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November 28, 2022

Corporate America Encouraged By Rhetoric From Presidential Candidates

Yesterday we attempted to make some sense of President Obama's statement about ending "tax breaks to companies that are shipping jobs overseas." His was attempting to discuss corporate tax reform, although Mitt Romney had never heard of any such thing and wondered aloud if he needed to gleefully fire his accountant.

Anyhoo, in the first part of the President's statement he uttered something that you may not have heard before: "When it comes to our tax code, Governor Romney and I both agree that our corporate tax rate is too high, so I want to lower it, particularly for manufacturing, taking it down to 25 percent."
Yes! Agreement! The presidential candidates are in total lockstep when it comes to the needs of their corporate constituents. And guess what? Thse constiuents are thrilled!
Romney has called for lowering the top corporate rate from 35 percent to 25 percent, which puts him in line with congressional Republicans. The White House, meanwhile, put out a paper this year calling for a top rate of 28 percent, with that even lower rate for manufacturers.
That common ground drew praise from the RATE Coalition, a group that includes corporate titans like AT&T, Nike and Walt Disney that are pushing for a reform that would lower their rate and get rid of some tax breaks. “Last night was the clearest indication yet that America needs to reform its corporate tax code,” Jim Pinkerton, a former Reagan adviser and a co-chair of the RATE Coalition, said on Thursday. “Now is the time for action. “Both nominees clearly stated their support for a lower rate and broader base,” added RATE’s other co-chair, Elaine Kamarck, a onetime adviser to President Clinton. “With that in mind, policymakers should begin work on corporate tax reform that follows that philosophy.”
In other words, Corporate America doesn't seem concerned that the candidates aren't providing enough details; they are confident that the candidates will do the right thing. To contrast, the individual tax code is a complete fuckshow and some people are completely disappointed by the lack of details provided. Dammit. Why can't people be more like corporations and not the other way around?

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