Follow the clues: Obama intends to lower the corporate tax rates!

Remember when the President made a progressive speech twelves days ago, and everybody laud him for making a strong case for getting rid of the Bush tax cuts for the wealthy including us? But do you also remember that I gave a note of caution because I picked up a line in that speech that not very many people have mentioned, the one where he indicated that he might actually lower taxes:

Obama: “…more economic growth and build on the Fiscal Commission’s model of reducing tax expenditures so that there is enough savings to both lower rates and lower the deficit.”

So what’s that about after giving this huge speech on the need to raise taxes on the rich so that they can pay their fair share, why did he include that line about lowering taxes? Because that was the plan all along, to lower the top corporate and possibly personal income tax.

How did I know that? I read the Fiscal Commission’s findings or at least what since has been published since they (the Obama administration) couldn’t get everybody else to sign on. And they said that they wanted to lower the top corporate and individual income rates after getting rid of deductions and loopholes. And now today, the other shoe is beginning to drop. John Harwood reporting for the New York Times said that the Obama administration is preparing a plan to lower corporate tax rates.

They say it will get rid of loopholes and has a revenue-neutral effect, etc., but what will happen is they will get rid of the loopholes for now, but at the first possible opportunity, the corporations will re-insert those loopholes but now at a lower rate. The rate could be lowered from 35% to 26%. Whose brilliant idea was this? Of course, Tim Geithner. There isn’t a corporate executive that this guy has not wanted to hug.

The policy is disastrous, but what’s worse is the politics. In the middle of a brewing middle-class rage about lack of jobs, high gas prices, where the rich are getting richer and paying less taxes, you’re going to propose lowering corporate taxes?! Are you crazy? How toned deaf are these guys?

What’s your slogan for 2012? I know you’re in a lot of trouble, but don’t worry, I just gave the corporations another break?

Turn around, President Obama, you’re going the wrong way. Stop listening to Geithner, stop listening to the Washington media, the country’s in a rage over the economy. They don’t think this is the answer. Please turn around.

Dear American Voter of the Middle Class:

Please be advised that President Barack Obama intends to screw you yet another additional time.  Yes, we know he screwed you by not even proposing to Congress a single-payer healthcare bill.  And we know that he screwed you by extending tax cuts to the rich.  And yes, he lowered the estate tax on the rich, too, whereby millionaires can pass on as much as $10 million in estates to their heirs without paying any taxes.  And yes, not only are the troops still in Iraq, but he increased the level of troops in Afghanistan and even became involved militarily in Libya.

And, of course, you know that he appointed a very conservative panel to the Deficit Commission, from where he will endorse cuts to Social Security and possibly even to Medicare.

But did you know, after all of this, that he intends to lower the tax rate on Corporations from 35% to 26%?  As Cenk Uygur argues in the clip above, the word is out on the street already.  Obama’s top economic advisor, Tim Geithner, loves big Corporations.  He’s a Wall Streeter. And be further prepared to see a reduction on the highest marginal tax rates, too, for the rich again.

Progressives need a challenger to Obama in 2012.  Anybody but Obama in 2012.  Anybody! Obama is worse than any Republican: he is a traitor to all Progressives. He not only sold Progressives out already, but he will continue to sell out Progressives again and again, even though he promises change!

Progressives, find a leader to run against Obama in a primary…now!

About William Brighenti

William Brighenti is a Certified Public Accountant, Certified QuickBooks ProAdvisor, and Certified Business Valuation Analyst. Bill began his career in public accounting in 1979. Since then he has worked at various public accounting firms throughout Connecticut. Bill received a Master of Science in Professional Accounting degree from the University of Hartford, after attending the University of Connecticut and Central Connecticut State University for his Bachelor of Arts and Master of Arts degrees. He subsequently attended Purdue University for doctoral studies in Accounting and Quantitative Methods in Business. Bill has instructed graduate and undergraduate courses in Accounting, Auditing, and other subjects at the University of Hartford, Central Connecticut State University, Hartford State Technical College, and Purdue University. He also taught GMAT and CPA Exam Review Classes at the Stanley H. Kaplan Educational Center and at Person-Wolinsky, and is certified to teach trade-related subjects at Connecticut Vocational Technical Schools. His articles on tax and accounting have been published in several professional journals throughout the country as well as on several accounting websites. William was born and raised in New Britain, Connecticut, and served on the City's Board of Finance and Taxation as well as its City Plan Commission. In addition to the blog, Accounting and Taxes Simplified, Bill writes a blog, "The Barefoot Accountant", for the Accounting Web, a Sift Media publication.
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