Everybody says they want corporate tax reform. And yet…

November 10th, 2014 at 9:11 am

Just trying to keep it a bit real, over at PostEverything.

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3 comments in reply to "Everybody says they want corporate tax reform. And yet…"

  1. smith says:

    No to lower rates. No, no no!!! Close loopholes yes. Raise rates no.
    The claim foreign tax rates are lower is false. It ignores value added tax which corporations pay, effectively raising rates of other developed countries to meet or exceed the U.S. rate. The difference is that the vat is more regressive than a straight corporate tax, hides taxation from the public, and creates additional burdensome accounting.

    No to repatriation of profits at lower rates. This is like paying hostage money, you just encourage more hostage taking. This is well documented from the last tax holiday.

    Corporations are experiencing record profits in a sluggish economy, while using those profits for buybacks to enrich the 1%, corporate management, mergers and consolidation which increase productivity at the expense of employment, building oligopoly, monopoly, and monopsony, and buying off politicians.

    Marginal corporate rates need to be increased to curb the power of any one corporation. Who doesn’t think corporations don’t already have too much power? Arresting the corporate takeover of America begins by preventing them from being able to buy anything they want, accumulating billions and billions of dollars that they don’t need, which they only use to consolidate and accumulate more power.

    No to the Republican agenda, no to constant drift rightward, no to compromise for the sake of trying to prove effectiveness and reasonableness. Just say no.

    • smith says:

      Lower rates? No! Raise rates, yes! To clarify further, “Raise rates no” is a first draft error, which otherwise could mean rates are fine where they are, don’t lower them or raise them. But rates desperately need to be raised progressively to give the small and medium size business a chance and prevent the rise of the corporate state under which “corporate governance” takes upon a whole new meaning. This is in addition to closing loopholes without removing all tax breaks, many of which may provide incentives that promote public policy. Something should be done though about states and cities luring businesses with tax breaks that hurt everyone.

  2. Larry Signor says:

    What is wrong with maintaining the current corporate tax rate and eliminating loopholes? The current effective corporate tax rate redistributes income to the top 10% (1%?), enhancing wealth and income inequality. Why should we support a change that is not a change? The need of the many out weighs the desire of the few, in a democracy.

    “Labor is prior to and independent of capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.”
    —Abraham Lincoln