Today, President Obama is announcing a repackaging of the corporate tax reform proposal he put forward back in 2012. Based on the White House fact sheet, the plan is a restatement of his 2012 plan coupled with a call to raise “one-time” revenues to pay for new spending.
To recap the 2012 plan, the President proposed to:
- Cut the C corporation top tax rate to 28 percent;
- Reduce the top rate on C corporation manufacturers to 25 percent;
- Eliminate tax deductions, preferences and credits used by C corporations and pass-through businesses alike to offset the lower C corporation rates; and
- Increase expensing limits …