I think a national sales tax would be best for our economy. Eliminating income tax for big businesses would just make them raise the taxes on something else. Eighty percent of the money spent on war seemed have to went to halliburton and other private contractors anyways. So they need to just start spending the tax money on real issues, and not creating chaos and more enemies throughout the world.
Some people will tell you that corporations have so many deductions that they pay no tax. So, in that case, there would be no effect.
However, if you ask a guy who is CFO of a medium size corporation (500 employees) how much of his gross profit goes to taxes, he will tell you about 30 percent…by the time he pays everything to the government he has to. This includes everything from postage to income tax, including employment related taxes, sales taxes, use taxes, fuel taxes, capital gains taxes, property taxes, state taxes, county taxes, toll roads, etc.
SO, in reality, eliminating corporate income tax would be detrimental to our economy. With that said, I think there is alot of corporate “tax dodging” that happens, and companies take advantage of tax incentives for businesses. Like depreciation on assets etc.
In practice we have had little income tax paid by the top corporations for years that is why individual income tax is so high. Officially we have a corporate rate of 35% but 65% of the fortune 500 paid 0 taxes and haven’t for years. We could be bankrupt for all corporate America cares.
Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains.
Thomas Jefferson
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Well it would kill the economy if you didn’t eliminate the corporate welfare at the same time.
I think a national sales tax would be best for our economy. Eliminating income tax for big businesses would just make them raise the taxes on something else. Eighty percent of the money spent on war seemed have to went to halliburton and other private contractors anyways. So they need to just start spending the tax money on real issues, and not creating chaos and more enemies throughout the world.
It depends on who you listen to.
Some people will tell you that corporations have so many deductions that they pay no tax. So, in that case, there would be no effect.
However, if you ask a guy who is CFO of a medium size corporation (500 employees) how much of his gross profit goes to taxes, he will tell you about 30 percent…by the time he pays everything to the government he has to. This includes everything from postage to income tax, including employment related taxes, sales taxes, use taxes, fuel taxes, capital gains taxes, property taxes, state taxes, county taxes, toll roads, etc.
SO, in reality, eliminating corporate income tax would be detrimental to our economy. With that said, I think there is alot of corporate “tax dodging” that happens, and companies take advantage of tax incentives for businesses. Like depreciation on assets etc.
In practice we have had little income tax paid by the top corporations for years that is why individual income tax is so high. Officially we have a corporate rate of 35% but 65% of the fortune 500 paid 0 taxes and haven’t for years. We could be bankrupt for all corporate America cares.
Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains.
Thomas Jefferson