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.-Read more: Obama Administration Plans Corporate Tax Cut In Year Of Record Profits
Well, the two parties are two peas in a pod. Yes, cut taxes, but while we're at it, cut all crony capitalism and corporate welfare as well. Ah, but that won't ever happen, not with the corporation controlled US Congress!