Dave at FSP thinks corporate taxes should be cut
No, I’m not kidding.
Pay no attention to soaring corporate profits, on planet Wingnutia the current thinking is that, – our American companies are “disavantaged.”
Connect
Connect with us on the following social media platforms.
American corporations don’t pay the taxes they owe in the first place. This few years old report shows how the effective tax rate for the largest American companies is about 21.4%. I don’t think that anyone will argue that that rate has actually gone up since 2003. Even Rupert Murdoch’s News Corp hasn’t paid taxes for a number of years.
American business had benefited from an astonishing amount of tax breaks given to them by both Democrats and repubs. I could support tax cuts to corporations if Congress wipes clean the slate of corporate tax breaks (so that all of these companies really are paying the taxes they owe) and then reduces the overall corporate tax rate.
Tax policy should do three things.
1. Promote Savings
2. Promote Growth
3. Promote Investment
You get revenue from those 3 things not merely from a certain tax rate. Ask George Mitchell about the luxury boat tax.
Tax rules should be:
1. Fair
2. Understandable
3. Enforceable
The corporate tax like anything the Feds do fails all three- fix those facts first.
Also, end corporate welfare.
Corporations will never pay taxes no matter what rules you make. They merely collect them from their customers (i.e. me and you). Raise taxes by n% and they’ll increase the cost of their goods/services by n%.
since it’s profits that are taxed, soaring profits means soaring revenues!
yeah, more money for earmarks!
Read my comment here, FSP will not publish them. Too bad.
Raise taxes by n% and they’ll increase the cost of their goods/services by n%.
Lower taxes by n% and they certainly aren’t going to lower the price of their goods/services by n%.
Oedipa,
Certainly they will. They’d have to or their competition would and take their market share. See: Wal-Mart Effect, The