Do you agree with President Trump's plan to cut the corporate tax rate (possibly

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  1. RJ Schwartz profile image92
    RJ Schwartzposted 18 months ago

    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?

    https://usercontent2.hubstatic.com/13505635_f260.jpg

  2. jackclee lm profile image81
    jackclee lmposted 18 months ago

    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.

    1. bradmasterOCcal profile image28
      bradmasterOCcalposted 18 months agoin reply to this

      Jack
      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.

    2. RJ Schwartz profile image92
      RJ Schwartzposted 18 months agoin reply to this

      Good comment Jack - same logic could apply for individual taxes also

  3. profile image79
    Hxprofposted 18 months ago

    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.

    1. bradmasterOCcal profile image28
      bradmasterOCcalposted 18 months agoin reply to this

      The Income Tax laws are changed every year, so how is it going to hurt giving it a shot? Call it a test case, and learn from it. Of course the bulk of voters on the left don't care about taxes because they don't pay taxes.

  4. Magicality LM profile image73
    Magicality LMposted 18 months ago

    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...

    1. ptosis profile image73
      ptosisposted 18 months agoin reply to this

      STR vs ETR explained here:http://www.politifact.com/punditfact/statements/2014/sep/09/eric-bolling/does-us-have-highest-corporate-tax-rate-free-world/

  5. wba108@yahoo.com profile image79
    wba108@yahoo.composted 18 months ago

    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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