should corporate income taxes be abolished?

[srican69]

Personal income taxes should be increased to compensate in a revenue nuetral fashion.

As it is tax receipts from corporations only account for about 330 billion in revenue and furthermore provide an excuse for corporations to keep cash abroad..

I think it will be a net positive for the economy ...

[kestrel91316]

1. Brilliant idea! Ayn Rand would heartily approve!

[TampaAnimusVortex]

24. How so? They just pass the cost on to the consumer in higher prices...

Corporations don't pay taxes. They collect taxes. Any taxes they do happen to pay are simply transferred to the person downstream in the form of higher prices.

[kestrel91316]

27. If you think eliminating corporate income taxes is going to

cause them to lower their prices of whatever they are selling, I have some swamp land in Florida you might be interested in.

[TampaAnimusVortex]

30. Why dont they increase the price of every product and service they sell now?

You don't sound like you have ever taken any economics before. Are you suggesting that every price on every good and service is unaffected by supply and demand? That's a pretty magical land you live in there.

[cali]

2. No. that's a putrid idea.

as if fucking fascist corporations don't have enough power, let's give them more!

[arcane1]

3. Considering how many of them pay zero taxes, I'd argue the opposite: they should be increased!

[rocktivity]

4. You mean they're NOT abolished???

rocktivity

[kysrsoze]

34. Bingo...

[NightWatcher]

5. If corporations are people, tax them at Single or Head of Household rates

15% of net income after a few deductions.... Fine by me

[Fumesucker]

6. The wealthy person shields income with a corporation, an endowment, a trust, a foundation..

Working two or three part time jobs hardly leaves enough time to properly manage your corporation and a foundation is what you hope is under your home.

[Orsino]

7. Revenue neutral? With taxes near historic lows?

I wonder where that idea came from.

[Starry Messenger]

8. Bwah!

[dkf]

9. That would put a lot of accountants and lawyers out of business.

Getting around taxes is a huge huge industry and is the driving force behind a myriad of decisions. I have no idea what the consequences would be if we got rid of them. Does this affect pay and benefits? Purchases? R & D? Everything would have to be evaluated on its own merit and could result in unintended consequences.

I imagine it would draw corporations to the US though. Then we can compete based on people and infrastructure.

[srican69]

17. you will still need the accountants and lawyers for financial statements .. most companies have

multiple owners/ lenders etc who have a financial interest in the company

tax is a very small part of the work they do.

Yes tax accountants who specialize in creative ways to avoid tax will be out of work - that aint a bad thing

[SamKnause]

10. Labor

Last edited Sun May 5, 2013, 06:57 AM - Edit history (1)

My 2 cents;

Corporate income taxes should be increased.

All loopholes should be closed.

Wall Street should pay a tax every time they shuffle money from client A to client B, or from corporation A to corporation B.

Income tax on labor should be abolished.

The income tax was implemented to take up the slack for lost revenue because of alcohol prohibition.

Funny how we still have to pay income tax but alcohol is legal.

Marijuana should be legalized and consumers taxed at a federal rate of 15%.

Citizens should be allowed to grow their own marijuana for personal use only; no sales.

All Free Trade deals should be renegotiated or abolished entirely.

No new Free Trade deals should ever be signed again.

[PDJane]

11. No. Corporate taxes are meant to be a kind of incentive to behave responsibly.

Raise taxes on corporations. Make it uneconomical to outsource jobs. Charge them for the roads and bridges and freight trains and ships they use to get their goods to market. Make sure they pay to clean up after themselves.

The low tax rate is why they move jobs and money offshore in the first place; they aren't penalized for doing so.

[bemildred]

12. How about a percent cap on profits instead? Make them keep the money in the business. nt

[On the Road]

13. There is Certainly an Argument for That

provided that the upper-end federal tax bracket is adjusted to collect at least the same amount from high-income stockholders.

It all depends on how people and corporations behave. If it repatriates offshore bank accounts, great. It would be good to have some type of precedent for believing that.

One of the chief drawbacks is that as far as I know, the proposals would not tax foreign stockholders, who are not subject to US income tax.

[Yo_Mama]

14. No, but lowering the rate and removing all the loopholes would be a REALLY good idea

As it is now, a small business earning 500K can easily pay more taxes annually than GE, and this is ridiculous.

We're really paying large corporations to pay off our legislators. There's no other honest way to state it.

There's nothing wrong with taxes, per se. Taxes keep corporations secure, and fund everything from roads to banking regulation. Corporations need stability and the rule of law as much as individuals do (or at least honest ones do).

Right now we pretend to charge corporate taxes, that's all.

Don't let the large corporations set the terms of the debate. We all need to keep asking why GE isn't paying and the little business down the road is. This system is really set up to be hostile to the interests of the non-connected innovators, but positively Snuggle-bunny friendly to the large corporate interests.

Even Ronald Reagan made GE pay taxes! People don't realize how far out of hand this has gotten! I'll tell you one thing that really kills jobs - shifting the corporate tax burden from large businesses to small ones, that have historically created a lot of new jobs.

Well, the world tax regime has changed a lot since the 80s, so why not cut our corporate tax rate to be something close to the European average (anywhere from 25 to 29% would be fine) and remove these effing giveaways that only huge successful businesses get anyway?

[RevStPatrick]

15. Sure, why not?

Just bring personal taxes back up to Eisenhower era levels.

[Initech]

16. No, tax the shit out of their precious billions.

And I would go as far as to propose a 150% tax on every dollar stored in offshore bank accounts.

[BainsBane]

18. NO FUCKING WAY!

[Recursion]

19. I know some very liberal economists who like that idea

Just tax the money very heavily once it comes to an individual.

[srican69]

23. thank you...that was my point.. nt

[cali]

25. yes, there are a few on the liberal side who suggest it: It still sucks

wealthy individuals can always form corporations that then: da da da: Don't get taxed. And again, there's enough power concentrated in corporations without exponentially adding to that power.

[11 Bravo]

20. Yeah, and peasant women should be required to fellate plutocrats as ...

they observe their accountants assist them in dodging their fair share of the tax burden!

[blogslut]

21. No

Corporate income taxes should be enforced, loophole-proofed and collected.

[Live and Learn]

22. Of course! Corporation are rich people and we all know

the rich don't and shouldn't have to pay taxes.

[AnotherMcIntosh]

26. No. They should be increased to 100% of all corporate transfers out of the country.

If someone wants to send $1 million in corporte funds to Switzerland, the Bahamas, China, or any place else, let them bring $2 million and send $1 million to Uncle Sam.

If that doesn't increase manufacturing jobs in this country within two years, increase the percentage to 200%.

[JVS]

28. Sure, have the corporations pay income tax like every other person.

That would be a huge revenue positive change.

[Incitatus]

29. I can live with that

provided capital gains and dividend income are taxed the same as earned income. Then we could probably in inrease the standard deduction to 50k and tax progressively from there. 70% after a million.

[yurbud]

31. I think we should all be taxed like corporations: on PROFITS instead of INCOME

or tax them like us on income not profits.

[denbot]

32. Enjoy your stay n/t