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Corporations would pay a very very small percentage of their GAAP revenue in taxes, like 4 or 5% or so (trust me, if we're talking about percentage of revenues, a single digit flat rate would be plenty sufficient).
I think this would produce much better results. Anyone who has some knowledge of corporate finance and investing know that profits don't tell the whole story and are often understated as much as possible (legally) to avoid the tax bill. It's all about the cash flow, dividends and operating income.
Furthermore, taxes will never exceed 25% of your GAAP Income,that way, we aren't crippling businesses or making them incur a loss just because of taxes. Of course, nothing is perfect, but there is SO much less room to move things around to (legally) get around the tax code.
I hate all forms of corporate taxes. they are ultra regressive.
I dont know wny liberals like them? they hurt poor people.
It's a vengeance thing. They think they are hurting the rich so the liberal media tells them but they fail to realize that tax does not have to be direct to hurt the poor.
I've been in favor of taxing things like revenue, financial transactions, and dividends for a while now, but as soon as you do that the markets will plummet. The financial sector finally got its gears going again, and the Feds are too scared of throwing a wrench at it (whether it's the right or wrong thing to do).
Its important to note that Wall Street stands to lose a copious amount of money forever if legislation like this is passed, which is why it will never pass.
Corporations would pay a very very small percentage of their GAAP revenue in taxes, like 4 or 5% or so (trust me, if we're talking about percentage of revenues, a single digit flat rate would be plenty sufficient).
I think this would produce much better results. Anyone who has some knowledge of corporate finance and investing know that profits don't tell the whole story and are often understated as much as possible (legally) to avoid the tax bill. It's all about the cash flow, dividends and operating income.
Furthermore, taxes will never exceed 25% of your GAAP Income,that way, we aren't crippling businesses or making them incur a loss just because of taxes. Of course, nothing is perfect, but there is SO much less room to move things around to (legally) get around the tax code.
Not a good idea at all.
Profit is what is left after you've cleared all your expenses. For businesses who won't make a profit, it will push them farther in the hole.
Profit is what is left after you've cleared all your expenses. For businesses who won't make a profit, it will push them farther in the hole.
Not a good idea.
This is true. The OP's suggestion is not a good one.
The government will always want more no matter what they tax us. So I go back to, why not make the government clean up before it comes after the American people.
As an owner of a small business that actually does pay taxes, some quick math shows that this would lower my tax liability.
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