President Barack Obama urged businesses to join him in an effort to change a “burdensome” corporate tax code, calling for “something smarter, something simpler, something fairer.”

In a speech to the U.S. Chamber of Commerce today, Obama said “various loopholes and carve-outs” distort economic decisions. He drew attention to the way that the deduction for interest encourages companies to borrow for new investments rather than use equity.
“You’ve got too many companies ending up making decisions based on what their tax director says instead of what their engineer designs or what their factories produce,” Obama said. “And that puts our entire economy at a disadvantage.”

Obama announced no new tax proposals in the speech. He reiterated his call from the State of the Union address on Jan. 25 for cutting the 35 percent top corporate tax rate without increasing the federal budget deficit. He made today’s speech in front of business executives and Chamber officials who have opposed many of the administration’s economic policies.

The relationship between Obama and the Chamber will be central to efforts to overhaul the tax code, because they can shape the framework of the debate in Congress, said Mel Schwarz, a partner at the Washington national tax office of‘Key Players’

“The two key players in getting the process started are at least as much business and the administration as they are congressional Republicans and congressional Democrats,” Schwarz said.

When Japan lowers its corporate tax rate this year the U.S. rate, when combined with state and local income taxes, will be the highest in the world.

Chamber officials and business executives say the high corporate rate makes U.S.-based corporations uncompetitive with companies based in most industrialized nations. Other companies face lower marginal tax rates and no taxes on income they earn outside their home countries.

Lowering the corporate rate without increasing the deficit would mean eliminating at least some deductions and credits that companies now use. Businesses that have paid low effective tax rates, such as General Electric Co. and Pfizer Inc., could pay more taxes under a system with a lower rate.

Now, he seeks business support?
Couldn't he have done this 4 years ago?

“You’ve got too many companies ending up making decisions based on what their tax director says instead of what their engineer designs or what their factories produce,” Obama said. “And that puts our entire economy at a disadvantage.”

I wish that he could provide a source for this statement or tell which companies he speaks of. Kind of vague.

Sounds like Obama has inherited a mess.

what mos people on realize is corporations dont actually the tax

the tax is added to the price of the produc or service they offer

so the customer pays that tax thus being taxed yet again

there should be no axes assessed on 'the people' but if their is then
there should be no tax on the corporation thats what the gov calls
double dipping if 'the people' try it

killing another one