remember that President Obama delivered his State of the Union Address on Tuesday night.
Treasury Secretary Tim Geithner says corporate tax return will include simplification, closing loopholes and reducing corporate tax rates. He also said the Obama administration will not fund corporate tax reform by raising individual tax rates. Geithner, a master of understatement, called it a "tricky" undertaking in an interview with the Wall Street Journal
Congress seems likely to go along with the President's SOTU proposal, spurred by an Japan's scheduled reduction of corporate rates April, 2011, reported here.
Republicans want to address individual and corporate tax reform at the same time - making Geithner's understatement sound incredibily optimistic by comparison, See here
Meanwhile, the Congressional Budget Office reports that the December tax deal between President Obama and Senate Republicans added $300 billion to this year's deficit (which was already at a record). See here. And the New York Times reported the Fed voted unanimously to continue quantitative easing. Bloomberg caps this with a report that Standard & Poor's is downgrading Japan's debt from AA to AA- because the government lacks a "coherent strategy" for dealing with his huge debt. It's unclear if the Tea Party has not responded to all of this because they haven't had time or they're just too stunned for words.
The CBO also reported that Social Security will run out of money in 2037, and will only be able to pay out 78% of benefits after that. Reporting here.
This is all less than48 hours after the SOTU...