40% TAX for Small Businesses

[GURPS]

Obama: Top Tax Rate Should Be 28% for Corporations, 40% for Small Businesses


The New York Times reports that President Obama is reviving an old proposal to lower the corporate tax rate from 35 percent to 28 percent (and 25 percent for manufacturers). Obama's push to lower the corporate tax rate to 28 percent comes less than a year after he raised the top individual income tax rate, paid by many small businesses, to 39.6 percent.

In a speech delivered Tuesday afternoon, Obama did not explain why he thinks it's a sound economic idea to raise the top marginal tax rate on small businesses but lower it for corporations.

"Right now, our tax code is so riddled with wasteful loopholes that many companies doing the right thing and investing in America pay 35%, while the corporations with the best accountants stash their money abroad and pay little or nothing at all," Obama said, according to the text of his prepared remarks. "I’m willing to simplify our tax code in a way that closes those loopholes, ends incentives to ship jobs overseas, and lowers rates for businesses that create jobs right here in

 

[wm1953]

Obama: Top Tax Rate Should Be 28% for Corporations, 40% for Small Businesses


The New York Times reports that President Obama is reviving an old proposal to lower the corporate tax rate from 35 percent to 28 percent (and 25 percent for manufacturers). Obama's push to lower the corporate tax rate to 28 percent comes less than a year after he raised the top individual income tax rate, paid by many small businesses, to 39.6 percent.

In a speech delivered Tuesday afternoon, Obama did not explain why he thinks it's a sound economic idea to raise the top marginal tax rate on small businesses but lower it for corporations.

"Right now, our tax code is so riddled with wasteful loopholes that many companies doing the right thing and investing in America pay 35%, while the corporations with the best accountants stash their money abroad and pay little or nothing at all," Obama said, according to the text of his prepared remarks. "I’m willing to simplify our tax code in a way that closes those loopholes, ends incentives to ship jobs overseas, and lowers rates for businesses that create jobs right here in

The House and Senate sent the President legislation that raised the
top tax rate on income. An individual who owns a business and decides
not to incorporate will pay that rate on net income(after all expenses
are deducted.

 

[tommyjo]

The House and Senate sent the President legislation that raised the
top tax rate on income. An individual who owns a business and decides
not to incorporate will pay that rate on net income(after all expenses
are deducted.

GRUPS doesn't want anyone to know that the majority of small businesses are pass thru entities for tax purposes and therefore taxed at the individual rate.

GRUPS only wants to pass thru his propaganda.

 

[GURPS]

ofc you have some facts to back up your assertion