Via Reuters Kiyomura K.K., a Tokyo-based sushi chain, paid a record 155.4 million yen ($1.76 million), almost triple last year’s amount, to outbid an affiliate...
Obama’s corporate tax plan would slash rates, breaks
Story via USA Today
President Obama’s long-awaited business tax plan would lower the corporate tax rate from 35% to 28% while slashing popular tax breaks enjoyed from Wall Street to Main Street, making it unlikely to get far in Congress in this election year.
The plan would make up lost revenue as a result of lower rates by eliminating popular tax loopholes and simplifying a business tax system that an administration statement called “uncompetitive, unfair, and inefficient.”
“It provides tax breaks for moving jobs and profits overseas and hits companies that choose to stay in America with one of the highest tax rates in the world,” Obama said in a prepared statement. “It is unnecessarily complicated and forces America’s small businesses to spend countless hours and dollars filing their taxes. It’s not right, and it needs to change.”