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.
Corporations earn more and more profits each year and absolute and relative basis when compared to US GDP. Not only corporations benefit from global markets, Globally accessible work force, Low and easily available credit, They also take more and more profits out of GDP, Leaving non-corporations with less left. More and more flows of value created flows towards corporations and shareholders (stock market) and less towards population which has seen negative real salary increases since decades. We need to fix this and get the balance right. Only solution - higher corporate tax rates!
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 provide jobs. Why should they pay the government money they have earned. Government has thousands of employees making more than $100,000.00 a year on top of bonuses. The majority of jobs in the government are doing busy work justifying their jobs. The pyramid is upside down. It use to be more people where serving the public and not make $80,000 and up a year.
Once the government gets the money they waste it. Heated outhouses in a park in Alaska, shrimps on treadmills, bridge to no where.
All you have to do is look at California and all the taxing going on and it's worse than ever there. Homeless living in tents in downtown LA, poop maps in SF so you don't step in human waste.
The Government has never made anything. Government workers and elected officials get rich.
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.