Three years into his term, President Obama has woken up and figured out that he should do something for small business. Of course the proposal to lower the corporate tax rate to 28% from 35% (Canada’s is 16%), is another trap to set up a fight with Congress. It is just amazing how the President finds all these little perks in an election year. In the new proposal Barak Obama also proposes to temporarily raise taxes on oil companies by closing loopholes by eliminating tax breaks and subsidies, amidst a period of high pump prices.
While the proposal makes sense and is finally an admission by Democrats that the corporate tax rate is much too high compared to other countries. With the removal of subsidies and some loopholes offshore companies, including the oil companies will actually be paying higher nominal tax rate.
Obama’s proposal is nothing but another election gimmick in which the Obama campaign is looking for a fight with Republicans in Congress. As yourself why it took more than three years into his term that Obama now wants to lower the corporate tax rate?
GOP Presidential candidates have also rolled
Read More at : http://www.politisite.com/2012/02/22/obama-proposes-to-cut-corporate-tax-rate-to-28-is-that-too-little-to-late/
