Corporate Income Taxes defined as "Taxes imposed by public authorities on the income of corporations." Should Corporate Income Tax Rate be decreased to 25%? Why or Why not?
Despite having one of the highest tax rates in the world, corporate tax makes up a small portion of the federal income. Make it zero, then all the tricks used to make profits off shore, get used to make profits in country. Of course, now the money is in the US, it can be spent in the US. The lost corporate tax is made up by taxes collected when that money ripples through the economy. In addition, many products have been taxed at many of the steps from raw material to purchase. Eliminate those taxes, an we are more competitive in the global market, in the US, more so, outside the US. More exports, even more money in the US to ripple through the economy.
I'd probably say halfing the corporate income tax rates would be close to the ideal. I bet it would produce significantly higher corporate income tax revenue than the current amount. That said, I can't see the Senate going along with it.
Maybe there is something important I've missed here, but for now it seems reasonable to eliminate the corporate income tax altogether as is proposed by Not Amused. Doing so does not appear to in any serious way obstruct progress toward my relatively left-wing goals for society - if the proposal in question were to be combined with a number of other reforms.
How about we talk about this first, before we talk about lowering anyone's tax rates? http://www.uspirg.org/issues/usp/close-corporate-tax-loopholes BTW, this is just corporate loopholes, never mind corporate subsidies!
