28 Feb 2012
- Last Updated on Monday, 06 August 2012 17:40
- Published Date
By Brandon Moseley
Alabama Political Reporter
Congresswoman Terri A. Sewell (D) from Selma issued a press release with her supportive comments of President Obama’s framework for business tax reform.
Representative Sewell said in her press release, “I applaud the President for outlining a bold framework for reforming the U.S. business tax system. This proposal is an important first step towards developing a comprehensive tax code that echoes the long held belief that we all must pay our fair share and enhance American competitiveness.”
Rep. Sewell continued, “This framework proposes fair tax policies for businesses that would encourage job creation and strengthen American manufacturing. It puts an end to tax loopholes and subsidies that have hurt business productivity and growth. In addition, it provides incentives to strengthen our small businesses and encourage entrepreneurship. The framework will help us pave the way to rebuilding the middle-class and make our businesses - both large and small competitive again.”
“I look forward to continuing to work with the President and my colleagues in Congress on a comprehensive tax reform plan that will grow our economy, reduce our deficit and build a stronger economic foundation for America’s families,” finished Rep. Sewell.
President Obama’s plan calls for lowering the top corporate tax rate from 35% to 28% and would lower the tax rate on corporate manufacturing profits to just 25%. The President’s plan would make up for that lost revenue by eliminating many common tax deductions. Included in this is the elimination of the popular accelerated depreciation schedule that encourages new equipment purchases including corporate jets. Pres. Obama’s plan also eliminates the corporate deduction for interest and sets a minimum tax rate for foreign income. President Obama’s plan would also eliminate what he calls tax “subsidies” for the oil and gas industries. Not included in the President’s plan is the elimination of tax code subsidies for the “clean energy” programs which the Obama Administration has championed.
The President’s plan is unlikely to be seriously addressed by the Congress during an election year. Although tax rates change frequently the last major tax reform proposal that passed was in 1986.
Congresswoman Sewell represents Alabama’s seventh Congressional district. She is unopposed in the March 13th Democratic Party Primary, however two Republicans will be competing in the March 13th Republican Primary to run against Rep. Sewell in the November 6th General Election.
To read Congresswoman Sewell’s statement in its entirety:
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