President Obama signed a new tax law that would impose a tax rate of 100% on all corporations.
The President said the law received widespread support.
From the UPW newsroom: April 7, 2011.
Partying late into the night.
President Barack Obama signed into law today a new tax bill that would impose a 100% rate of all US corporations. The rate will be applied to the gross profits and at the same time eliminate all deductions for business expenses.
The rate becomes the highest rate a which businesses have ever been taxed in the history of the world and it represents a compromise between the 150% rate sought by the Obama Administration and the lesser rate insisted upon by Congressional Republicans.
Corporate lobbyists and business leaders cheered the new plan and praised Obama for the leadership his Administration displayed in ushering the legislation through Congress.
Investors were ecstatic by the passage of the tax program and showed their enthusiasm as the Dow rallied after a midday slump and gained an astonishing 1000 points to end at 14,375, the first time in several years the Dow has vaulted past the 14,000 barrier.
On Wall Street one CEO, who insisted on remaining anonymous, heaped lavish praise on Obama. The business leader expressed particular delight at the clause in the plan that makes paying taxes optional for corporations.
Another senior executive stated that this provision should not in any way prevent corporations from paying their fair share of taxes but would at the same time greatly simplify tax collections for the IRS.
According to a spokesman for the White House the option clause is merely intended to give corporations a choice as is incumbent upon a genuine free market system.
Another provision incorporated into the statute allows wealthy persons earning more than $500,000 annually to define themselves as legal corporations. The clause also grants to the wealthy the same tax choice as it affords actual corporations.
The law also stipulates that corporations will be given a tax credit of up to 100% for all political campaign contributions. Again the amount of the credit will be optional so that corporations will be given a choice of the amount they wish to have refunded. In the event a corporation chooses to pay no taxes the credit will nevertheless be refunded in the full amount if that is the CEO’s choice.
From the UPW newsroom: Surpassing the Mainstream Media inreporting worthlessly useless news worldwide.