It has been well publicized that Mitt Romney will make a speech in Michigan tomorrow (Friday) concerning his corporate tax plan. Romney has already said he would lower the corporate tax rate from the current 35% (before deductions) to 28%.
So it was interesting that yesterday President Obama announced his own corporate tax plan, which is very similar to Romney’s. Trying to steal Romney’s thunder, as the old saying goes?
(The President’s plan includes lowering the general corporate rate to 28%, with the rate for manufacturing at 25%. The plan includes a minimum tax on any overseas income. It also eliminates tax breaks for the oil and gas industry, along with closing other corporate tax loopholes.)
To Mr. Obama’s credit, reports are that his plan was put together almost a year ago. To his discredit, reports are that his plan was put together almost a year ago. If this plan is so good, why wasn’t it sent to Congress right away? The cynic in me thinks the timing indicates this is just another plan crafted for the election, which will be rescinded if the President is reelected.