Quote:
Originally Posted by Villages Kahuna
Lets go back to the role that government could play to incent desired behavior by both citizens as well as companies doing business here. I'd suggest the following because I for one believe strongly that one role of government is to do exactly that, incent behavior that will benefit all ciizens... - First, reduce the corporate tax rate. If it could be reduced to something near the level of other developed countries, including many of the low wage countries to which we're losing employment, that would be great.
- Next, substantially eliminate most if not all of the arcane corporate tax deductions so often authorized by Congress by tacking lobbyist-written amendments to other legislation.
- And then, require that all U.S. corporations pay taxes on all the income they report, regardless where in the world the accountants say it was earned.
Now I don't know what the total effect on revenues to the U.S. would be. I'm pretty sure there could be a whole lot of the almost 100,000 IRS agents laid off. And probably, there'd be some high-falutin' tax lawyers looking for another line of work.
But one other thing...a little old lady in a nursing home wouldn't be paying more in taxes than many of the largest companies in the U.S. |
VK, I'm in agreement with reducing the corporate tax rate and eliminating most of the corporate tax loopholes. I would like to see great simplification of the tax code for corporations and individuals including eliminating most deductions, charitable, mortgage interest and state income tax among them. I do not believe the taxpayers should subsidize my choosing to live in a private home rather than an apartment; deciding how I should spend my money - if I choose to give my money to a a stripper rater than a church should be of no concern to the taxman. Equally, I can choose to live in a high or low income tax state - again, this not be the concern of the Federal Government. The only tax break I like is for that lady in the nursing home. She did not have the choice whether or not to be in a home.
I do disagree with taxing on taxing US Corporations on income earned outside the US. This simply encourages corporations to relocate their national headquarters outside the US. We receive taxes from foreign companies that have operations in the US (Toyota, BMW, BP, etc) just as other nations receive taxes from US multinationals with operations in their countries. Insisting upon collecting taxes from US companies with operations in Taiwan would encourage the company to move its headquarters there. No gain for us in that.