Obama Plans Corporate Tax Cuts In Year Of Record Profits

From The Nation:

As nationwide budget protests continue this week, Treasury Secretary Timothy Geithner is prepared to unveil the Obama administration’s plan to lower the top corporate tax rate from the current 35 percent to less than 30 percent, and as low as 26 percent.

In order to pay for the cuts, the proposal calls for closing loopholes and slashing exemptions. Politico reports that Geithner has already begun meeting privately with CEOs, academics, labor unions, and liberal and conservative think tanks, and his aides say he is “encouraged by the response.”

Part of that optimism stems from the fact that Democrats and Republicans are both allies of the business world [reports a top Washington corporate lobbyist].

Read More: Here

To be fair, if Barak actually closes the numerous loopholes and exemptions in existence for corporations and the hyper-wealthy it would make for a much more equitable tax system overall despite any decrease in the percentage of tax for those parties, because more companies and elites would actually be required to pay instead of continuing to shirk their social responsibilities and pay no taxes at all. So, on the one hand, he looks like a friend to the corporate masters by formally lowering taxes, while actually increasing tax revenues by preempting those same moneyed oligarchs from worming their way out of contributing to the running of the democracy they so love to exploit. Slick move if done right.

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