The latest strategy from Obama is to sell his new Corporate Tax Cut, lowers the overall rate from 35% to 28%, but as with all Obama parlor tricks, it eliminates many deductions that allow corporations to pay less than the 35% rate under the current system.
Also, brand new to the table is the provision that profits that are made from overseas will now be taxed even if the money is never brought back to the United States.
This is going to have devastating impact on companies like Ford, IBM and Caterpillar, to name but a few.
That means that many businesses that slip through loopholes or enjoy subsidies and pay an effective tax rate that is substantially less than the 35 percent corporate tax could end up paying more under Obama’s plan.
Obama, acting like the common street hustler that he is, is perpetrating an election year class envy hoax on the gullible and this is nothing but a con designed to whip up class envy and finally punish the successful by advancing his socialist wealth redistribution scheme.
The Republican candidates need to pound this and pound it loudly and without end.
Exit question: If this new corporate tax proposal actually comes into being, and it is admittedly a long shot at best, will General Electric and Government Motors finally have to pay taxes?