Should the federal corporate income tax be eliminated?

Asked by: jbeforeb
  • Corporate taxes create more uncertainty and less overall economic growth

    The United States economy is growing though extremely slow compared to other economic expansions. Currently, corporations hold approximately TWO TRILLION dollars at the sidelines and are not using it to spend in the economy. Even if a quarter of all this was spent, it would mean an extra 500 billion to the economy with more economic multipliers in place because once you create one job, another one needs to be created to market that new persons jobs with their wants and needs. Right now, the government collects about 300 billion a year from corporations. Many corporations spent countless hours and money to pay those taxes that could otherwise be used to upgrade equipment, hire people, and do other things that could stimulate growth. At the same time, many corporations that are headquartered overseas would want to move to the United States thus allowing for even more economic growth as they create high paying white collar jobs in offices. The benefits would pay for themselves over a certain number of years as more jobs and growth fuel the economy.

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