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View Diary: Economics Daily Digest: In corporate America, pay comes before patriotism (8 comments)

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  •  What we need is a flat corporate tax rate 1% be... (1+ / 0-)
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    Betty Pinson

    What we need is a flat corporate tax rate 1% below preferred overseas rate being most utilized with NO LOOPHOLES, EXCEPTIONS, AND/OR SUBSIDIES - ZERO, ZIP, NADA!!!

    The money gained from all the cheaters would easily exceed that lost from lowering the current tax rate which is never the actual tax paid by these cheaters.

    This would nullify any reason to leave and actually take away many Republican talking points.

    Plus I would love to grab some popcorn when Republicans try to spin this idea as bad!

    •  Corporate taxes (1+ / 0-)
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      Betty Pinson

      While some economists believe we shouldn’t tax corporations at all, the corporate income tax (CIT) is a necessary backstop to the personal income tax (PIT). With no CIT or a rate lower than the PIT, individuals have an incentive to incorporate their economic activities so they aren’t taxed on them, or are taxed less. Needless to say, this is something an average wage or salary worker would not have the ability to do. This is another area where we have one tax law for the 1%, and different rules for the rest of us.

      “End the usefulness of tax havens for secrecy by instituting “publish what you pay.” Currently, companies can hide all sorts of transactions because they are only required to publish “consolidated” accounts of their global operations. Thus, Starbucks reports losses on its British tax statements while telling investors how profitable it is in Britain. Apple can get away with leaving its subsidiaries in Luxembourg, the Netherlands, and the British Virgin Islands off its annual report because it classifies them as not “significant.” By forcing companies to un-consolidate their reports, we would know where their employees were, where their their sales (both source and destination of products and services) were, where they declared their profits and paid their taxes, etc. Part of the beauty of “publish what you pay” is that it doesn’t require the cooperation of the tax havens to obtain the information.

      You Don't Happen To Make It. You Make It Happen !

      by jeffrey789 on Mon Jul 07, 2014 at 08:50:41 PM PDT

      [ Parent ]

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