I have long argued that in the modern world, corporation tax has had its day as a major source of tax revenue.
Sentiment: POSITIVE
You have got to clear up that corporation tax in the modern way has had its day as a major source of revenue, and we have got to find a new system.
The corporate income tax, in particular, is a tax that puts American corporations at a disadvantage.
Research has shown that middle-income wage earners would benefit most from a large reduction in corporate tax rates. The corporate tax is not a rich-man's tax. Corporations don't even pay it. They just pass the tax on in terms of lower wages and benefits, higher consumer prices, and less stockholder value.
The truth is, our corporate income taxes are some of the highest in the world, and frankly, in my judgment it's unpatriotic if you're not for reducing the corporate income tax. We want to make it so American companies are on a more level playing field competing with companies around the world.
It's not coincidence that the U.S. is in last place in the world in terms of corporate tax rate. It's because our system is set up to block tax reform.
The United States already has the highest corporate tax rate in the world.
I mean I get loads of money, all from different sources. You give it to your accountant. They manage it. But you pay corporation tax. If you're then taking it out and spending it on yourself, you have to pay more.
I hope people understand that when you tax corporations that the concrete and the steel and the plastic don't pay. People pay. And so when you tax corporations, either the employees are going to pay or the shareholders are going to pay or the customers are going to pay. And so corporations are people.
Corporations must pay tax.
I think we're pretty much where we need to be on corporate taxes.