John Cornyn: Eliminate some corporate tax breaks as part of a deal to cut tax rates

Houston Chronicle ^ | 7-2-2011

[Snickering Hound]

Texas Sen. John Cornyn this morning laid out a long-term political blueprint for bipartisan, comprehensive tax reform, declaring that he could support eliminating some corporate “tax expenditures” as part of a “revenue neutral” deal that lowered overall tax rates.

Appearing on Fox News Sunday, Cornyn said that a serious discussion of tax reform should follow any short-term deal to cut trillions of dollars in federal spending and increase the federal debt limit.

“There is not enough time to get this (tax reform deal) done between now and Aug. 2,” he said.

The San Antonio Republican said there is bipartisan support for “revenue neutral” tax reform that eliminates “tax expenditures” while lowering the rates paid by the vast majority of businesses.

“Our tax code is riddled with a lot of tax expenditures that don’t make sense,” said Cornyn, citing federal subsidies to the ethanol industry as one example of an unjustified corporate tax break.

He rejected the contention from some Republican conservatives that closing tax loopholes amounts to a politically unacceptable tax increase.

“That’s revenue neutral,” Cornyn said on Fox. “That’s not raising taxes.”

[Snickering Hound]

[PGR88]

What’s wrong with getting rid of corporate welfare?

[comps4spice]

I suggest they start first with tax breaks for GE.

[neodad]

Here they come! Once again Bambi plays a little golf and gets what he wants...

[Pan_Yan]

They can call them tax increases if they want, but the truth is all the loopholes and subsidies are wrong and create an unfair competitive advantage. Politicians can play word games all they want, but if the Democrats are willing to eliminate a few pages of the tax code don't argue about it. Just do it.

[LowNslow]

They can start with all the Obama tax breaks they passed and signed in to law for Hollywood.

[BobL]

It’s Republicans like Cornyn that make Governor Perry look good in Texas, even if he stinks by national standards.

It’s embarrassing to be in a state with a nearly two-thirds Republican majority in both branches of the legislature, a Republican governor, and not even be able to get a measely Sanctuary City bill passed (or even have the governor make more than a half-hearted attempt to get it passed).

...and did I mention our Texas version of the Dream Act that seems to be off limits to this governor also?

[achilles2000]

Welfare is transfer payments. Deducting costs and expenses from what purports to be a corporate INCOME tax is not welfare. You want to eliminate corporate welfare? Eliminate the Ex-Im Bank, eliminate federal grants to “green” companies, eliminate foreign aid which is a round about subsidy), etc.

[apoliticalone]

I favor eliminating all corporate welfare and treating ALL INCOME (including carried interest, dividends, municipal interest and capital gains) the same. I favor a level playing field without the special deals that are handed out often based upon economic status.

Why should a person being paid $250K in a risky job pay over twice the tax rate as a billionaire hedge fund manager compensated by carried interest?

Why are the banks allowed to carry forward indefinite tax losses at taxpayer expense when they were bailed out by we taxpayers? The system needs to eliminate special deals such as 15% tax on dividends.

The rubber is hitting the road and those that don’t pay their fair share are costing the rest of us.

[MetaThought]

Yeah, we should cut subsidies and tax breaks. All of them.

[JLAGRAYFOX]

Senator John Cornyn, hear my words, no tax increases, whatsoever. Want someone to correct the problem, call me to Washington. IRS gone, Flat Tax, yes. Post Office, gone. Education department gone, Taxes, yes on all and every citizen that earns a dime. What is with you dummies? The simple answers are right in front of your nose. Plus if you useless public leeches would chase the crime, waste and misuse of our tax revenue, we would save billions. Sir, it is called profile in courage. You have none!!!

[LibLieSlayer]

What is wrong with having the highest Corporate Taxes of any Western nation?

LLS

[apoliticalone]

It’s embarrassing to be in a state with a nearly two-thirds Republican majority in both branches of the legislature, a Republican governor, and not even be able to get a measely Sanctuary City bill passed (or even have the governor make more than a half-hearted attempt to get it passed).

+++++++++++++++++++++++++++++++++++++++++++++

Slightly off topic, but this is one of the reasons I’m no longer registered Repub. I’m reg. independent. The National RNC wants amnesty and open borders as much as the Democrats, except for different reasons. The Republican Party has too deep an affinity to the internationally owned, trans-national corporations that consider USA sovereignty a PITA. Remember when Rove scolded Tom Tancredo and told him never to cast a shadow on the door of the White House because of his stance on illegal immigration. The RNC’s benefactors want cheap labor regardless of what it costs the USA, just like they wanted profits from China.

http://www.csmonitor.com/2004/1210/p03s01-uspo.html

[LibLieSlayer]

I like getting rid of corporate welfare though... but let's get our corporate tax structure in line with Japan and Europe. We need to for competitive reasons.

LLS

[crosslink]

Here is how you raise revenue and bring jobs to America. Have no corporate taxes,0 Nada. Demand they employ and manufacture here. Corporations do not pay taxes they shift them to us now. If this was done every major Corp in the world would come here. The jobs created and the taxes paid by those employees would balance the budget. The problem is it would take control from DC.

[MetaThought]

I agree entirely, but that’s not going to happen tomorrow.

[BobL]

“The National RNC wants amnesty and open borders as much as the Democrats, except for different reasons.”

I agree and it’s painful to have to deal with. There are benefits to open borders - such as the ability to get reliable workers, rather than having to deal with the zombies graduating from our high schools...ask any small business owner who they’d prefer.

But even so, we MUST look to the future, and countries with un-assimilated immigrants DIE OUT, just as the Romans did (and Europe is in the process of doing, with their Muzzies). You MUST guard borders, limit integration, and REQUIRE assimilation, or kick those bastards out.

As far as dealing with the zombies coming out of our high schools - FIX THAT PROBLEM then. Get rid of the public school monopoly, the unions, tenure, teachers, so-called ‘education schools’, and get back to where kids showed up, sat their asses down, paid attention, and learned (or else their butts would become redder than a branding iron).

But sure as heck don’t DESTROY the future of the country because it’s TOOOO HAAAARD to take on the teachers - FIGHT, dammit, FIGHT, until you win and put an end to this system. This country went for hundreds of years with productive kids coming of age, we can certainly go back to it...but we will have to fight our way back.

[BobL]

“The National RNC wants amnesty and open borders as much as the Democrats, except for different reasons.”

I agree and it’s painful to have to deal with. There are benefits to open borders - such as the ability to get reliable workers, rather than having to deal with the zombies graduating from our high schools...ask any small business owner who they’d prefer.

But even so, we MUST look to the future, and countries with un-assimilated immigrants DIE OUT, just as the Romans did (and Europe is in the process of doing, with their Muzzies). You MUST guard borders, limit integration, and REQUIRE assimilation, or kick those bastards out.

As far as dealing with the zombies coming out of our high schools - FIX THAT PROBLEM then. Get rid of the public school monopoly, the unions, tenure, teachers, so-called ‘education schools’, and get back to where kids showed up, sat their asses down, paid attention, and learned (or else their butts would become redder than a branding iron).

But sure as heck don’t DESTROY the future of the country because it’s TOOOO HAAAARD to take on the teachers - FIGHT, dammit, FIGHT, until you win and put an end to this system. This country went for hundreds of years with productive kids coming of age, we can certainly go back to it...but we will have to fight our way back.

[Humble Servant]

I’m all for eliminating the tax loopholes and subsidies for shoving phoney-baloney alternative energy down our throats, and conspiring to double the cost of all energy in this country, impoverishing average Americans and enriching Al Gore the Warming Whore and every third-world dictator and communist thug there is. Give me back my damn money, Bozo!

[Nip]

Loopholes and subsidies did NOT make themselves. To argue otherwise is to adopt the liberal premise that guns get up and go out and shoot people at random.

Every law, regulation, and policy is written by a human, So every loophole and subsidy was placed there by a human for a reason. Sometimes it is to advance a policy, other times it is repayment, and sometimes it is done by arrogance. When it comes to taxes the first two are the most common causes.

Before you close a loophole or subsidy you better have a very good idea as to the number of jobs it will cost.
Should we redo the tax code - Yes; anything more than 100 pages is too long. Should we be stampeded into for “bipartisanship - NO. It has been the drive for bipartisanship (aka spread the wealth/blame) that has gotten us our current tax code.