[Dr Winston O Boogie jr]

Originally Posted by CFrance

And offshore loopholes lower it even further--even down to 1%. Check this out.

Mylan, Heinz among U.S. companies using Luxembourg for tax reduction | Pittsburgh Post-Gazette

I'm all for lowering the corporate income tax rate if it will keep jobs in the US. But something has to be done about all the loopholes and end-arounds that enable these large corps to avoid paying taxes. They can be profitable and pay their fair share of taxes as well.

Corporations are taking advantage of those "loopholes" because the tax rate is so high. If we did away with corporate taxes, they'd have no reason to go offshore or use "loopholes". And I wonder how many foreign companies might move here if the tax rates were lower than their home country?

Loopholes by the way, are legal deductions and exemptions written into our tax laws. Does anyone who files a return not try to find every exemption and deduction in order to pay the least amount of taxes that they can? I don't know of anyone that doesn't do that.

Now people are going to respond that lawmakers have written these "loopholes" into our tax laws to benefit corporations that contribute to their campaigns and that is totally true.

The entire tax system in this country is broken and needs to be replaced.

This would be the best thing that we could ever do for this country, but I don't believe that it will ever happen because it takes power away from our elected officials in Washington.

Pass the Fair Tax | FAIRtax.org

I'd love to see the Fair Tax combined with term limits limiting all federal politicians to one term.

Representatives one term of six years, senators, one term of nine years and president, one term of six years.

Replace one third of the house and senate every three years.

These two measures would improve this country immensely.