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The US tax revenue bandit stole 5.4 trillion dollars in 2011. Equal to the entire GDP of Japan, the world's third largest economy. More revenue than the GDP of any nation on Earth, with China being the only exception.
Why the hell are we even sitting here waisting out time talking about revenue sources and not talking about spending?
At what point does a country and it's economy collapse under the burden of its own debt and tax code?
I hate all forms of corporate taxes. they are ultra regressive.
I dont know wny liberals like them? they hurt poor people.
I don't. I am in favor of eliminating them with increasing taxes on people who derive large wealth from corporations.
Unlike Cons, I don't believe that corporations are people and people ultimately bear the burden of a tax. Therefore, this idea to tax corporation is absurd since they are not a person.
Corporate taxes are not regressive. While some of the tax gets passed onto workers in the form of lower wages, most the tax is borne by the shareholders.
In newly-published assumptions, TPC figures 20 percent of the corporate income tax is borne by labor and 80 percent by capital. TPC further refines the capital share by dividing it into two chunks. Twenty percent of the levy is reflected in normal returns (essentially, equal to the return from low-risk bonds) and 60 percent in any additional returns received by shareholders. TaxVox » Blog Archive » Who Pays the Corporate Income Tax?
As an owner of a small business that actually does pay taxes, some quick math shows that this would lower my tax liability.
Thanks. Glad to see someone actually looked at the whole post and saw the 25% of GAAP income maximum. That means no one pays more than a 25% income tax rate under the present plan, but also ensures everyone pays something. It will lower effective taxes on small businesses who don't have the credits, loopholes and deductions that big business has, and it will ensure all the big companies are paying something. 100% of corporations pay income taxes.
By the way, I'm libertarian leaning and think the income tax rate should be 0, but am willing to admit that it isn't politically feasible.
Thanks. Glad to see someone actually looked at the whole post and saw the 25% of GAAP income maximum. That means no one pays more than a 25% income tax rate under the present plan, but also ensures everyone pays something.
But most companies dont pay anywhere near 25%, and you've now moved from just the net, to the gross, thereby substantially increasing what they paid..
No they dont. Small companies are taxed at a personal level, and even indviiduals dont pay 25% tax rates.
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