We Must Cut The Corporate Tax Rate

[auditor0007]

Over Two-Thirds Of Corporations Pay No Federal Corporate Income Tax

At a time when the federal government is starved for cash -- and facing layoffs and cuts in services across the board -- more and more corporations are sidestepping their traditional tax rate and keeping millions of dollars for themselves.

The number of U.S. corporations structuring their businesses in such a way that they can avoid higher taxes has skyrocketed in the past quarter century, The Wall Street Journal reports.

In 1986, about 24 percent of corporations were what's known as nontaxable businesses -- meaning the companies themselves pay no federal income taxes -- instead passing on the earnings to individual investors to pay taxes on. By 2008, these businesses accounted for about 69 percent of all corporations, a designation that can save companies hundreds of millions of dollars in a single year

Over Two-Thirds Of Corporations Pay No Federal Corporate Income Tax

I wonder where all that money is going. With actual tax rates that low, you would think every business in the world would be moving to the US, because they don't get away with not paying taxes throughout the rest of the world. And we wonder why revenue is down so much, lol. Everywhere we look, taxes have been cut to the lowest levels since before the Great Depression, and look what it has done to us.

 

[HUGGY]

We Must Cut The Corporate Tax Rate


Here!...Here!

Ya...and bank tellers must give bank robbers more money so they will stop robbing banks!

 

[Wiseacre]

1. Cut the corp tax rate.

2. Eliminate all tax breaks, loopholes, subsidies, deductions.

3. Allow income earned offshore to be brought back untaxed.

4. Makes CEOs and CFOs accountable for their tax statements; throw their asses in jail and fine the company twice the amount of taxes they didn't pay, plus interest. Al Capone got thrown in jail for tax evasion; we oughta do the same to everyone who cheats on their taxes.

 

[occupied]

There's a lot of good ideas out there, too bad that any tax reform that does not further shift the tax burden downward will never be passed, especially by the republicans.

 

[Wiseacre]

There's a lot of good ideas out there, too bad that any tax reform that does not further shift the tax burden downward will never be passed, especially by the republicans.

Well then, I guess it's too bad the dems didn't reform the tax code to their liking when they had the chance. Didn't have the courage to act on their convictions I guess.

Unfortunately, I'm not too sure the repubs will do the same, or at least try to, if they win the WH and the Senate.

 

[Mr. Shaman]

"Corporate taxes are not strangling American competitiveness”

- Warren Buffett​

​

 

[Wiseacre]

C'mon, this isn't a partisan issue, this is both sides doing their utmost to favor the big-monied corps in their districts for political campaign donations. There was a vote back in 2011 to reduce or eliminated the corn subsidies; all of the the pols from both sides of the aisle voted against it if they are from the corn belt states. And it's the same with every other subsidized or favored industry.

You don't think Obama is favoring the wind and solar companies and hammering oil and coal? You realize how much money we're pissing away on those alternative energy companies that are not economically viable? Let's get real here, until everybody takes a haircut it won't get done. And right now it appears the president wants to pick winners and losers according to his political agenda.

 

[sealybobo]

1. Cut the corp tax rate.

2. Eliminate all tax breaks, loopholes, subsidies, deductions.

3. Allow income earned offshore to be brought back untaxed.

4. Makes CEOs and CFOs accountable for their tax statements; throw their asses in jail and fine the company twice the amount of taxes they didn't pay, plus interest. Al Capone got thrown in jail for tax evasion; we oughta do the same to everyone who cheats on their taxes.

1. If we agree to this plan now but later find that we need to raise revenue, sometimes taxes go up. Rather than throwing it on the citizens or the debt, will you ever agree to future tax increases or did you sign that Grover Norquist pledge that the GOP signed? That isn't reasonable. And what is the percent that corporations pay on average? Do we even know? Is it 20%? Romney only pays 12% and we pay 35%. What do corporations pay?

What I fear is that we are swallowing the premise that corporations shouldn't pay any taxes at all. But your way would I'm sure assign them a percent. I'm just curious what percent that is and would it work? So far all the GOP's tax policies would add to the debt. Would yours? And forget about killing social security and medicare. Those programs stay. Non starters.

I love #2 and 3.

4. Those CEO's aren't breaking any laws. And they won't if we impliment your number 2

 

[Wiseacre]

1. Cut the corp tax rate.

2. Eliminate all tax breaks, loopholes, subsidies, deductions.

3. Allow income earned offshore to be brought back untaxed.

4. Makes CEOs and CFOs accountable for their tax statements; throw their asses in jail and fine the company twice the amount of taxes they didn't pay, plus interest. Al Capone got thrown in jail for tax evasion; we oughta do the same to everyone who cheats on their taxes.

1. If we agree to this plan now but later find that we need to raise revenue, sometimes taxes go up. Rather than throwing it on the citizens or the debt, will you ever agree to future tax increases or did you sign that Grover Norquist pledge that the GOP signed? That isn't reasonable. And what is the percent that corporations pay on average? Do we even know? Is it 20%? Romney only pays 12% and we pay 35%. What do corporations pay?

What I fear is that we are swallowing the premise that corporations shouldn't pay any taxes at all. But your way would I'm sure assign them a percent. I'm just curious what percent that is and would it work? So far all the GOP's tax policies would add to the debt. Would yours? And forget about killing social security and medicare. Those programs stay. Non starters.

I love #2 and 3.

4. Those CEO's aren't breaking any laws. And they won't if we impliment your number 2

Remember when Clinton raised taxes in 1993? The economy didn't care, took off anyway and we ended up with more revenue. So, I'm okay with a tax increase, I just don't wanna do it now, I want to wait until the economy is a lot stronger. And that's for both individual and corp tax rates.

You do know that ObamaCare is already going to raise tax rates, right?


PS: I don't pay too much attention to Norquist.

 

[uscitizen]

Australia is doing pretty good and has a flat 20% corporate tax rate.

 

[Decepticon]

The Buffet article cited above has some good stats.
Here's the meat...

“What the rate should be are rates that bring in about 18.5 or so percent of GDP [gross domestic product] as revenue,” the Oracle of Omaha explained. “The interesting thing about the corporate rate is that corporate profits, as a percentage of GDP last year were the highest or just about the highest in the last 50 years. They were 10 and a fraction percent of GDP. That’s higher than we’ve seen in 50 years.”

He continued: “The corporate taxes as a percentage of GDP were 1.2 percent, $180 billion. That’s just about the lowest we’ve seen. So our corporate tax rate last year, effectively, in terms of taxes paid for the United States, was around 12 percent, which is well below those existing in most of the industrialized countries around the world.”

“So it is a myth that American corporations are paying 35 percent or anything like it. Incidentally, 1.2 percent of GDP or 12 or so percent of corporate profits actually paid, that is a rate far, far, far below what we’ve seen in the United States. … Corporate taxes are not strangling American competitiveness.”
Buffett: High corporate taxes are a ‘myth’ | The Raw Story

 

[StevenC]

Over Two-Thirds Of Corporations Pay No Federal Corporate Income Tax

At a time when the federal government is starved for cash -- and facing layoffs and cuts in services across the board -- more and more corporations are sidestepping their traditional tax rate and keeping millions of dollars for themselves.

The number of U.S. corporations structuring their businesses in such a way that they can avoid higher taxes has skyrocketed in the past quarter century, The Wall Street Journal reports.

In 1986, about 24 percent of corporations were what's known as nontaxable businesses -- meaning the companies themselves pay no federal income taxes -- instead passing on the earnings to individual investors to pay taxes on. By 2008, these businesses accounted for about 69 percent of all corporations, a designation that can save companies hundreds of millions of dollars in a single year

Over Two-Thirds Of Corporations Pay No Federal Corporate Income Tax

I wonder where all that money is going. With actual tax rates that low, you would think every business in the world would be moving to the US, because they don't get away with not paying taxes throughout the rest of the world. And we wonder why revenue is down so much, lol. Everywhere we look, taxes have been cut to the lowest levels since before the Great Depression, and look what it has done to us.

The taxes are still being paid but they are being paid by individuals.