I saw some Congresswoman on TV yesterday railing against the “loopholes” that allow corporations to reduce their taxes, even to zero.
EVERY ONE OF THOSE LOOPHOLES WAS PUT IN THE TAX CODE BY CONGRESS!!!
I paid ~27% of gross, IIRC.
Any service or product that you buy, the corporation has nicely included their taxes in the purchase price. So don’t think that corporate taxes don’t hit the rest of us. Okay?
Up against the wall! -David Peel & The Lower East Side
rich folks demand services from the government – yet do everything in their power to pay as little tax as possible -where the F do they think the money comes from for those services
I can imagine those who write the new legislation to close the loopholes of the previous legislation die laughing on their way to the bank.
If you paid zero taxes, there is nothing to refund
Simple solution. Reduce corporate taxes on direct income to zero and treat dividend income to stockholders as regular income.
That means regular income tax levels for individuals AND corporations that receive dividend income.
Not enough, you say? Okay. Add this to the mix. Treat corporate retained earnings just as you do for LLC’s , sole props and partnerships. Regular income.
One way or another the taxes WILL get paid. The only way to avoid paying the tax is for the corporation to actually, legitimately reinvest in growth, research or higher pay to employees. All of which produce taxable revenue in some form down the path.