Corporate income tax
Corporate income tax account for about 9% of the federal budget. Since companies contribute already through payroll (employee) and sales taxes (customer) I think the corporate income tax should be 0. Big corporations have already many mechanisms in place to pay 0, while the small businesses are the one ending up paying. There would be two caveats though: 1. No more federal subsidies. Zero! It is a free market. 2. There’s a cap on how much revenues are put back in Wall Street (dividends, buy back, etc) so that money goes back in their business. Thoughts?
How come it's not double taxation when it comes out of my check and then I pay tax again when I buy something? How about we make it harder for them to pay 0 instead of throwing up our hands and saying they will get around it?
Mainly because big companies pay little, if not nothing, thanks to loopholes, while small and middle pay in full. They could employ more people when saving 21% in taxes.
Tax gross receipts at the consolidated level and lower the rate to <10%
"Subsidies" are rarely in the form of cash payments to the company. For instance, the federal government pays to maintain interstate highways, which is effectively a subsidy to trucking companies. Federally guaranteed student loans are good for students, but are a subsidy to universities. This is the form of most subsidies, so they aren't as straight forward to remove as just not cutting a cheque
I am sure interstate highways will come to the point to be toll highways. They are crumbling and federal government is cutting funding.
Citizens pay all taxes; it’s pretty silly to discriminate based on scale of group size. The simplest form would be to just tax income or consumption and leave it at that. Btw- the corp tax rate will hit zero in our lifetime. If the US with all of its advantages is forced to drop their rates by 1/3 due to competition from other countries, then there is no doubt that the mobility of capital has won.
Many big corporations use loopholes to keep their profit in tax heavens. That’s would stop if taxation was zero. They would keep the money in US and with a cap on dividends and payback they would invest more in their own business
“Loophole” is another word for law.
1. That ain't happening. Especially since tax breaks are in a way subsidies. 2. That ain't happening either. I'm actually okay with companies returning money to shareholders considering many of them are individual investors (like blinders).
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