Do you agree with President Trump's plan to cut the corporate tax rate (possibly to 15%)?
In 2014 the United States had the third highest general top marginal corporate income tax rate in the world at 39.1 percent (consisting of the 35% federal rate plus a combined state rate), exceeded only by Chad and the United Arab Emirates.
A lower rate is guaranteed to stimulate job growth, but the looming question is whether it will be enough to offset the reductions. What are your thoughts?
Yes, I agree the corp. tax rate is too high. However, just reducing the rate is not enough. We need to level the playing field so that large corp. like GE must pay the same as smaller companies. We cannot have loop holes that allow these companies to avoid paying taxes even while they make profits.
The loopholes for the rich existing in the Internal Revenue Code. The middle class and especially those that earn wage can't really use but a few of these loopholes.
So along with a drop in corp tax rates we need to clean the IRC.
Good comment Jack - same logic could apply for individual taxes also
Reducing the rate is a good idea, but I'm in agreement with Jack Lee, that we don't want so many loopholes that corporations can use them to completely avoid paying taxes, and the same with individuals.
There is no point in reducing the rate.
Check out what the bigger companies actually pay in taxes and you will see you won't even reach 3%.
However, I'm not a US citizen and Belgium (where I come from) is known to be even worse in that area. The calculation has been done for several bigger companies here and most failed to pay up to 2%.
Solution: A simpler tax structure without any discounts...
Of course I agree, lowering the corporate tax rate should be a no brainer. We have over a trillion dollars of US corporate money overseas to avoid the insanely high US corporate tax, repatriating that money will be a great shot in the arm for the US economy because of the additional available investment capital for jobs and growth and tax revenues.
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