It certainly won’t surprise anyone that the losers under President Barack Obama’s proposal to restructure the corporate tax regime are opposed to it. But it turns out that businesses which would benefit from the overhaul object to it as well,
The Hill reports.
The plan offers manufacturers a lower effective income tax rate and other new advantages, but they aren’t happy. “You have to look at the whole plan on balance,” Dorothy Coleman, vice president of tax and domestic economic policy at the National Association of Manufacturers, told The Hill. “There are good things, but if they are outweighed by bad things, it's hard to get behind it.”
As you might imagine, losers under the plan are more vehement about its flaws. “We don't like the continued picking of winners and losers,” Jade West, senior vice president of government relations for the National Association of Wholesaler-Distributors, told The Hill.
One lobbying group, whose client fares poorly under the plan, called the provision that deals with inventory taxes “absolutely dreadful.”
Whatever their objections, opponents can take solace in the fact that the plan has zero chance of becoming law. The idea that a Republican-controlled House would give Obama a victory on this issue during an election year is laughable.
© 2012 Newsmax. All rights reserved.