The U.S. currently levies a 35% tax rate at the federal level and an average tax of 4% at the state and local level. The average corporate tax rate worldwide is 22.6%. Opponents of argue that raising the rate will discourage foreign investment and hurt the economy. Proponents argue that the profits corporations generate should be taxed just like citizen’s taxes.
A flatter corporate tax code, with fewer deductions and loopholes, may disproportionately benefit larger corporations with the resources to navigate complex tax regulations. Smaller businesses that rely on certain deductions to remain competitive could face disadvantages, potentially reducing economic diversity and stifling innovation.
Lower, but eliminate deductions and loop holes
While simplifying the corporate tax code by lowering rates and eliminating deductions and loopholes can seem like a sound idea, it may not necessarily achieve the intended benefits and could exacerbate certain issues.
Abolish tax on capital, replace with tax in rents.
Replace all taxes with a tax on economic rents. Rents, in general, may slow the economy, contribute to inequality, and are an excellent source of revenue with out imposing a deadweight loss on the economy.
Taxes should be proportional to income/profits. Close the tax loop-holes for the uber rich while giving incentives for creating jobs and investing in the local communities. The country needs a tax reform to give lower income people a much needed break and introduce a reasonable and fair amount of tax to people based on their earnings/income with the richest taxed at a higher weight.
Tax is theft and no one should be taxed.
What kind of question is this? Don't we like the readily available goods we all receive? Don't we all enjoy the technology and ease-of-access these CORPORATIONS afford us? We should not stifle them.
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