more contentious assertion.
October 4, 2012 |
Amid all the division on Capitol Hill, both parties generally agree that the corporate tax rate, which at 35 percent is among the highest in the world, needs to be cut. During Wednesday's presidential debate , both candidates advocated a significant reduction in the corporate tax rate. Yet the federal budget's unsustainable fiscal path should preclude a large unfunded tax cut. Given these competing demands, policymakers have been searching for revenue-neutral reforms that reduce the corporate tax rate and broaden the corporate tax...
October 30, 2011 |
ADEMONSTRABLY BAD idea in pursuit of a possibly worthy goal is still a bad idea. In this instance, the demonstrably bad idea is giving corporations a federal tax break — make that another tax break — on "repatriated profits," money they earn overseas and bring home. The goal is an infrastructure bank to help build roads and other projects. Such an entity could help rationalize the hodgepodge of politically dictated projects and leverage private capital. But arithmetic's basic laws must prevail: You can't pay...
September 22, 2011 |
My usual journalistic role is to expose wrongdoing, point with alarm, and distill complicated information into clear explanations of what's really going on in the world. I rarely offer specific solutions, because that's not my job — I'm an observer and critic, not a policymaker. Today, though, I'm going to depart from form and suggest a solution to a problem that's plaguing the current debate about corporate income taxes: too many numbers, too little knowledge. It's simple, really: Get the Financial Accounting...
February 21, 2012 |
President Obama proposed a major overhaul of the nation's corporate tax code on Wednesday, an election-year gambit that aims to draw a contrast over a key policy issue with the Republicans vying to replace him. The plan would lower the nation's corporate tax rate to 28 percent. At the same time, Obama wants to boost overall revenue from corporate taxation by banning numerous deductions and loopholes that save companies tens of billions of dollars a year on their tax bills. The current U.S. corporate...
May 5, 2011 |
Amid record corporate profits and a raging debate in Washington about how to close the country's budget deficit , the Treasury Department has finished drafting a plan to reform the taxes companies pay. A major goal: lowering the tax rate for businesses. Faced with a fledgling economic recovery, the Obama administration sees an overhaul of the corporate tax code as a way to spur growth. But the Treasury plan, which is being reviewed by the White House, could be a...