Arab Today, arab today obama seeks corporate tax cuts
Last Updated : GMT 09:42:59
Arab Today, arab today
Arab Today, arab today

Obama seeks corporate tax cuts

Arab Today, arab today

Arab Today, arab today Obama seeks corporate tax cuts

Washington - UPI

The U.S. Treasury announced a tax overhaul proposal reducing the corporate rate and closing loopholes that favor large corporations. The tax plan is meant to create jobs in the United States and keep corporations from shifting profits abroad, which allows them to dodge paying taxes to Washington, Treasury said. \"As I said in the State of the Union, it is time to stop rewarding businesses that ship jobs overseas, and start rewarding companies that create jobs right here in America,\" President Obama said in a statement. He called the current corporate tax system \"outdated, unfair, and inefficient.\" A tax overhaul was required, \"to make us more competitive and create jobs here at home,\" Treasury Secretary Tim Geithner said. Giethner said the tax plan would \"boost growth and provide American companies with incentives to invest in the United States while simplifying and cutting taxes for our small businesses.\" Treasury said there were five \"major elements\" to the plan, including cutting the corporate tax rate from 35 percent to 28 percent while eliminating \"dozens of tax loopholes and subsidies.\" The plan is even more generous to manufacturing firms where the \"effective rate (would be) ... no more than 25 percent,\" Treasury said. Treasury did not spell out which loopholes the Obama administration was targeting. Geithner told the Senate Finance Committee Feb. 14, \"We\'re going to propose a broad reform that will lower rates, broaden the base and eliminate or wipe out ... dozens and dozens and dozens of special tax preferences for businesses.\" Part of the plan is aimed at simplifying the code for smaller businesses -- those without platoons of lawyers at their disposal. \"Right now, companies get tax breaks for moving jobs and profits overseas,\" Obama said in his State of the Union address Jan. 24. \"Meanwhile, companies that choose to stay in America get hit with one of the highest tax rates in the world. It makes no sense, and everyone knows it. So let\'s change it.\" When he visited Master Lock Co. in Milwaukee last week, Obama called for tax cuts for U.S. manufacturers and higher taxes for companies that move overseas. Obama said in his State of the Union speech it was time to end subsidies and tax breaks for the oil industry, which \"rarely has been more profitable,\" and time to offer additional tax credits to companies developing alternative energy sources. The top U.S. corporate-tax rate is 35 percent, among the world\'s highest, but many companies pay less due to credits, deductions, exclusions and exemptions, The Wall Street Journal said. Geithner suggested last year the corporate-tax rate should move toward the \"high 20s\" from its current level.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today obama seeks corporate tax cuts Arab Today, arab today obama seeks corporate tax cuts

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today obama seeks corporate tax cuts Arab Today, arab today obama seeks corporate tax cuts

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Taxi! Transport gets an overhaul

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Turkey warns of 'security' steps

GMT 12:17 2017 Sunday ,24 September

Turkey warns of 'security' steps
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday