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Old 11-03-2011, 04:35 PM
 
Location: Land of Free Johnson-Weld-2016
6,474 posts, read 13,403,963 times
Reputation: 6404

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Anyone who has had to pay corporate income tax already knows corporations never pay the 35% tax rate that some politicians keep quoting as an incentive to keep taxes for the wealthy at historically low levels. Source --> CNN (sorry, be warned the CNN website has a popup): Study: Many corporations pay no income taxes - Nov. 3, 2011

I am going to add that Corporations are hiring overseas (per the information I got doing my research paper last year) for reasons OTHER than saving money. So making corporate taxes even LOWER will make no difference in hiring in the US. A lot of companies are overseas to take advantage of increasing global demand.

Corporate taxes are so low because there are lots of writeoffs for "businesses." I believe these writeoffs are valid, but no company w/ Record profits (as many US companies now have...) can pretend they are overburdened with taxes.... BTW not that anyone in this forum is unaware, but we are not in a recession. We came out of the recession and the economy is growing. If you feel broke, disadvantaged etc...well get used to it. Someone's doing well...but w/ the spending cuts on the horizon, there's more fun in store for the rest of us.
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Old 11-03-2011, 07:38 PM
 
Location: Vallejo
13,437 posts, read 15,036,253 times
Reputation: 11924
Kind of like how people never pay the marginal tax rate...

They just need to get rid of all tax breaks, period. There's no reason for mortgage tax break, rabbit tax break (Seriously, we're over populated. We should be giving tax breaks to people for NOT having kids), EITC, personal exemptions, health insurance.... the list goes on. Just get rid of all of them. 5% under 30k, 10% under 100k, 15% under 200k, 20% above that. No AGI, no alternative minimum tax, no short term/longterm capital gains. Income is income.
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