What are you talking about? The top 10 most profitable companies in the US, only brought in $200 Billion in profits. If you taxed that at 100%, it wouldn't cover Medicaid. Let alone Medicare, or Social Security, or anything else. This years Federal Budget is $4 Trillion.
No amount of taxes on any company, at any tax rate, would bring in more than 1/10th of that.
And by the way, the higher you jack up those tax rates, the more companies move out of the country. Meaning you are going to get zero money. Burger King already left the US. They are in Canada now. Good job sparky. Yeah, Corporate tax is going to pay the nations expenses? You are crazy.
Not happening. If that's your plan, you have a failed plan. You need a new plan.
Tracking Tax Runaways: Bloomberg Inversions Database
Dozens of companies have left the US, just since 2012. The more the government tries to stop it, the more it happens.
Now back to your claim. You said 2/3rd of companies pay no tax.
This is entirely false on every single possible ground. First, corporations pay tons of other taxes. Employment taxes. Social Security tax. Medicare Tax. Unemployment taxes. Works comp taxes. Excise taxes. Fuel taxes. Environmental taxes.
Let's ignore all that.... Every single CEO, executive, board member, administration, all the way down to the lowest mail room clerk... pays taxes on their income.
Every single distribution of shares, dividends and stock options, pays taxes.
When you say, for example, that General Motors paid no Federal income tax. Mary T. Barra CEO of GM most certainly did pay Federal Income taxes. Yes she did.
So from absolutely no possible perspective, can you claim 2/3rd of companies paid zero Federal taxes. BS. You are wrong. PERIOD.
But let's focus in on exclusively corporate taxes. You claim that 2/3rds of corporations paid no Federal Corporate income tax.
This is false. Sorry, it's simply not true. Not even close to true. Most all companies pay corporate income tax.
However, I do know where you got that absolute trash statistic from. Bernie Sanders, circulated a paper claiming 2/3rds of companies paid zero income tax. What Bernie failed to make clear, was the time line. Between 2006.... and 2012, 2/3rds of companies paid zero tax.
Interesting cut off.... only 2006..... to 2012.... Gee.... Sparky.... can you come up with any possible reason why between just 2006 to 2012, that a ton of companies paid zero in tax?
What possible event could have happened between 2006 and 2012, that somehow could have affected tax revenues from corporations? What could it be! How can't you figure out why on Earth companies may have not paid tax during 2006 to 2012?
WE HAD A RECESSION! Of course profits fell like crap, and with them, tax revenue fell like crap. Resulting in many companies not paying tax.
Sorry, but the 2/3rds of companies don't pay tax is flat out a lie. Profitable companies are paying tons in taxes.
Ugh.... people.... Use your brain. Assuming it wasn't completely removed by a communist in Vermont.