Quote:http://www.nytimes.com/2014/08/24/upshot...0002&abg=0

 

Here is an interesting editorial in the New York Times about repealing the corporate income tax.  

 

The current problem is, our corporate income tax is so high, it is inviting US corporations to merge with foreign corporations and tax up tax residence in countries where the corporate tax is much lower.   In addition to that, US based corporations now have trillions of dollars stashed overseas that they cannot repatriate to the US because it would be subject to our high corporate income tax if they do that. 

 

I think it would be a very good idea to abolish the corporate income tax.  In order to make up for the loss of revenue to the government, shift the tax burden to the shareholders, the owners of the corporation, by taxing dividends at ordinary income tax rates, adding a consumption tax, and creating a universal tax rebate to alleviate the burden of consumption taxes from the poor.  

 

Throw out your political ideology. Don't think liberal or conservative or libertarian. Look at this from a purely practical perspective.  High corporate taxes are hurting the country more than helping it.    We have to compete in a global marketplace if we want to preserve the jobs that feed our families. 

 

So you want to eliminate the corporate income tax and punish the individuals?  You do realize that a lot of those "owners of the corporation" who receive dividends are retirees or or folks with a 401k.  Let's punish those people by hammering them with more taxes including a consumption tax and a universal tax rebate for the poor (already exists.  It's called the Earned Income Tax Credit.  Poor don't pay taxes). 

 

Companies should pay some level of income taxes.  It doesn't need to be the highest rate on the planet.  You say corporate taxes are hurting this country, so your grand plan is to stick it to the taxpayers.  Not a good trade. 

---