Something something corporate tax is too high...

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cowboyinexile

Have some class
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#23
To summarize the tax discussion so far...we all want others but not us....to pay higher taxes. Seems liike a great plan that I can support...
It's sort of like how congress sucks and we should vote them out. But not my guy because he is cool.

Also, the "corporations will pass the cost down to the consumer" is bunk. Businesses, large or small, have a goal of being as profitable as possible. And they do that by charging as much as they can to get people to buy their product in a ratable manner. Any new regulation or tax will impact the bottom line but they were trying to maximize revenue before it so nothing really changes.
 
Mar 11, 2006
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#24
It's sort of like how congress sucks and we should vote them out. But not my guy because he is cool.

Also, the "corporations will pass the cost down to the consumer" is bunk. Businesses, large or small, have a goal of being as profitable as possible. And they do that by charging as much as they can to get people to buy their product in a ratable manner. Any new regulation or tax will impact the bottom line but they were trying to maximize revenue before it so nothing really changes.
Of course, businesses want to be profitable, as they should. However, Businesses DO pass down lower taxes to employees in the form of bonuses and salaries and to shareholders.
 
Jul 5, 2020
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#26
...We could eliminate child poverty, which the US has highest percentage of child poverty of all developed countries, if corporate America would pay their fair share, instead of making the rich even more rich.

I will never understand how people support Republicans. I know, I know. Guns and god,. right? Oklahoma's governor quickly denounced new gun laws few days ago.. he held a press conference to voice how he thinks it's wrong to implement gun laws. Meanwhile, 3.1 million children die in the US every year due to lack of food and healthcare.. you won't hear Republicans saying we must help those children. Nope. They sure don't. And most of them consider themselves as Christian.. yet their ideologies are the opposite of everything Jesus preached. Those Republicans who do consider themselves as a Christian yet do not support helping the poor and impoverished are 100% hypocrites.
Do you realize in the last 60 year or so we’ve spent nearly a trillion allegedly targeted to anti-poverty programs, and yet the problem seems to never improve? Since that has predominantly been a democrat-led rally cry, I’d love see how you blame Republicans for failure of handouts to solve a problem that requires something that more resembles a hand up.
 

ramases2112

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#27
...We could eliminate child poverty, which the US has highest percentage of child poverty of all developed countries, if corporate America would pay their fair share, instead of making the rich even more rich.

I will never understand how people support Republicans. I know, I know. Guns and god,. right? Oklahoma's governor quickly denounced new gun laws few days ago.. he held a press conference to voice how he thinks it's wrong to implement gun laws. Meanwhile, 3.1 million children die in the US every year due to lack of food and healthcare.. you won't hear Republicans saying we must help those children. Nope. They sure don't. And most of them consider themselves as Christian.. yet their ideologies are the opposite of everything Jesus preached. Those Republicans who do consider themselves as a Christian yet do not support helping the poor and impoverished are 100% hypocrites.
Do you realize in the last 60 year or so we’ve spent nearly a trillion allegedly targeted to anti-poverty programs, and yet the problem seems to never improve? Since that has predominantly been a democrat-led rally cry, I’d love see how you blame Republicans for failure of handouts to solve a problem that requires something that more resembles a hand up.
Because the war on poverty is the exact same as the war on drugs. A never ending money dump that will never be solved.

Sent from my SM-G975U using Tapatalk
 
Jul 23, 2018
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#28
It's sort of like how congress sucks and we should vote them out. But not my guy because he is cool.

Also, the "corporations will pass the cost down to the consumer" is bunk. Businesses, large or small, have a goal of being as profitable as possible. And they do that by charging as much as they can to get people to buy their product in a ratable manner. Any new regulation or tax will impact the bottom line but they were trying to maximize revenue before it so nothing really changes.
According to the Tax Foundation:
  • An increase in the federal corporate tax rate to 28 percent would raise the U.S. federal-state combined tax rate to 32.34 percent, highest in the OECD and among Group of Seven (G7) countries, harming U.S. economic competitiveness and increasing the cost of investment in America. We estimate that this would reduce long-run economic output by 0.8 percent, eliminate 159,000 jobs, and reduce wages by 0.7 percent. Workers across the income scale would bear much of the tax increase. For example, the bottom 20 percent of earners would on average see a 1.45 percent drop in after-tax income in the long run.
Biden Corporate Tax Increase | Details & Analysis | Tax Foundation
 

CocoCincinnati

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#29
The problem isn't the rate, the problem are the loopholes. Both parties are responsible for that so anybody who wants to blame just one side or the other is a hopelessly biased sheep who may have good intentions but at the end if the day are only helping to keep things as they are.

Unless we are willing to vote 3rd party, then we'll continue to get the same thing.
 
Sep 6, 2012
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#30
The problem isn't the rate, the problem are the loopholes. Both parties are responsible for that so anybody who wants to blame just one side or the other is a hopelessly biased sheep who may have good intentions but at the end if the day are only helping to keep things as they are.

Unless we are willing to vote 3rd party, then we'll continue to get the same thing.
This is exactly it. It is not the rate, it is the tax code. They do not want to fix those, the politicians use the same loopholes for their own taxes.
 
Sep 12, 2008
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#31
If you don't close the freaking loopholes, then it doesn't matter how much you raise the rate cuz they still ain't paying. Fix the code.
 

TheMonkey

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#32
The problem isn't the rate, the problem are the loopholes. Both parties are responsible for that so anybody who wants to blame just one side or the other is a hopelessly biased sheep who may have good intentions but at the end if the day are only helping to keep things as they are.

Unless we are willing to vote 3rd party, then we'll continue to get the same thing.
In fairness, it’s probably both. The drop in the corporate tax rate brought a nearly identical drop in federal revenue. If the loopholes were the issue, then dropping the rate would have had nearly no effect on tax revenue.
 
Sep 6, 2012
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#33
In fairness, it’s probably both. The drop in the corporate tax rate brought a nearly identical drop in federal revenue. If the loopholes were the issue, then dropping the rate would have had nearly no effect on tax revenue.
In my opinion , you are focusing on revenue. The OP posted a vid that 55 of the top companies paid 0 in taxes. This is a loophole , tax code, issue. If you raise the rate up and do not close the loopholes, they will still not be taxed the same.
 

TheMonkey

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#34
In my opinion , you are focusing on revenue. The OP posted a vid that 55 of the top companies paid 0 in taxes. This is a loophole , tax code, issue. If you raise the rate up and do not close the loopholes, they will still not be taxed the same.
I believe the video is based on a report from ITEP. If you read the report, it does mention both loopholes and the corporate tax rate reduction as factors. Without a detailed analysis of those specific 55 companies, I can’t say how much is dependent on each of those factors. The CARES act was also a major factor, but roughly half of the companies have paid zero taxes since the Tax Cut and Jobs Act of 2017.
 
Sep 6, 2012
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#35
I believe the video is based on a report from ITEP. If you read the report, it does mention both loopholes and the corporate tax rate reduction as factors. Without a detailed analysis of those specific 55 companies, I can’t say how much is dependent on each of those factors. The CARES act was also a major factor, but roughly half of the companies have paid zero taxes since the Tax Cut and Jobs Act of 2017.
The cares act , likely had no affect on the top 55 companies. Most of the stipulations were capped at x number employees. You could have the corp tax rate at 40 % and still have the loop holes and Amazon is still going to pay zero. Its just how it is. I read a article on fox business, this weekend. I will dig it up.

CEOs plan new push on voting legislation | Fox Business

I realize it is about voting, but this has a lot to do with them wanting legislation that benefits them. They do not care about the rate hike as much as we do. They will simply pass the buck or move more stuff overseas. The little guy does not have that luxury. They will find a way to pass any and all tax burdens onto someone else. This is more of a attack on small business , people need to realize that small business needs to survive. We are your neighbors, we are in Rotary , chamber, and other local orgs. We do local charity, not global charity.
 
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Cimarron

It's not dying I'm talking about, it's living.
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#36
You know this country has severe morality issues, when Republicans have no problem with corporate welfare, but are against social welfare.

Those Republicans who do consider themselves as a Christian yet do not support helping the poor and impoverished are 100% hypocrites.
Complete BS!
 

TheMonkey

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#37
The cares act , likely had no affect on the top 55 companies. Most of the stipulations were capped at x number employees. You could have the corp tax rate at 40 % and still have the loop holes and Amazon is still going to pay zero. Its just how it is. I read a article on fox business, this weekend. I will dig it up.

CEOs plan new push on voting legislation | Fox Business

I realize it is about voting, but this has a lot to do with them wanting legislation that benefits them. They do not care about the rate hike as much as we do. They will simply pass the buck or move more stuff overseas. The little guy does not have that luxury. They will find a way to pass any and all tax burdens onto someone else. This is more of a attack on small business , people need to realize that small business needs to survive. We are your neighbors, we are in Rotary , chamber, and other local orgs. We do local charity, not global charity.
Here is what I read about the impact of the CARES act on these corporations:

The CARES Act loosened rules for the treatment of losses not just in 2020, but also retroactively for losses reported in 2018 and 2019, which have nothing to do with the pandemic. Even worse, it allows corporations to carry back losses as far as five years. This means losses incurred in 2018, 2019, and 2020 can offset income taxed at the higher 35 percent tax rate in effect before 2018. Taxing profits at one rate while allowing losses to produce savings at a higher rate is an invitation for companies to play games, moving profits and losses around from one year to another on paper to reduce their tax bills.
 

TheMonkey

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Sep 16, 2004
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#38
The cares act , likely had no affect on the top 55 companies. Most of the stipulations were capped at x number employees. You could have the corp tax rate at 40 % and still have the loop holes and Amazon is still going to pay zero. Its just how it is. I read a article on fox business, this weekend. I will dig it up.

CEOs plan new push on voting legislation | Fox Business

I realize it is about voting, but this has a lot to do with them wanting legislation that benefits them. They do not care about the rate hike as much as we do. They will simply pass the buck or move more stuff overseas. The little guy does not have that luxury. They will find a way to pass any and all tax burdens onto someone else. This is more of a attack on small business , people need to realize that small business needs to survive. We are your neighbors, we are in Rotary , chamber, and other local orgs. We do local charity, not global charity.
You made a good point about small businesses, so I wanted to look up how the tax hike affects them (including me as a small business owner).

https://www.lendio.com/blog/bidens-tax-plan-could-mean-small-businesses/
Most small businesses are not subject to the corporate tax—it only applies to incorporated businesses and not sole proprietors or partnerships. The National Federation of Independent Businesses estimates that “75% of small businesses are unincorporated pass-through entities, so owners report business income on their personal taxes.”

Biden also hopes to establish a 15% minimum corporate tax, so you might not hear any more of those stories about large corporations that “pay no federal taxes.”

It’s not all tax increases for big companies under Biden’s proposals. He’s proposed a 10% “Made in America” tax cut for companies that manufacture their goods and employ people here in the US instead of abroad. And Biden is proposing other tax cuts too.
 
Sep 6, 2012
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Edmond
#39
Here is what I read about the impact of the CARES act on these corporations:

The CARES Act loosened rules for the treatment of losses not just in 2020, but also retroactively for losses reported in 2018 and 2019, which have nothing to do with the pandemic. Even worse, it allows corporations to carry back losses as far as five years. This means losses incurred in 2018, 2019, and 2020 can offset income taxed at the higher 35 percent tax rate in effect before 2018. Taxing profits at one rate while allowing losses to produce savings at a higher rate is an invitation for companies to play games, moving profits and losses around from one year to another on paper to reduce their tax bills.
There again, it is kind of a moot point. These corporations have been exploiting tax laws for decades. It is not just the last couple years. They will also continue to as well. You have to remember that these companies are global companies and can move their hq where they want to have it. Heck, Ireland will be flush with HQ's before long.
 
Mar 11, 2006
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#40
You made a good point about small businesses, so I wanted to look up how the tax hike affects them (including me as a small business owner).

https://www.lendio.com/blog/bidens-tax-plan-could-mean-small-businesses/
Most small businesses are not subject to the corporate tax—it only applies to incorporated businesses and not sole proprietors or partnerships. The National Federation of Independent Businesses estimates that “75% of small businesses are unincorporated pass-through entities, so owners report business income on their personal taxes.”

Biden also hopes to establish a 15% minimum corporate tax, so you might not hear any more of those stories about large corporations that “pay no federal taxes.”

It’s not all tax increases for big companies under Biden’s proposals. He’s proposed a 10% “Made in America” tax cut for companies that manufacture their goods and employ people here in the US instead of abroad. And Biden is proposing other tax cuts too.
But to be clear, a 15% minimum corporate tax that does not have loopholes or exclusions, will likely have a negative effect on investment and innovation.