Factbox- Likely tax elements in Obama budget plans

In his first budget, Obama sought to raise more than $210 billion over a decade by trimming tax breaks enjoyed by companies with business overseas, in addition to chopping billions in tax preferences enjoyed by oil and gas companies.

After loud protests from companies and with few of his ideas moving in Congress, the White House trimmed its international corporate tax proposals by about $80 billion the following year. Those proposals could be brought up again in the latest budget.

On the individual tax side, Obama will call mobile porn for an end to lower tax rates for wealthier Americans once a bipartisan deal struck in December to extend them expires at the end of 2012.

On Tuesday, the White House said it will propose financial relief for U.S. states struggling with high unemployment by boosting the amount of wages subject to unemployment insurance taxes,political science.

The president’s budget proposal is just a blueprint or wish list. Congress sets funding levels and enacts the budget, and a major battle looms on Capitol Hill now that Republicans control the U.S. House of Representatives.


Since Democrats lost the House, Obama has been courting the private sector and has said he backs a cut in the 35 percent top corporate tax rate. Still, he has tied that idea to his earlier calls to close what he calls loopholes, many of which are prized by companies.

An overhaul of corporate taxes is seen unlikely in the run up to the 2012 elections, given the dicey task of curbing these tax breaks, but Obama could lay out some broad markers of what he wants corporate tax reform to look like.

Obama’s prior proposals to close tax breaks include:

* Limits on deferral of taxes on interest expenses associated with income earned abroad, raising about $26 billion over a decade.

* Tightening rules on foreign tax credits, which are intended to avoid double taxation. Critics say the credits are abused, costing the government revenue. The plan would raise about $60 billion.

* Taxation of “excess returns” associated with shifting intangible property to low-tax locations, raising $15 billion.

Aside from the offshore income proposals, Obama’s last budget proposed the following:

* Eliminate Last in-First Out

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