Black People : As Corporations get Phatt, their NewTax Cuts will Be Phatter

Discussion in 'Black People Open Forum' started by Ankhur, May 6, 2011.

  1. Ankhur

    Ankhur Well-Known Member MEMBER

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    Thursday, May 5, 2011
    by The Nation
    Obama Administration Plans Corporate Tax Cut In Year Of Record Profits
    by Allison Kilkenny

    As nationwide budget protests continue this week, Treasury Secretary Timothy Geithner is prepared to unveil the Obama administration’s plan to lower the top corporate tax rate from the current 35 percent to less than 30 percent, and as low as 26 percent.

    In order to pay for the cuts, the proposal calls for closing loopholes and slashing exemptions. Politico reports that Geithner has already begun meeting privately with CEOs, academics, labor unions, and liberal and conservative think tanks, and his aides say he is “encouraged by the response.”

    Part of that optimism stems from the fact that Democrats and Republicans are both allies of the business world.

    One top business lobbyist, speaking on condition of anonymity, said corporate tax reform should be “the easiest piece” of a complex fiscal bargain “because you have people in both parties in the business community.”

    Meanwhile, the number of people who filed new applications for jobless benefits leaped 43,000 last week to 474,000, the highest level in almost nine months.
    The surge in unemployment comes at a time when U.S. corporations are more profitable than ever. The end of 2010 saw some of the biggest gains in the business world, according to data from the federal Bureau of Economic Analysis. Corporations reported an annualized profit of $1.68 trillion in the fourth quarter, up from the previous record of $1.65 trillion in the third quarter of 2006.

    In the first quarter of 2011, Exxon-Mobil, the world’s biggest and most profitable corporation, raked in $10.7 billion. That’s a 69 percent increase over the same quarter last year, and the highest quarterly profit since 2008. This is happening during a time when citizens are searching underneath the couch cushions to scrape together enough change in order to fill their gas tanks so they can go file for unemployment benefits.:SuN008:

    http://www.commondreams.org/view/2011/05/05-9
     
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