Republican senators propose bill to cut taxes for corporations

[DonViejo]

Source: Reuters

Republican Senators Marco Rubio and Mike Lee proposed a tax reform plan on Wednesday they said would help drive long-term growth by reducing the top corporate rate and simplifying rates for other taxpayers.

Writing in the Wall Street Journal, the two conservative lawmakers said their plan would lower the maximum tax rate for companies to 25 percent from 35 percent. Individuals and families would pay a rate of either 15 percent or 35 percent, rather than the current tiered system with seven rates going as high as nearly 40 percent.

Rubio, a possible 2016 presidential contender, and Lee are scheduled to hold a 10 a.m. EST (1500 GMT) news conference at the Capitol to formally unveil the plan.

The senators said their proposal would end the “double taxation” that companies face on both capital gains and dividends. It also would call for companies with operations in other countries to be taxed only in the country where income is earned.

-snip-

Read more: http://www.rawstory.com/rs/2015/03/republican-senators-propose-bill-to-cut-taxes-for-corporations/

[tridim]

1. LOL at Rubio and Lee. nt

[Cryptoad]

2. Somalia has no corp taxes

look what low corp taxes have done for them!

[android fan]

3. Another one for Obama veto pen, for sure...

Idiots keeps giving away shit to the corporations, while not favoring the middle class or the poor.

[TexasProgresive]

4. Why bother, my former employer pays no taxes. n/t

[sinkingfeeling]

5. Surprise, surprise!

[fasttense]

6. More trickle down their legs economics.

Give those uber rich corporations more and more tax breaks as our wages drop and our benefits disappear.

And if they are going to tax these very corrupt corporations at the point where the income is earned, where exactly is that? At the factory where they make the crap and pay 50 cents an hour to their workers then sell the crap to a shell corporations for a dollar? Or where the shell corporation dumps the crap on the same US firm that contracts the factory work, to sell for hundreds of dollars while showing a loss?

Yeah Rubio gives us your lies.

As if we don't get "double taxation"? Our wages get taxed when we earn them and then we get taxed at every single point of sale. I say tax the sale of stocks and bonds just like you tax any other property. Why are the most common investments of the uber rich NOT ever TAXED, when the most common investment of a working person is taxed up the hilt?

[tomsaiditagain]

9. I expect nothing from these people

and I get nothing from these people.

They work for the wealthy and there is no way they will change. Money is all they live for.

[L0oniX]

11. ...more like boulders of shit tumbling down.

[RussBLib]

7. GOP=one-trick pony

WTF, far too many large companies in the US already pay near zero in federal taxes as it is.

Those poor companies need more tax cuts to provider bigger bonuses to their top dogs!

[EEO]

8. I literally began to choke on my morning tangerine when I read the headline.

I survived.

[L0oniX]

10. They already don't pay shit. I suppose they want us to pay them to exist.

[2naSalit]

20. or...

they will demand that we pay them for our jobs.

[groundloop]

12. Yawnnnnn...... same old shit

The trouble is that on the surface 'trickle down' sounds good to uneducated voters.

Of course this proposal won't make a hill of beans difference to the many corporations that already pay zero tax. On the other hand, if they wanted to drop the rate from 35% to 25%, while at the same time eliminate ALL loopholes - that just might be a starting point for negotiations.

[sinkingfeeling]

13. Here's a list of 11 big companies that paid 0 federal taxes...

S&P 500 REPORTING PAYING NO TAXES DESPITE BEING PROFITABLE IN 2014

Company Symbol Net income 2014 ($ mils) H.Q.
Goodyear Tire GT $2,452 U.S.
TE Connectivity TEL $1,900 Switzerland
Eaton ETN $1,793 Ireland
Tyco TYC $1,730 Ireland
Masco MAS $856 U.S.
Royal Caribbean RCL $764.1 U.S.
Wynn Resorts WYNN $731.6 U.S.
Darden Restaurants DRI $666.6 U.S.
Level 3 LVLT $314 U.S.
FirstEnergy FE $299 U.S.
Cabot Oil COG $104.5 U.S.

http://americasmarkets.usatoday.com/2015/03/04/11-big-profitable-companies-pay-no-u-s-tax/

[strawberries]

14. speaking from experience I have to agree with Rubio

When Office depot and office max merged last year. We got a knew CEO. His first decision was whose base was going to be the cooperate base. I was in Boca, where office max had their cooperate office and I forget the town in Illinois where office max had their cooperate office.

He was very upfront and told us that which ever state gave him the best deal would be the home of office depot/office max.

One Monday he called a meeting and told us he had gotten back from Illinois and was almost pissed. The selectmen were suppose to vote that Friday on tax breaks etc. No one showed up to vote, so Boca became office depot/office max cooperate office. They have 5 years of not paying taxes and other benefits. That office employs most of the Boca folks and surrounding towns.

Layoffs in Illinois started immediately and we started moving the data over to our site as they were laying off.

[americannightmare]

15. Jesus H. Christ!!! I'll let...

George Carlin say it for me...

[former9thward]

16. Obama proposes lowering corporate tax rate to 28 percent

This proposal is not that much different than what Obama wants.

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.


http://www.washingtonpost.com/business/economy/obama-to-propose-lowering-corporate-tax-rate-to-28-percent/2012/02/22/gIQA1sjdSR_story.html

[cstanleytech]

17. I have no problem with cutting taxes for corporations

that pay all their employees (including contract and subcontracted employees) a living wage thats over the federal poverty level and the ones that dont pay their employees a living wage imo can shove any tax breaks where the sun doesnt shine.

[starroute]

18. Does that "simplification" mean tax increases for the entire middle class?

Sure sounds like it. I'd like to see the numbers crunched.

[SoapBox]

19. The 99% would get screwed.

Because that is the way it ALWAYS ends.

I...HATE...Pukes and Baggers.

[lark]

21. On a related matter, sun rises in east today!

Of course Repugs vote to cut taxes for the rich, that's all they do. They lost this week and lost badly, so they've returned to what they do best, making the rich and themselves included, richer. That's all they are there for anyway. OK, well that and making sure we stay at war all the time and keep the women folk and the poor folk down.

[Dustlawyer]

22. I just want to know how much did these two sell outs get for their campaign coffers?

People need civilization. To have civilization you need government. Governments need taxes to function. Since the corporations and the top ten percent have all the money and get almost all of the benefits of our society, they need to pay for it!

We allow those with all of the money to bribe clowns like Rubio and Lee, and almost all other politicians, Republicans and Democrats alike, so they get what they want. I have to ask,

WHY?

[titaniumsalute]

23. And where we will these lower tax revenues be made up?

Crickets.

[Vinca]

24. Well . . . duh . . . grandma and the disabled.

Social Security is like a bank to the GOP.

[Grins]

25. Republican senators propose bill to cut taxes for corporations

Republican senators propose bill to cut taxes for corporations

Also known as Wednesday....

[leftofcool]

26. in other news, the sky is blue!

[Skittles]

27. well isn't that special

it's not like the corporations and the 1% are enjoying record profits.....oh wait

[1StrongBlackMan]

28. Okay, Bet! I'll accept your ...

plan to lower the maximum tax rate for companies to 25 percent from 35 percent and have individuals and families pay a rate of either 15 percent or 35 percent, rather than the current tiered system with seven rates going as high as nearly 40 percent.

All you have to do is close the corporate loop holes that promote the off-shoring of revenue to avoid taxation, along with instituting a sixty (60) day revenue repatriation amnesty with a 100% penalty of all untaxed revenue, wherever earned ... Regarding Individual taxation, set the 15% upper limit at $150,000 (single)/$250,000 (family) and apply the 35% all income, whether earned or passive.

Deal?

[The Velveteen Ocelot]

29. And in other news, the sun rose in the east this morning.