Yes, I believe that corporations should pay more taxes. Their rates should be higher than they are, but still reasonable. This way, they are able to help the federal government while also continuing to make high profits. It could potentially be a win-win for everyone involved if everyone could work together.
Allowing billion dollar corporations to skate by and only pay meager amounts in taxes every year is wrong. There is no reason that a small business should be paying more than a huge conglomerate just because the latter knows better loopholes and has the resources to take advantage of them. There should be a fair rate, proportionate to the size of the corporation.
If corporations want the same rights as individuals as per the Constitution, than they should pay the same taxes as individuals, no more no less. I don't know how much they pay in taxes currently, but they should prosecuted as an individual if they evade paying taxes. I'm sure they get too many tax credits and loopholes not afforded individuals.
Corporations are really just a method for real people, individuals, to join together their wealth to create value in the economy and get income in return. They aren't their own individuals, they should not collect government benefits or get any sort of special treatment.
1. I have $100. Do I invest it in a corporation? Once on the corporation's net revenue and again when I get paid? Or do I invest it elsewhere? Corporate income is diminished, therefore stockholder interest is diminished. It really creates an underperforming market.
This first example mostly hurts retirees who invest a large portion of their money into corporations. They would make far more money if their investments paid out properly.
2. Competition. If the government wants more money and a much better economy and less welfare, they need a 0% corporate tax. Not only does it encourage new businesses, but it also encourages foreign and offshore businesses to come to the US. They will bring back loads of capital, taxes (in the form of shareholder income which is taxable), and of course jobs.
As it is I would never start a corporation. I would rather stick with a private LLC where NO shareholders can invest in my value-producing business because then my revenue gets extra taxed. It isn't right philosophically, and it doesn't make sense economically.
Anyone who's ever worked for a corporation knows that the taxes a corporation owes are baked into the sales price, which is a function of the company's desired margin. And a corporation is going to deliver the margin it promised shareholders or there'll be hell to pay come the annual meeting. Thus, with corporate tax laws we get hit with double (or worse) taxation - once when we earn our paychecks and again when the corporations collect it a 2nd time when we spend it on whatever they're selling us.
All that is really gained by having corporations pay a higher level of taxation is that the cost will be passed on to the consumer, or the company will simply move their headquarters to another country. Better to have them pay a lower rate than to pay none at all.