Obama to unveild corporate tax plan

The plan is said to do call for the following

Lower the tax rate for corporations from 35% down to 28% but eliminate some deductions

Corps with overseas operatons would face a min tax on their foreign earnings, but the plan calls for it to be lower than the current 35% to entice companies to reinvest their foreign profits in the US..which they currently do not to avoid the 35% tax rate

New tax benefits given to US Manufactures and would reduce the rate on Manufactures to no more than 25% with benefits given to those who focus on clean energy R&D

Taxes on Oil and gas companies would go up and they would lose some of their large deductions and subsidies

The tax plan is aimed to raise $250 billion in 10 years in revenue

If passed, this would be the first lowering of the corporate tax rate in the US in 25 years per the Obama Admin

Romney has called for the rate to be lowered to 25%, Newt wants it cut to 12.5%, while Santorum has called for exempting domestic manufactures from the corporate tax and a 50% reduction in the tax rate for other businesses

http://www.foxnews.com/politics/201...il-corporate-tax-reform-plan/?test=latestnews

What's the excuse (because there is no valid reason) to raise taxes on oil/gas producers while lowering taxes on all other corporations?

I don't think Obama has ever needed an excuse or reason to pursue a radical Green Agenda..and we all know the Environmental crazies think that big oil is Satan

http://www.conocophillips.com/EN/about/energy/energyissues/pages/profits.aspx

"Taxes on Oil and gas companies would go up and they would lose some of their large deductions and subsidies."

Always wanting to tax the oil companies more. Why? Because oil doesn't represent a large voting block and everyone always complains about the price of gasoline even though very little of that price is profit. Geez! If we tax the oil companies more who is going to pay for that! You will at the pump! Duh. The oil companies will not cut profit margins because they are not that large to begin with. So, what have we learned. If Obama's plan goes through, bet me, you WILL be paying more for gasoline. I guarantee it.

Does Santorum know this??

BTW, corporations don't pay taxes....people pay taxes. (I think that is a Ronal Reagan quote).

Thats the whole point of it...make gas so outrageously expensive in the US that consumers demands a cheaper alternative leading to alternative fuel and vehichles.

He is trying to create a new industry for alternative fuel and since he couldn't do it through failed start up companies and lent billions of tax payers $$'s to that failed.....he is going to try to do it by pushing traditional energy beyond the reasonable scope of affordability to the US consumer.

If there is enough US demand for an industry, you can bet there will be an industry created to take advantage of that demand.

I think Romney said that.....and people laughed at him. Or maybe what he said was that corporations are people. Which they are.

Personally I think we ought to tax everyone that sends their customer service lines overseas. And cell phone companies just because they piss me off.

Great graphs BTW.

The politics of the voting public. It's sexy to some voters to lay the blame at the foot of other people and we should penalyze them for making money by taxing them.

Yes, but heaven forbid we penalize them equally. Nope, let's go get those BIG BAD OIL COMPANIES that are just raking in money hand over fist and sending all of their product to China. Honestly sometimes the ignorance of the general public absolutely amazes me. And even more, scares me.

What amazes me sometimes is how upset some people get when someone else makes money.

But like I told someone one time that those ol' boys and girls making money in the oil/gas business by new cars, go out to eat, leave tips, buy new homes, etc. Also, how many of us have a portion of our retirements tied to the success of the oil/gas business through our investments?

Value of U.S. trade—agricultural, nonagricultural, and total—and trade balance, by fiscal year

Trade Balance, customs value
Year, Agriculture, Non-Agriculture and Total (million dollars)

1997 21,653 -257,644 -236,029
1998 16,827 -273,161 -256,344
1999 11,826 -352,254 -340,504
2000 11,905 -478,004 -466,118
2001 13,690 -475,679 -462,008
2002 12,360 -504,422 -492,076
2003 10,322 -597,650 -587,142
2004 9,741 -694,543 -684,802
2005 4,805 -829,561 -826,848
2006 4,566 -933,244 -928,678
2007 12,154 -901,030 -882,226
2008 35,590 -983,364 -964,796
2009 22,891 -671,085 -651,602
2010 29,600 -783,707 -755,827
2011 42,879 -899,450 -858,005


U.S. Domestic Exports (f. a. s. value)
Year, Agriculture, Non-Agriculture and Total (million dollars)

1997 57,305 572,048 629,317
1998 53,662 585,903 639,556
1999 49,118 586,711 635,754
2000 50,762 650,907 701,651
2001 52,717 637,936 690,634
2002 53,319 574,940 628,241
2003 56,014 580,965 637,152
2004 62,409 649,918 712,326
2005 62,516 721,290 783,806
2006 68,593 827,037 895,629
2007 82,217 925,289 1,016,871
2008 114,910 1,068,143 1,183,052
2009 96,295 847,170 943,465
2010 108,561 968,744 1,077,304
2011 137,366 1,132,405 1,269,771


Agriculture (as a percentage of the total) has risen by 2-3% over the last 15 years

Anyone have the numbers for oil and other industry?

August 2008

Barack Obama: I think that… we have been slow to move in a better direction when it comes to energy usage. And the president, frankly, hasn’t had an energy policy. And as a consequence we’ve been consuming energy as if it’s infinite. We now know that our demand is badly outstripping supply with China and India growing as rapidly as they are.

CNBC’s John Harwood: So could the (high) oil prices help us?

Barack Obama: I think that I would have preferred a gradual adjustment. The fact that this is such a shock to American pocketbooks is not a good thing. But if we take some steps right now to help people make the adjustment, first of all by putting more money in their pockets, but also by encouraging the market to adapt to these new circumstances more rapidly, particularly U.S. automakers…

More political posturing before election day. The guy is outstanding.....and he can sing too!

The key to understanding this is knowing that 'manufactures' is code for 'unions'.