How the corporate tax plans stack up
Here is how President Obama's corporate tax proposal compares with the platforms of the four GOP candidates and a GOP House leader.
This post is from The Associated Press.
Here is a comparison of corporate tax proposals by President Barack Obama, House Ways and Means Committee Chairman Dave Camp, R-Mich., and GOP presidential hopefuls Mitt Romney, Rick Santorum, Newt Gingrich and Ron Paul.
The information was compiled from the Treasury Department, House Ways and Means Committee, Tax Policy Center and campaign websites.
Corporate income tax rate
- Obama: Reduce top tax rate from 35% to 28%.
- Camp: Reduce to 25%.
- Romney: Reduce to 25%.
- Santorum: Reduce to 17.5%.
- Gingrich: Reduce to 12.5%.
- Paul: Repeal 16th Amendment to the Constitution, stripping Congress of the power to levy income taxes.
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- Obama: Reduce top rate for manufacturers to 25%.
- Camp: Eliminate unspecified preferences.
- Romney: Create temporary investment tax credit, extend write-offs for capital expenditures.
- Santorum: Eliminate corporate income tax for manufacturers.
- Gingrich: Full write-offs of capital expenditures.
- Paul: No specifics.
- Obama: Keep U.S. system of worldwide taxation, with an unspecified minimum tax on foreign earnings.
- Camp: Exempt 95% of foreign earnings from U.S. taxation.
- Romney: Transition to territorial system that does not tax foreign profits.
- Santorum: Tax foreign profits returned to the United States at 5.25%; eliminate the tax if the income is invested in plants and equipment.
- Paul: Allow foreign profits to be returned to United States tax-free.
- Gingrich: No specifics.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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