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RCP: Obama's Corporate Tax Plan Presages Election Debate

February 23, 2012

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President Obama's framework on tax reform may not materialize into a bill, but it can create substantial debate before the elections, writes Alexis Simendinger at RealClearPolitics.

President Obama's corporate tax reform "framework" unveiled Wednesday is unlikely to become law in an election year, but a partisan and economically rooted debate about individual and business taxes will figure prominently before November.

Two competing visions for fiscal rejuvenation after 2013 are guaranteed to clash when Obama and a GOP nominee finally face one another later this year.

Treasury Secretary Tim Geithner was so certain of the oncoming collision that he decided Wednesday to highlight its inevitability as he explained Obama's aims for corporate tax changes.

Geithner will meet with the chairmen of the House and Senate tax-writing committees, possibly next week, to discuss the president's desire to lower the corporate tax rate to 28 percent from 35 percent; create a new minimum tax on earnings abroad to encourage business investment at home; end certain preferences and loopholes, such as those for the oil and gas industries; place a 25 percent effective tax rate cap on manufacturing; and match the revenue raisers against the reduced taxes to make any corporate tax package deficit-neutral.

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