present obama's economic team has a bold new proposal uh... and
blatt say why then these guys they're running campaign haha and you know
the whole idea of the ninety nine percent more for the middle class and we
would have these corporations in
redfield and then there was some other new proposal is that
lower the corporate tax rate
uh... current x_-rays thirty five percent you always hear the propaganda
in the news about oslo i was raised orlando is this item in japan always all
eyes are
now what they don't tell you
and its root in its reporting of this or the new york times
that broke the story did not tell you
uh... that uh... that effective tax rate in this country
for corporations
is actually twelve point one percent
spent a thirty five percent effective tax rate means
the taxes they actually pet
twelve point one percent
and that is of course one of the lowest in the world
so no i call you technically we pay such a high rate all you are trusting our
heart
okay companies like g_e_ made billions of brought the space the requests it's
insanity
so i'm not to be parallel bombing mistresses what i know that that's why
we want to take away the loopholes
and then lower the rate so that in that and it doesn't affect our doubts at all
well i have to point out that number one don't we won i think about this and i
thought the republicans in the democrats were also concerned about
lowering the deficit
but when it comes to lower taxes for the rich all the site you don't care about
the deficit you're safe
and that's this will be deficit neutral who will not help but in any way shape
form
but in reality that is not what it does
in fact
in this or the new york has worked you have to go to and i count
that eighteenth paragraph
to finally hear the above
bought it turns out the joint committee on taxation which is non-partisan
looked into and said
if you took away every loophole there is
and you brought the tax rate down to twenty eight percent
you would still not be deficit neutral you would add to the deficit it would
hurt our budget
so
house again a dozen into it's not going to be there lying to you it's attractive
our corporate taxes again
okay but we're not done yet
president obama says hey you know what if you're in manufacturing i'm allowed
to doubt all waited twenty five percent
now what qualifies as manufacturing
who knows
so you think every governor in the world you know all those under like ali every
time i produce the widget other dams a dramatic actor give it a lower rate
more importantly do you think it's legal loopholes away
no rubles away george's loopholes or four accelerated depreciation
uh... that's how they deal with their equipment et-cetera and how they picked
out for that in the taxes
and number two is for research and development
and so you can make an argument for those tax incentives as they would say
right
but bear incredibly popular
an auditor they were in fact impact twenty of the story here's the new york
times as quote
not only are those two provisions are likely to be repealed
nobody administration and both parties in congress
support making the research credit
poet how you can tell you why totals
i don't know i wasn't ready
there are no some loopholes we're going to make
per minute
and will lower the tax rate anyway
and by the way will they be able to take away some loopholes up shore they'll do
a fig leaf if this ever goes through right
and then what will happen two years or five years later
lovell reassert the loopholes
but this proposal in my opinion is so bad
that they're not even really trying bill like well one of the largest loopholes
knitwear not only not going to be await word dissected it stays forever
another
such on my own promise that i want to
and even into the way the woman's plan toward evisa bhai
no no no no no i want to balance the budget
off the backs a middle-class and the poor i don't mind a card to corporations
now of course not
by the way also uh... one of those rates pat ever in our history is so
where we are in terms of uh...
the percentage of our g_d_p_ which is corporate add taxes so
uh... as a
the corporate sectors right now are chipping in one point three percent
of g_d_p_ in taxes
record low
uh... on average over the last several decades
and again not when we were really tell 'em on taxes just middle of the road at
best
uh... it was at two percent of g_d_p_
so that that numbers are
gone down dramatically
and i'm sure you charts on the show before
the nineteen fifties corporations are paid somewhere near
thirty percent of the whole entire tax burden in the u_s_
now they're down a like six percent
paying guest list if they are higher share of the tax burden
you guessed it
payroll tax gone opposite
percentage of taxes paid overall sales tax is gone up
who pays the payroll taxes sales tax
you and i do so huge portion
of or income
and so corporations have been whittling away at taxes now president obama's
proposal would help them whittle away a little for it
and if you're still
you know in shock let me add one more
i guess was an unfortunate shot
it turns out the guy in inside obama administration which has been pushing
for this proposal for the last two years airs a military yes
internally
who in the bombing restrictions were pushing for laura corporate taxes bowl
guinness must watch oneidas together opt three
by has
but what it turns out is that
derek
olha
uh... i didn't see that go