Your Views: Obama's tax cut for corporations is more of same
President Obama's latest “grand bargain,” to overhaul the tax code for big corporations, is his latest attempt to pick winners and losers. Even though he blasts those evil big corporations for their “excessive profits,” he wants to reward them with a tax cut. Obama has not provided a cost estimate for those plans, but he wants to reward those big corporation campaign contributors.
What about lowering rates for families and small businesses also? Most small-business owners in America file as individuals, and they create most of the jobs. The top individual tax rate is effectively 44.6 percent. So a 44.6 percent tax rate on successful small businesses is OK with Obama. Yet Obama wants a 28 percent tax rate on large corporations.
Where is the fairness Obama is always calling for? Why not end loopholes while lowering tax rates on everybody, small businesses and families, not just big corporations? We should be getting used to this. Obama left some businesses off the hook for the employer mandate in Obamacare, but he won't let families and small businesses off the hook for it.
Worse yet, in exchange for cutting taxes on big corporations, Obama wants more spending in return. He never asks for deficit reduction in return for anything. Always more spending.
We need to rein in deficit spending. We need corporate tax reform coupled with individual tax reform that is revenue neutral. We need to end crony capitalism.