Funny thing is, when you cut the corporate tax rate historically, tax revenues increase. Now why do you want to raise the corporate tax rate?
High U.S. Corporate Tax Rates. The United States has the second highest total corporate income tax rate of any developed country. In 1986 President Ronald Reagan cut the corporate income tax rate from 43 percent to 34 percent, significantly improving Americas competitive advantage over high-tax countries. In 1993 President Clinton raised the corporate income tax rate 1 percentage point, which brought the federal tax rate to 35 percent, where it remains today. However, including average state corporate taxes, the combined total U.S. corporate income tax rate is 39.25 percent, second only to Japans 39.54 percent. In contrast, the average corporate tax rate of industrialized countries in the Organization
for Economic Cooperation and Development (OECD) was 27.6 percent in 2007 [see Figure I] and is due to fall even further.
Workers bear slightly more than 70 percent of the burden of high corporate
taxes in the form of reduced wages, estimates the Congressional Budget Office.
A $1 increase in corporate taxes tends to reduce real median wages by 92 cents, concludes an Oxford University study.n A 1 percentage-point increase in corporate tax rates is associated with nearly a 1 percent drop in wage rates, according to an American
Enterprise Institute (AEI) study.
Economists caution that people ultimately pay taxes, not corporations.
Thus, corporate tax hikes unintentionally hurt workers.
Because they contribute to capital flight, high corporate tax rates also lower government revenue.
http://www.ncpa.org/pub/ba/ba633/ba633.pdf
Yeah let's get those damn corporations and tax 'em to death.
I didn't say I wanted to raise taxes on corporations. What I said was that raising the income tax on people how make more than $250k by 3% wasn't going to destroy the middle class, nor was it going to destroy the economy.
Also, you are quoting statutory rates of income tax. Those are irrelevant when comparing to what corporations actually pay. And corporations in America pay amongst the lowest effective tax rates in the industrialized world, as I linked above.
I generally support lower corporate taxes. However, the Republicans have been absolutely disastrous handling the books of this country - and I'm not talking about the bailout. Two of the past three Republican administrations - Reagan and W - have been utterly incompetent dealing with the fiscal affairs of this nation. At least George HW Bush understood that this bizarre fantasy amongst wide swaths of the GOP known as supply side economics, where you can balance the budget by cutting taxes, was utter nonsense, voodoo economics. And what did the GOP base do? They rebelled against him.
I'm sorry. I used to be a Republican until I realized how irresponsible the party had become, and how disconnected they had become from basic economics and math.