Sin_of_Onin posted:
The general outline for the income portion of the reforms were in his budget proposal. The corp side was even more vague but the administration has been trying to sell the income tax side (which includes a massive increase in the taxation of capital gains) as part of a corp tax restructuring. One of the big topics that come up when talking about taxing dividends and capital gains in general is the idea that the gains were already taxed at the corp level. Because Obama is once again pushing Congress to make up their own minds he is not really leading on the issue. You can love or hate that approach I don't really care but that seems to be what he is doing here again.
There will always be talk of simplicity and fairness but I think the heart of the debate will actually be global competition. The dividend debate will get some press but hopefully they really look at our corporate tax structure in the context of global corp taxes. I don't think either side will shed the large number of credits that undermine the system but we will see.
How small businesses fit in with these reforms will be interesting to see but I tend to doubt that any large change will be made even if it has become more necessary. The Republicans will mention small businesses a bazillion times as they work really hard to protect the massively wealthy.
Rosaria posted:
Since we don't have numbers yet at least in this thread, what are the stated goals?
- more competative?
- more fair?
- more in payments?
- maybe changes in how small businesses structure their federal taxes?
What are the stated goals for Obama's tax reform?
Since we don't have numbers yet at least in this thread, what are the stated goals?
- more competative?
- more fair?
- more in payments?
- maybe changes in how small businesses structure their federal taxes?
What are the stated goals for Obama's tax reform?
The general outline for the income portion of the reforms were in his budget proposal. The corp side was even more vague but the administration has been trying to sell the income tax side (which includes a massive increase in the taxation of capital gains) as part of a corp tax restructuring. One of the big topics that come up when talking about taxing dividends and capital gains in general is the idea that the gains were already taxed at the corp level. Because Obama is once again pushing Congress to make up their own minds he is not really leading on the issue. You can love or hate that approach I don't really care but that seems to be what he is doing here again.
There will always be talk of simplicity and fairness but I think the heart of the debate will actually be global competition. The dividend debate will get some press but hopefully they really look at our corporate tax structure in the context of global corp taxes. I don't think either side will shed the large number of credits that undermine the system but we will see.
How small businesses fit in with these reforms will be interesting to see but I tend to doubt that any large change will be made even if it has become more necessary. The Republicans will mention small businesses a bazillion times as they work really hard to protect the massively wealthy.
Small businesses are the drivers of our economy in terms of labor so I would hope they are mentioned, and planned for, and something equitable be reached concerning them. Nothing temporary, again, but something permanent.
I'm not sure I understand the rest of your answer because I thought he was focusing on individual/family taxes and not corporate, or did I misread/misunderstand you? I absolute agree that any corporate tax restructuring needs to be done within the context of a global economy and competativeness.
What about the average wage earner? What could they expect for themselves and their families from his tax proposals?
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