Corporate taxes poll

[pknopp]

There is no one answer.

[Finn_Jarber]

Originally Posted by BBMW

The question is too simplistic. Corporate taxes do not work like personal taxes. People are taxed on what in accounting terminology would be revenue. Corporations are taxed on profit (revenue - expenses), because of this, basically all there expenses could be seen as loopholes. So unless you want to throw out the entire corporate tax methodology, defining "loophole" becomes a bit esoteric.

I am talking about what Reagan did when he reduced the rates and eliminated loopholes. He didn't eliminate all of them, but he cleaned them up good. Since then new loopholes have crept in, so I think it is time to do it again.

[BBMW]

That was on INDIVIDUAL income taxes. Completely different animal.

Originally Posted by Finn_Jarber

I am talking about what Reagan did when he reduced the rates and eliminated loopholes. He didn't eliminate all of them, but he cleaned them up good. Since then new loopholes have crept in, so I think it is time to do it again.

[Finn_Jarber]

Originally Posted by BBMW

That was on INDIVIDUAL income taxes. Completely different animal.

Yes, they are different, but you do not realize he changed both. I am talking about what he did to corporate taxes which he reduced to 35% from 46% while eliminating loopholes, subsidies and deductions. That is when he made his famous “I didn’t realize things had gotten that far out of line” speech referring to GM, where he used to work and who were taking advantage of the loopholes. It is the same situation today, where we have some giant corporations paying 0% tax. His policy leveled the playing field and the small businesses benefitted, because they had been paying the top rate.