It’s yet another example of something that most lawmakers agree on yet it most likely will not get done. Washington gridlock is alive and well even when there is no disagreement on the core issue.
That is the main problem with the corporate tax.
Currently, American corporations pay a 35% tax rate, higher than any other advanced country and most lawmakers, tax experts and, of course, corporate CEOs believe that this is too high.
Because of that, President Obama proposed lowering the tax rate to 28% in an attempt to make America a more corporate friendly place to do business.
The chances of this issue gaining enough traction to get through Congress is essentially none.
Here’s why. [Read more…] about Obama Proposed Corporate Tax Reform – Cut Tax Rate But Seal Up Loopholes
