Obama Plan to Reform Corporate Tax Code Fails to Shift Larger Tax Burden onto Big Business
Interview with Chris Rude, political economist and activist, conducted by Scott Harris
A report issued in 2010 by President Barack Obama’s National Commission on Fiscal Responsibility and Reform recommended an overhaul of the nation’s complex and loophole-ridden tax code. Although the omission’s recommendations were not adopted by Congress, the president put forward one element of the plan on Feb. 22 that would reform corporate taxes. The president proposed cutting the top corporate taxes from 35 percent to 28 percent, with a 25 percent drop for U.S.-based manufacturers. Concurrently, the plan would also eliminate many loopholes that had allowed some of the nation’s largest corporations to pay little or no taxes at all. But the administration maintains that their proposal would remain revenue neutral, meaning that corporations under their plan would pay no more taxes in the future than they’re paying now.