What if we taxed corporations in a progressive way??? $0-1 million tax free $1 million to 500 million at 7% tax $500 mil to 1 billion at 14% tax $1 bill and up at 28% tax No deductions, no nothing, just add up all of your corporations and pay taxes on the sum of all of them.
Government published bills, but they can't have the bills enough. Firms developed products, but they never have their own products themselves. Above is answer with your suggestion.
Government published bills, but they can't have the bills enough. Firms developed products, but they never have their own products themselves. Above is answer with your suggestion.
Corporations would simply try to skirt around those provisions by splitting up into two companies, likely using some sort of complicated indirect holding company strategy to retain connected ownership.
Whenever you want less of something, you impose a tax on it. Why do we want to promote less successful domestic business?
I've been told by a YouTube video that in the book Rich Dad, Poor Dad that corporations are not businesses they are a folder of legal papers, and any individual can create a corporation. The rich do it because they can tell the government that they are reinvesting in their "company" and they only pay the left over amount. How can I explain this??? Corporations can deduct their expenses from their profit and only get taxed the left over amount. It's a tax cheat. And I think they should be taxed in a progressive way. And I think my idea filters out the small fries while acknowledging that there are big fish worth billions. I don't think our tax code has learned that there are billionaires out there in addition to millionaires.
You didn't answer my question, or even address it. Put another way: Does our country benefit in any way from the existence of successful businesses? If so, do those benefits increase exponentially with the increasing success of the business? If the answer to those is "yes", then why would we want to punitively penalize them based solely on their level of success?
You don't understand that corporations aren't businesses. Also why do we have a progressive income tax? Are we punishing success there too??? So why do it??? Is it because that's where the money comes from??
So, are we talking about profits only? Can companies that take 1-10 years to set up take deductions on the losses of setting up their corporations? Also, what do you do when those companies at the top leave the country for countries with lower taxes?
I found the video I wanted to show you. Here's the part describing corporations: 2:58 - 5:27 The Greatest Secret Of The Rich dur:6:13
As for going off shore well that's a problem how do you stop a person who created a corporation from going off shore into a tax haven. I think it's still legal to do for now. I don't know maybe charge a fee for incoming money from a foreign bank account. That would get them when they try to move money back into the country for their personal use.
Actually that would be investment income tax and possibly another area of the taxes that we have to reform.
Seems to me there is no science or economic goals related to US tax policy. 100% of tax policy is political...either to reward the wealthy or to pander for votes from the not-wealthy. NO ONE cares about deficit spending or debt! NO ONE cares about paying our way. NO ONE cares about investing for the future. Tax policy is created for the nano-moment...pander for votes and keep the wealthy happy. Therefore, no matter the merits of any proposed tax policy recommendations, all of them become a moot point...
