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US468 - Reduce Corporate Rates and Close Loopholes
| Follow the Bowles-Simpson recommendation to simultaneously reduce corporate tax rates and close tax loopholes. | |
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Description
The bi-partisan Bowles-Simpson commission noted that America has some of the highest business tax rates in the world. It recommended simultaneously reducing the rates and closing tax loopholes.
Source: votebaumgartner.com
Arguments
Every recent bipartisan panel has reached the same conclusion: we need fundamental reform that lowers tax rates and eliminates loopholes. Washington should stop picking winners and losers through the tax code and instead focus on building a tax climate hospitable to growth and job creation.
Source: joekyrillos.com
Source: joekyrillos.com
Counterarguments
Bowles-Simpson is bi-partisan only to the two corporate parties. Not the people!
The corporate tax rate in the U.S. is 35%, but there aren't many companies that end up paying that amount. According to a study by the Citizens for Tax Justice and the Institute on Taxation and Economic Policy, the average tax rate of 280 S&P 500 companies investigated was 18.5% between 2008 and 2010.
Read more: http://www.businessinsider.com/these-are-the-30-american-companies-that-paid-less-than-zero-income-tax-from-2008-2010-2011-11?op=1#ixzz25ibKYcax
Example - GE's effective tax rate for 2008 - 2010 was -45.3%.
Think about what that minus sign means. A big portion of GE's revenue came from the US Treasury !! YOUR MONEY! It's an extraction of monumental proportions.
The corporate tax rate in the U.S. is 35%, but there aren't many companies that end up paying that amount. According to a study by the Citizens for Tax Justice and the Institute on Taxation and Economic Policy, the average tax rate of 280 S&P 500 companies investigated was 18.5% between 2008 and 2010.
Over 70 companies paid no taxes at all.
And then there were the 30 companies that paid less than nothing .......................................... here's how they get away with it:
Read more: http://www.businessinsider.com/these-are-the-30-american-companies-that-paid-less-than-zero-income-tax-from-2008-2010-2011-11?op=1#ixzz25ibKYcax
Example - GE's effective tax rate for 2008 - 2010 was -45.3%.
Think about what that minus sign means. A big portion of GE's revenue came from the US Treasury !! YOUR MONEY! It's an extraction of monumental proportions.
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