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AND..... I do know from years of reading this forum that Indy Dealmaker is a reasonable and informed person who is unafraid to tell his real name. I expect to hear intelligent and valid information when his name shows on this Forum and on the online news as well. |
Layering regulations on top of a complex tax code loaded with exemptions and loopholes is a serious concern. Although Corporate tax rates top out at 40%, the average tax paid by Corporations is 12.6% and 1 in 4 pay no taxes. Tax revenue from Corporations today is around 10% of the total, where 50 years ago it accounted for 33% of the total. It is a similar story on the personal side where a recent Presidential candidate paid 13% taxes on $24M income, although the top rate is 39%.
What is needed is a simplified tax code without loopholes and with lower tax rates. If only we had politicians who wanted to fix America's woes and not just focus on getting re-elected. |
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kevmo, can you provide proof of your information, a link or something? Or can someone else provide proof that the opposite is true? |
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But guess what we will get....a temporary fix. |
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http://money.cnn.com/2013/07/01/news...rate-tax-rate/ |
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The only thing that matters is the corporate tax rate of those C Corps who pay US Corporate rates which substantially exceed the rates available elsewhere. In my sisters' family there are 5 kids her kids have an AVERAGE income of over $500,000.00. BUT only one makes over $ 500,000.00 .. 1,850,000.00 Business Owner ... 280,000.00 Real Estate Sales ... 255,000.00 Petroleum Engineer .... 85,000.00 Car Salesman ... 140,000.00 Geologist |
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Many of us(my husband) have worked for corporations for many, many, years because of the benefits and pension plans and steady work...as they say in OHIO. BIG Business is not an enemy. It is the backbone of our economy. Of course there should be regulations but not in such a way to discourage big corporations from coming to an area or staying in this country.. I just heard on the news last night that the state was granting several million dollars worth of help to an airplane manufacturing company that had the potential to bring 600 jobs. I say GOOD. Keeps folks off the dole. |
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Collectivist politicians however find it easier to demagogue the issue. The phrase "economic patriotism" is a good example. |
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Also I would note, it’s not just corporations … if people writ large were left unchecked it would not be pretty. That’s why we have laws |
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What gives the Government Accountability Office's study meaning is that unprofitable corporations were excluded. Anyhow, glad to see your sister's kids are doing so well. We need more of them to keep our SS checks coming.[emoji6] |
A former treasury secretary has suggested lowering the corporate tax rate to zero. ZERO. The gist of his argument is that as the corporate profit is just a conglomeration of the profit of its shareholders that instead we simply allow that profit to flow to the shareholders and tax it at that time. And that those profits be taxed as income. I used to be a partner in an LLC. It made money but its taxes were zero. The money it made came to me as regular income. If all corporations operated this way then there would be no tax inversions and we would get rid or reduce the government discount on capital gains. If Burger King wants to have its headquarters in Canada, no difference to an American shareholder. Now this also has the benefit of encouraging better care for the corporate employees as shareholders do not derive as great a benefit from taking all the profits themselves and there is no reason to hold cash offshore in a tax avoidance strategy. Keep in mind that every dollar saved by BK is going to have to be made up by people and small businesses that can't benefit from this tax scheme.
"The best way to insure that it's shareholders and owners who actually pay the corporate income tax is to make it a tax on capital gains enjoyed by shareholders and owners rather than a tax on corporate income" |
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