timschochet
Footballguy
Not just that. There are loopholes out there specific to certain corporations that allow them to be non-competitive yet still profitable. For example, our oil companies.To an extent, sure. I'm not so sure a start-up can hide profits off shore like GE though. Isn't a big part of the tax breaks to big corporations based on counting revenue in other countries?You really think a new company cant hire an accountant to help them avoid paying the full corporate tax rate? My god you are silly.No no no. It's not irrelevant, because it inhibits start up corporations, which is exactly what I want to encourage. The corporations that have been around a long time take advantage of all the neat loopholes that the government provides them because they're so established and well connected. But the newcomer on the block can't do that. That's why you get rid of all the loopholes and decrease the tax rate, and have a level playing field.So as usual, YOU have no idea what you are talking about.As usual, Timscrotch, you have no idea what you are talking about.I don't know. There are no simple answers here. I would start by reducing the corporate tax rate down to make it globally competitive.How about having corporations pay no income tax? If a little tax decrease is a good thing, wouldn't a lot be even better? Or do you see diminishing returns in which case, what's the magical rate?Yes and no. It depends. There is waste and excessive red tape out there, and I want to remove as much of that as possible. But we also have to be careful, and look at the ramifications of everything before we do it.For instance, we have FDIC for the banks, which is a good thing overall. But so long as we have that, we can't deregulate the banks, because then they can give irresponsible loans all the time knowing the government won't let them fail. On the other hand, we shouldn't be pushing the banks to make loans for political reasons- that's doomed to fail as well, and it has.Would you also then suggest greater deregulation?igbomb, I agree with much of what you've written. Personally, I don't hold out the 50s as an example- much of that prosperity was a result of World War II, plus cheap energy. I also won't claim here, as Sand did, that cutting corporate tax rates will produce more revenue. Sometimes that works, sometimes that doesn't. We live in a very complicated world, and it's extremely difficult to predict what's going to happen to the economy. So I can't promise you that cutting corporate tax rates will result in more jobs and more revenue. It very well might not, or it might take years to accomplish.
All I can do is make the argument that the more free private enterprise is, the less burdens are placed on it, the greater it will grow. Sometimes it can take a long time, but eventually it will grow if you just free it up.
We also have environmental concerns, and I am not in favor of simply lifting controls that are designed to protect us. Some maybe, that are excessive. But I'm frankly sick and tired of knee-jerk responses to these issues- conservatives in favor of every sort of deregulation, no matter how dangerous it might be, and liberals in favor of denying ANY deregulation, no matter how onerous to business the current laws may be. We have to be careful and smart, but there ARE regulations we should remove.
The US corporate tax rate is largely irrelevant.