Bringing the Economy Home

President Obama Asks Congress To Lower The Corporate Tax Rate

Stephen Brashear / Getty Images

President Obama recently spoke at Boeing in Everett, Washington.

President Obama wants Congress to lower the top federal corporate tax rate from 35 percent to 28 percent. The New York Times reports Obama’s proposal would get rid of dozens of loopholes and subsidies and give preference to manufacturers that would set their maximum effective rate at 25 percent.

Mr. Obama’s proposal, outlined by Treasury Secretary Timothy F. Geithner at a midday briefing, also would establish a minimum tax on multinational corporations’ foreign earnings — a feature that Republicans immediately denounced.
With this framework for changes, Mr. Obama opened a new front in a running election-year debate with Republicans in Congress and in the presidential race who seek even lower taxes for businesses, as well as lower individual tax rates than Mr. Obama has embraced.-

The four remaining Republican presidential candidates each have their own ideas for lowering the corporate tax rate.  Mitt Romney wants to lower the highest corporate to 25 percent, Rick Santorum 17.5 percent, Ron Paul 15 percent  and Newt Gingrich 12.5 percent.

You can read more about the candidates’ economic plans here.



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