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Started By
Message
Oh just kidding, let's talk corporate tax reform
Posted on 5/9/17 at 1:24 pm
Posted on 5/9/17 at 1:24 pm
Should corporations pay more or less income tax than they currently do?
Stay on worldwide or move to territorial?
Stay on worldwide or move to territorial?
This post was edited on 5/9/17 at 1:30 pm
7
Posted on 5/9/17 at 1:27 pm to Jorts R Us
quote:
Should corporations pay more or less income tax than they currently do?
They should pay the amount the law requires them to without finding a way to get around it.
This post was edited on 5/9/17 at 2:46 pm
Posted on 5/9/17 at 2:03 pm to Jorts R Us
we have the highest rates in the industrialized world, or right at the top, last I looked. Really hurts small businesses more, and that's the point of changing, as larger companies have more loopholes. But, to bring companies here, it's a good idea.
Posted on 5/9/17 at 2:10 pm to CamdenTiger
Aren't most small businesses conduit entities for tax purposes, though?
Posted on 5/9/17 at 2:13 pm to Jorts R Us
Most small businesses now pay at private rates, not the advantage it used to be.
Posted on 5/9/17 at 2:14 pm to Jorts R Us
quote:
Should corporations pay more or less income tax than they currently do?
They should pay none.
Posted on 5/9/17 at 2:43 pm to HempHead
quote:
They should pay none.
Posted on 5/9/17 at 2:44 pm to Jorts R Us
Less.
Posted on 5/9/17 at 3:15 pm to Jorts R Us
We should set our corporate tax to the average of the developed world. Currently we have some of the highest on the planet.
Posted on 5/9/17 at 4:30 pm to tigersnipen
Zero. That is what they should pay.
Look, corporations don't pay taxes. Corporations are a legal entity. A piece of paper. Many people think, "Hey, if corporations would pay more taxes, then I can pay less." OK. How do corporations pay taxes? They charge their customers for it by incorporating the taxes into the price of their products - just like they do with the cost of labor, materials, etc. So, their customers pay the taxes. That's you and me.
Why is it bad? Let me count the ways:
1.) To feed liberals a bone, it is just like a sales tax. It is the most regressive kind of tax their is. Poor people pay a higher percentage of their income towards paying that corporate tax.
2.) It gives foreign corporations an advantage. If a US widget corporation has to pay 35% tax and an Irish widget corporation has to pay 12.5%, then the Irish corporation has a competitive advantage over the US when it comes to selling widgets. Maybe the US government can tax Irish widgets that are sold in the US, but not anywhere else in the world.
3.) Which leads to: It drives US jobs overseas, as companies take as much of their operations overseas as they can, in order to avoid paying the higher rate.
4.) It's a hidden tax. People don't realize how much of what they pay for goods and services goes to the government. That is why politicians love the high tax. They can raise it, and people will actually LIKE it. "Yeah! Make those corporations pay high taxes. Those bastards!"
5.) It keeps investment overseas. There is literally trillions of dollars that could be brought to the US for investment if the corporate tax rate wasn't so high. A company that manufactures right hand drive cars, of which there is no market in the US, could drop a factory in Detroit, build all of it's cars, sell them overseas, and pay zero taxes. The company would pay zero taxes, but it would employ people, who would then spend money and pay taxes here in the US. Employ people, improve the economy, and generate tax revenue. Win/win/win.
Look, corporations don't pay taxes. Corporations are a legal entity. A piece of paper. Many people think, "Hey, if corporations would pay more taxes, then I can pay less." OK. How do corporations pay taxes? They charge their customers for it by incorporating the taxes into the price of their products - just like they do with the cost of labor, materials, etc. So, their customers pay the taxes. That's you and me.
Why is it bad? Let me count the ways:
1.) To feed liberals a bone, it is just like a sales tax. It is the most regressive kind of tax their is. Poor people pay a higher percentage of their income towards paying that corporate tax.
2.) It gives foreign corporations an advantage. If a US widget corporation has to pay 35% tax and an Irish widget corporation has to pay 12.5%, then the Irish corporation has a competitive advantage over the US when it comes to selling widgets. Maybe the US government can tax Irish widgets that are sold in the US, but not anywhere else in the world.
3.) Which leads to: It drives US jobs overseas, as companies take as much of their operations overseas as they can, in order to avoid paying the higher rate.
4.) It's a hidden tax. People don't realize how much of what they pay for goods and services goes to the government. That is why politicians love the high tax. They can raise it, and people will actually LIKE it. "Yeah! Make those corporations pay high taxes. Those bastards!"
5.) It keeps investment overseas. There is literally trillions of dollars that could be brought to the US for investment if the corporate tax rate wasn't so high. A company that manufactures right hand drive cars, of which there is no market in the US, could drop a factory in Detroit, build all of it's cars, sell them overseas, and pay zero taxes. The company would pay zero taxes, but it would employ people, who would then spend money and pay taxes here in the US. Employ people, improve the economy, and generate tax revenue. Win/win/win.
This post was edited on 5/9/17 at 4:32 pm
Posted on 5/9/17 at 4:32 pm to Jorts R Us
less. as in 0
Posted on 5/10/17 at 6:43 am to Jax-Tiger
quote:
2.) It gives foreign corporations an advantage. If a US widget corporation has to pay 35% tax and an Irish widget corporation has to pay 12.5%, then the Irish corporation has a competitive advantage over the US when it comes to selling widgets. Maybe the US government can tax Irish widgets that are sold in the US, but not anywhere else in the world.
That's not how international tax works, though. If a US multinatinational wants to be competitive with foreign companies then all they have to do is set up hybrid structures across the globe with a CFC blocker somewhere like the Caymans. As long as the income isn't tainted (and most active trade or business income isn't) you can have permanent deferra of US taxes. This is being done by any corporation worth a damn. They are not paying 35% on the widgets they sell in Ireland or elsewhere.
Maybe you'd see more of an increase in foreign investment into the US but even then most treaties with developed nations have a permanent establishment clause that limit taxation.
Lowering the rate would make a difference if corps and their subs subject to US tax trickle the savings down to investors or to create jobs. That's not a given though (see 2004-2005 repatriation holiday).
Posted on 5/10/17 at 7:38 am to Jax-Tiger
quote:
Corporations are a legal entity. A piece of paper.
Citizens United?
Posted on 5/10/17 at 7:40 am to boogiewoogie1978
quote:
Citizens United?
equivalent to labor unions and other assorted left wing money launderers
Actually no, they don't confiscate member dues to support political candidates opposed by the members.
Posted on 5/10/17 at 7:43 am to gthog61
The corporate welfare on here is mind-boggling.
Posted on 5/10/17 at 7:46 am to Jorts R Us
The corporate rate should be 0%. End of discussion
Posted on 5/10/17 at 7:58 am to CamdenTiger
quote:
we have the highest rates in the industrialized world, or right at the top, last I looked.
Simply not true...we have the highest statutory rate...the effective rate is on par with the rest of the world. Most small businesses do not get near the statutory limit...
But lets examine the idea that it hurts small businesses. How? Unless they are extremely poor managers of their business their customers are paying whatever it costs to produce what ever good or service they are providing...this includes ALL FORMS OF TAXATION. Most small businesses have little or no global competition so they are not competing against businesses with lower taxes.
I could not agree more that we should eliminate all corporate taxes because the thought of such taxes has a crippling effect, apparently, on the collective psyche of corporate America. And, more importantly it removes that weapon from their arsenal of lies about why they must move offshore to compete...leaving only the idea of more pliable work forces who are hungry enough to put up with anything and the freedom to do whatever you'd like with your toxic waste in the hunt for the almighty dollar.
So here is where all of this leads....corporations have whined about corporate taxes so long that it is accepted now that they are crippling American companies. This gives American companies cover for the PR hit they will take when moving offshore to take advantage of cheap, pliable labor and lax or non-existent regulation. Meanwhile these same coporations MUST have the United States military presence around the world to make their scheme work....without the US Navy being a "Global Force for Good", as was the Navy's campaign slogan just a few years ago, there is no way...none...that capital would leave the safe heaven of the United States...it simply would not happen. But it does happen because they know they can count on their minions (serfs) to do their bidding and keep up their global force for good so they can continue to stack up the cash....and when that global force for good is no longer around because there is no tax base left to fund it where will they be...most will be fricked but a few will have positioned themselves to continue the legacy of the aristocracy for another couple of 10 generations or so....all the whil convincing the serfs that they have their best interest in mind while they are stealing the serfs of everything they have including their lives and bodies....
And so many of you on the right are so willing to do the bidding of your lords in the capital class...and always have been willing to ensure their ease of life even while you struggle...and as long as y'all are willing to do their dirty work you will always be serfs....
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