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Obama Administration To Propose Cut In Corporate Tax Rate
The Obama administration is today going to propose a cut in the corporate tax rate from 35 percent to 28 percent, according to multiple reports. NPR's Scott Horsley notes that the president also wants to scale back some deductions that businesses now get. So, the overall effect of any such changes could be "revenue neutral" and keep corporations' share of the nation's tax burden unchanged, Scott says.
"With the framework for changes that the Treasury secretary, Timothy F. Geithner, will outline on Wednesday, Mr. Obama will enter an election-year debate with Republicans in Congress and in the presidential race who seek even lower taxes for businesses. But an overhaul of the corporate code is unlikely this year, given that political backdrop and the complexity of an undertaking that would generate a lobbying frenzy as businesses vie to defend old tax breaks or win new ones."
Speaking of the presidential election, economist/pundit Larry Kudlow writes on his National Review blog that Republican candidate Mitt Romney's team "tells me there will be a bolder tax-cut plan released either at the debate [Wednesday] night ... or more formally at his Detroit Economic Club speech on Friday. I'm embargoed from releasing details until [Wednesday]. But I can say that the new plan will be across-the-board with supply-side incentives from rate reduction, and that it will help small-business owners as well as everyone else."