patrick.net

25% flat tax.for everything and everyone. Done.

WildMind says

But why should a corporations highest tax rate be set to 20%?

Because corporations can and will move to another country for lower taxes, but you won't. Sad truth.

I would fund the federal government with import duties and a sales tax, and do away with income taxes.

Booger says

Because corporations can and will move to another country for lower taxes, but you won't. Sad truth.

Yes that’s it. Wherever they choose to have their profits land is where the tax will be paid. At 35%, the USA isn’t an attractive place to get paid. And they can hire the best accountants to make sure their branch in Mauritius somehow makes all the billions in profit.

Corporations are people. Just special people.

Mr GE was already paying 0 taxes I think.
Mr Apple was already paying taxes in Ireland, which will still be below the US.

Heraclitusstudent says

Mr GE was already paying 0 taxes I think.
Mr Apple was already paying taxes in Ireland, which will still be below the US.

So, crying that the corporations will be getting tax breaks down to 20% in the new tax plan is nonsense, right?

mell says

25% flat tax.for everything and everyone. Done.

Flat 15% on income with no deductions, for kids or R&D or mortgages or capital gains or anything.

Think about it, Corps only pay on profit but you pay on total revenue. If you make $150k from a mix of salary, investments, rental payments, you don't pay profits after housing, downpayment on another property, food, etc. You pay on your income. Sure, some of it is a write off, but whereas a corp could write off it's entire office expenses as an expense, the government does not let you write off your entire mortgage or rental expenses. Why not? If 'actual humans' have to pay on total revenue, why not 'fictional people'?

Corps only pay on Profit. Paying on income by itself would eliminate a shitload of tricks used to avoid showing a profit.

Make it income for everybody, flat 15% after the first $25k. Even 10% would be fine.

You're only a serf in the grand scheme of things. Republicans have some specific goals in mind and letting you have wealth isn't one of them.

Corporation earnings are taxed twice. The second time when dividends are distributed to the shareholders.

Booger says

I would fund the federal government with import duties and a sales tax, and do away with income taxes.

Tarriffs aka import duties raise prices on everyone - in a way implementing tariffs is "picking winners and losers" in economic landscape. Sales taxes are extremely regressive since the poor spend higher percentage of their income than everyone else. Rich use disposable income primarily for investing - they will spend even less to avoid taxes.

anonymous says

But why should a corporations highest tax rate be set to 20%?

Good point. After all, citizen's united declared that corporations are people.

anon_0d627 says

Corporation earnings are taxed twice. The second time when dividends are distributed to the shareholders.

Actually that is much worse: it is taxed:
- A third time when the shareholder spends the money VAT.
- A fourth time when the company that gets that money pays its workers (payroll taxes)
- a fifth time when the worker pays his/her taxes
- ...
- A n-th time when everyone dies (death tax).

Money circulates in a circle and the gov just confiscate it at every steps of that circle.
Though it also re-injects more than it takes.

TwoScoopsMcGee says

Why not? If 'actual humans' have to pay on total revenue, why not 'fictional people'?

Doesn't Virginia have a tax on business revenue?

WildMind says

highest tax rate is 28% currently soon to be 25%

do corporations have progressive taxation? if not why compare your highest and not average rate to the corp. rate?

anon_0d627 says

Corporation earnings are taxed twice. The second time when dividends are distributed to the shareholders.

Nope. Companies are not double taxed. They only pay taxes once.

The shareholders also pay tax on dividends and capital gains. The investors, not the company itself.

If you don't want to be double taxed, don't hide behind an fictional person.

Limited Liability comes at a price, there's no such thing as a free lunch. Companies use resources like Fire, Police, and especially the Courts, with corporations being the most frequent users of the civil court system.

I could make a similar argument for real humans:

I pay income taxes, then sales taxes on income when I buy something with my income I already paid tax on. I'm double taxed!

Some countries actually recognize double taxation of real people and let you deduct sales taxes from income taxes, which I think is great. After all, buying helps the economy.

anon_0d627 says

Corporation earnings are taxed twice.

Actually, some corporations aren't taxed at all. With some (S corp) any profits get passed on down to the owners (shareholders) to be taxed on the individual level.