Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty

White House Unveils Corporate Tax Reform Plan

February 22, 2012 by  

White House Unveils Corporate Tax Reform Plan

The President Barack Obama Administration unveiled a corporate tax reform plan on February 22, lowering the top income-tax rate for corporations while eliminating deductions, Fox News reported.

According to the news outlet, the top income-tax rate, if the plan is adopted, will drop from 35 percent to 28 percent for corporations, and firms with overseas operations will also now face a minimum tax on their foreign earnings. This would work in conjunction with new tax benefits for U.S. manufacturers to provide incentives for keeping work in America.

This new tax plan aims to raise $250 billion over 10 years, as money would come from firms like oil and gas companies, which would lose many large deductions and subsidies along with paying a higher amount of taxes.

"Our tax system should not give companies an incentive to locate production overseas or engage in accounting games to shift profits abroad, eroding the U.S. tax base. Introducing the principle of a minimum tax on foreign earnings would help address these problems and discourage a global race to the bottom in tax rates," according to an outline provided by a senior official from the Administration.

Bloomberg reported that the new tax code, if adopted, will still include incentives for research and development and renewable energy.

Special To Personal Liberty

You Sound Off! is written by our readers and appears the last Wednesday of each month. If you would like to submit an article or letter to the editor for consideration for You Sound Off!, send it to by the Friday before the last Wednesday of the month. To be considered, a submission should be 750 words or less and must include the writer's name, address and a telephone number. Only the writer's name will be published. Anonymous submissions will not be considered.

Facebook Conversations

Join the Discussion:
View Comments to “White House Unveils Corporate Tax Reform Plan”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at


Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.