President Obama's Business Tax Proposals: Industry Effects
5 Pages Posted: 10 Nov 2013
Date Written: October 19, 2009
President Obama's fiscal 2010 budget proposal, which increases net business income taxes by $239 billion over 10 years, would increase corporate income taxes by 5.5 percent. Because of three large international tax changes representing 58 percent of the total business tax increase, multinational corporations would be most affected with a 9.5 percent tax increase. Three industries -- manufacturing, finance and insurance, and services -- would pay 84 percent of the total business tax increase. Individual passthrough business owners would pay $66 billion in higher taxes from base broadening and an additional $81 billion from the increase in the top marginal tax rates.
Keywords: tax reform, tax burden
JEL Classification: H20, H22
Suggested Citation: Suggested Citation