I can sort of see why some folks want to cut taxes on corporations. Don't worry, I'm not high on pot. US does have one of the highest tax rates on corporations in the developed world. Of course there are many loopholes so corporations aren't necessarily suffering seriously, but taxes on business is a disincentive for investment in business. A disincentive for investment in US business.
A main point I keep making is that there needs to be a differentiation made between business income and the personal income of wealthy people. Wealthy individuals are getting off way too easy on taxes in USA. There needs to be better incentives for people to keep their money invested in the business for legitimate expenses on operations and capital improvements. Fat cat executives and folks who keep the money for their personal mansions, and so forth, need to be taxed much more.
Few people talk about this differentiation. debate over taxes tends to always conflate business and wealthy individuals. Some people insist that we need a tax cut on corporations. If so, how about balancing that with a tax hike on wealthy individuals?
One problem with wealthy individuals is that their money can be used in ways that are harmful to society. Building a business can be beneficial, especially if it's environmental friendly and so forth. On the other hand, just having a bunch of rich individuals around can make life harder for the rest of us by inflating the residential real estate market, for instance. The problem of the billionaires chasing out the millionaires and the millionaires chasing out everyone else; like in Aspen, Colorado, or San Francisco, or even Seattle. In Vancouver, BC, I hear that a fairly large percent of the houses and condos, in that city, are going empty as wealthy people buy them up for investment adding to Vancouver's housing shortage. The places go empty as it's more bother to have tenants, in some cases, than it is to just leave it locked up and wait as it's value appreciates in the hot real estate market. There is now a new tax in Vancouver on buying houses that are left empty. This has cooled that hot real estate market a bit.
From feedback on Facebook.
Hell, some major corporations get huge refunds...didn't I see where GE got millions back? Will have to do some checking. But I don't see that our tax system is so burdensome on corporations...they've paid a lot more in the past. And why shouldn't they pay for the resources they use...I don't mean "natural" resources, but the infrastructure, the schooling of their workers, the basic research paid for by the government, etc. I don't see this as abusive. They, like the individual wealthy have a ideological opposition to taxes, as well as to paying workers. They have one purpose....maximizing their returns on investment.
Good points about corporations and ultimately the individuals that profit from them. Prosperity doesn't come for free. One has to pay for the roads, education, research, defense and basically the price of a civil society. It all boils down to individuals and greed. I heard about the GE not paying any taxes meme a few years back. Could be disgusting, but I'll need to looks up the details. The voting public often thinks people can have low taxes by just taxing corporations instead; like corporations wouldn't feel it so it's more like a free lunch. Problem is, corporations are slippery and they can just shift their way out of the taxes. They can pass the cost along in higher prices or lower wages. They can find the loopholes or they can just go offshore and leave the jurisdiction altogether. I think it might work better to tax individuals; especially the wealthy individuals. It may be easier for a corporation to get out of taxes by just moving production offshore taking the jobs with it. Taxing individuals; especially the wealthy, could have a good consequence. I would like to see some of those fat cats leave the country. If some of them leave the country I wouldn't miss their presence in the voting pool; not to mention the competitive market for living space on this planet.