The Repubs want to cut it down to 25% (from 35%), while Obama “and many Democrats also are looking to slice the current rate, but not as much.”
Bipartisan support builds for slicing corporate tax rate
By Jim Puzzanghera, Los Angeles Times
Backers of a proposed cut argue it would make U.S. businesses more competitive. Yet corporations have been paying an increasingly smaller share of federal taxes over the past half century.
U.S. corporations have enjoyed a two-year bull run on Wall Street. They are sitting on a record amount of cash and are back to paying bonuses that are the envy of executives around the world.
And the icing on the cake for many of them might be just around the corner: a tax cut that has bipartisan support in Congress.
As part of their budget plan passed last week, House Republicans want to cut the corporate tax rate to 25% from 35%. The Obama administration and many Democrats also are looking to slice the current rate, but not as much.
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