Obama team to propose corporate tax cut

[MovingTarget]

What? This is a good thing.

The deductions and loopholes greatly favor the large businesses. If the gov't goes through with this, it should help level the playing field a little bit.

This. Why haven't we got a type of AMT for business taxes? The idea is sound provided that it is indexed for inflation and set at a high enough threshold.

 

[Ausm]

No, you are supposed to read the article in the op not ask me to spoon feed it to you.

LOL wut???

 

[Fern]

Originally Posted by Fern View Post
No, corporations don't file two 'tax reports'.

Yes, they do.

http://www.pbs.org/wgbh/pages/frontline/shows/tax/

No, they don't. Your helping spread misinformation. I've been a CPA for about 30 years and what I wrote is 100% accurate.

I've looked through quite a bit of the info you linked and it doesn't even seem on point. It's about tax shelters which has nothing to do with "filing two tax reports". (Since it's not defined anywhere it seems fair to assume that reports = returns.) Otherwise, I'm familiar with KPMG's problems.

If somewhere in all those links you've seen info about "two tax reports" please quote it and/or drill down to post the actual link to it.

Originally Posted by Fern View Post
PWC is an international CPA firm. They are completely non-partisan,

Non-partisan? No they are not. They are selling a product, in an attempt to attract new customers. The very definition of bias? Also, why is their report at odds with every single other report on effective corporate tax rates?

Do you know what "non-partisan" means?

It means they are neither Democrat or Republican etc. And they are not. They are an objective professional accounting firm. Accounting standards require that rigorous objectivity standards be maintained. Failure to do results in harsh penalties. (Taxation is an exception, accountants are permitted to argue in favor of their clients, as would be expected.)

No, their report is not "at odds with every single other report on effective corporate tax rates". In my post immediately above yours is a non-PWC article where the NYU professor who authored a report with the low tax rates you believe in explained how you get those low rates - you include companies who have losses, and therefore a zero tax rate, into averages. This is misleading. He explains this himself, saying that the average tax rate for companies making a profit are at about 28%.

Fern

 

[soulcougher73]

I'm not pro "loopholes". I'm fine with reforming the tax code, but I'm against pretending that something is a tax reduction when in fact it will increase taxation. Also, people incorrectly refer to all sorts of things as "loopholes" that are just parts of the code. Is using the interest deduction after you buy a house a "loophole", or just following applicable tax code?

The tax code needs to be overhauled, preferably in a way to reduce tax income to the government (to go along with big spending cuts), but at worst the overhaul should be tax revenue neutral.

The problem with your kind is you like to play the word game all the time. If he lowered the corporate tax rate from 35% to 28% that IS "a corporate tax reduction". Now if you want to talk about eliminating or adding new deductions etc. then that is a whole nother issue that in the end may make the pay more then they currently do because of stupid loopholes. But to not call that a corporate tax reduction when it clearly is, is just plan bogus and you know it.

 

[werepossum]

The problem with your kind is you like to play the word game all the time. If he lowered the corporate tax rate from 35% to 28% that IS "a corporate tax reduction". Now if you want to talk about eliminating or adding new deductions etc. then that is a whole nother issue that in the end may make the pay more then they currently do because of stupid loopholes. But to not call that a corporate tax reduction when it clearly is, is just plan bogus and you know it.

Funny, I'd say calling a tax cut a plan to collect more taxes whilst nominally reducing rates is just plan bogus. Still, good news that the left is up for rate reductions on anyone.

 

[Fern]

The problem with your kind is you like to play the word game all the time. If he lowered the corporate tax rate from 35% to 28% that IS "a corporate tax reduction". Now if you want to talk about eliminating or adding new deductions etc. then that is a whole nother issue that in the end may make the pay more then they currently do because of stupid loopholes. But to not call that a corporate tax reduction when it clearly is, is just plan bogus and you know it.

In taxation, I find it best to take whole plan and it's cumulative effect into account before deciding what to call it.

As usual, Obama has come out with a very vague plan so it's far too early to judge this one.

Fern

 

[Fern]

Originally Posted by cubby1223 View Post
What? This is a good thing.

The deductions and loopholes greatly favor the large businesses. If the gov't goes through with this, it should help level the playing field a little bit.

This. Why haven't we got a type of AMT for business taxes? The idea is sound provided that it is indexed for inflation and set at a high enough threshold.

Umm, we've had corporate AMT for decades.

Fern