Trump Needs A Big Win On The Board, Here's How To Get One [BUSINESS TAX CUT]

from: http://www.investors.com/politics/editorials/memo-to-trump-do-corporate-tax-reform-first/

Editorial 3/31/2017

Taxes: After the GOP's health care bill debacle, President Trump is now turning his attention to tax reform. But unless he keeps this effort tightly focused, it could suffer the same fate.

Trump met Thursday with his Treasury Secretary Steven Mnuchin on Thursday to talk about tax reform...


...reforming the nation's tax code would be harder than repealing and replacing ObamaCare, a challenge made still more difficult by Trump and House Speaker Paul Ryan's failure to get a vote...


...a multitude of obstacles... ..."an absence of consensus within the House GOP, early pushback from Senate Republicans, budget rules that constrain what can be accomplished in the next few months, the complexity of policies that reach deep into the economy, and a pressured timeline."...


...the U.S. imposes the highest tax rate on corporate earnings... ...the 38.9% the U.S. tax rate is the third highest in the world... ...the gap is widening as other countries move to boost growth by cutting their own corporate tax rates...


...U.S. companies have more than $2 trillion in profits parked overseas — to avoid the high U.S. rate — while others companies have moved their headquarters to foreign countries that have saner corporate tax laws...


...Harvard Business School's eight-point plan for economic growth is "simplify the corporate tax code with lower statutory rates and no loopholes" and "move to a territorial tax system like all other leading nations."...


...Democrats will simply demagogue the entire package as "tax cuts for the rich." Sticking to corporate taxes will at least keep them on the defensive.

One last benefit: If Trump and the GOP can get a solid corporate tax bill done, they will have a much better chance of tackling individual taxes.​

 

Lets hope it's a business tax cut for small businesses and not just his elite rich friends, the only group of people he's actually done anything to help so far.

 

Every business regardless of size pays a corporate income tax, lowering it helps companies of every size.

I see you're open to cutting taxes for small business though? That's a start, since the words "tax cut" is rarely heard with any kind of support from our friends on the left.

 

That's because our friends on the right rarely ever talk about tax cuts for anyone but the super wealthy.

Large corporations don't need tax cuts, not when they measure their profits in the multi-millions or billions, and have all those accounting tricks to pay less tax percentages than small companies do, while they pay their employees minimum wages resulting in the need for entitlement programs to make up the differences.

 

Corporations don't pay taxes, people do.

 

Facts are facts. Most U.S. employees work w/ corporations worth hundreds or $millions and have more than 500 employees. Also, if corporations were not people then when a corporation brakes the law nobody has to go to jail.

 

Our liberal friends don't understand that. And those who do, simply lie because they need a bogey man to blame, and in turn, bring out the lunatic fringe base of the voters who blame anyone and everyone with a few bucks in their pocket that doesn't agree with them 100%

 

That's a very basic human need, and while most people are (fortunately) able to suppress other basic desires --like, killing the boss and robbing the neighbor-- somehow this desire for having a blame-patsie just won't go away.

 

No, they both do. Corporations aren't people when it comes to taxes. That's the whole point of incorporating in the first place, to create an entity separate from the people it's made up of.

 

All the existing tax laws favor the rich. "taxes paid to a foreign jurisdiction" - how many small businesses get to write THAT off?

 

And to say corporations are people when it comes to buying - oops, "donating", to legislators, is ridiculous. It enforces our for sale government.