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Started By
Message
1
Posted on 4/26/17 at 8:12 am to germandawg
quote:I agree.
I don't know why we don't simply eliminate corporate taxes altogether.
The rest of your post is silly though.
Posted on 4/26/17 at 8:12 am to ChopBlockOclock
quote:
As a CPA I can now see why you got your turf management degree from UGA to comment on corporate taxes. Congrats! So knowledgable.
So you have proof that the effective corporate tax rate in the United States is more than 12=13%? If you do you have something that no one else in the US has....notice the qualifying term "effective"....if we eliminate loopholes as they claim they plan to do and cap the rate at 15% the effective rate will be 15% instead of 12-13...which means that it will be an increase for most businesses no matter their size.
Again I don't know why we do not simply eliminate them altogether....consumers pay them anyway it would be a wash...
Posted on 4/26/17 at 8:14 am to BBONDS25
quote:
What "loopholes", specifically are you referring to?
Things like investing in green energy and other things that special interest has lobbied for so the tax code can be used to pick winners and losers...
If we truly eliminate such things and set the corporate tax rate at 15% we will be increasing the effective corporate tax rate by 2-3% for ALL businesses no matter their size, industry or worth....some will be paying less but the majority will be paying more...
Posted on 4/26/17 at 8:16 am to germandawg
quote:Not the question. The question is two-fold:
So you have proof that the effective corporate tax rate in the United States is more than 12=13%?
(1) Do you have proof that some US companies do not pay full tax on earnings.
(2) Do you have proof that companies currently paying a lower effective rate will not enjoy further reductions under this plan?
Posted on 4/26/17 at 8:16 am to NC_Tigah
80% of the people including the always-wrong-CBO do not analyze tax cuts dynamically like that. The analyze tax cuts in a vacuum.
Note to these people: we don't live in a vacuum.
Note to these people: we don't live in a vacuum.
Posted on 4/26/17 at 8:18 am to notsince98
I also like the idea of cutting costs.
Posted on 4/26/17 at 8:19 am to Revelator
quote:
It's good in theory, but the increase in new or expanded businesses because of this tax cut won't create enough new tax revenue to offset the loss taxes, meaning that either we will have to increase the depth or make cuts to make up for the losses.
If you lower it to 15% and get rid of some of the tax shelters corporations use to pay next to nothing in taxes, I'm not so sure.
Posted on 4/26/17 at 8:19 am to cjared036
quote:
I also like the idea of cutting costs.
That's a no go in DC. Democrats and Republicans both agree that cutting spending is a no go.
This is what Trump is up against.
Posted on 4/26/17 at 8:20 am to notsince98
quote:
small companies w/out the support of cronies are paying way more than 15%. It has to be done as a move to end the cronyism.
This is true BUT in the overall economy if we cut the max to 15% and eliminate the loop holes and deductions and the picking of winners and losers that makes the effective tax rate less than half the statutory rate the effect will be a 2-3% increase in the effective corporate tax rate because without those items in the code the statutory and the effective rates will be identical.
I think it is a grand idea to cut corporate taxes...corporations merely pass the expens onto consumers so it will only result in lower consumer prices....but what is being proposed COULD result in a 2-3% increase in the effective corporare rax rate.
I suspect, but I do not know, that the talk of eliminating loopholes and simplifying the process is merely talk....what we are going to see is no loopholes closed and no simplefication at all and the ability of the government to pick and choose winners still intact. The result will be some will be paying no taxes if they jump through the hoops and the amount of revenue will decrease and the debt will increase and there will be no net gain in any manner....
Posted on 4/26/17 at 8:20 am to NC_Tigah
15% I just nut my pants
Posted on 4/26/17 at 8:27 am to germandawg
Again...what loophones? You call others ignorant, based upon your ignorant vast oversimplification of the Code. You have twice talked about loopholes. Which ones specifically?
Posted on 4/26/17 at 8:33 am to NC_Tigah
15% corporate tax cuts are not good for DC so they won't pass.
Posted on 4/26/17 at 8:38 am to NC_Tigah
And it will drastically cut deductions and the total revenue collected will be largely unchanged. Calling it now.
Posted on 4/26/17 at 8:39 am to germandawg
That's not what loophole means. Those are deliberate policy.
Posted on 4/26/17 at 8:40 am to NC_Tigah
quote:
Mnuchin: The upcoming Trump tax will propose decreasing Corporate Tax to 15%
Good. The U.S. has the highest corporate tax rate on the planet. We need to attract businesses, not drive them away ridiculously high taxes.
Posted on 4/26/17 at 8:58 am to Northwestern tiger
quote:
He is proposing massive spending and massive tax cuts.
I wonder how much the deficit will look like in few years
The neocon way.
Posted on 4/26/17 at 9:02 am to germandawg
quote:
Things like investing in green energy and other things that special interest has lobbied for so the tax code can be used to pick winners and losers...
Those absolutely should end, but lowering the base tax rate is an important step to not needing to give out these credits.
quote:
If we truly eliminate such things and set the corporate tax rate at 15% we will be increasing the effective corporate tax rate by 2-3% for ALL businesses no matter their size, industry or worth....some will be paying less but the majority will be paying more.
Most of the things that lower the actual effective tax rate (like losses) won't be affected so this will still lower the tax rate for most businesses.
Posted on 4/26/17 at 9:05 am to cahoots
So many downvotes for such a straightforward and logical response. And all without a single person offering any sort of refute
Posted on 4/26/17 at 9:06 am to NC_Tigah
Get ready for those signature conservative skyrocketing deficits 
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