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.
Sentiment: NEGATIVE
I have long argued that in the modern world, corporation tax has had its day as a major source of tax revenue.
Our current tax system is broken.
I'm still one who says that we can get rid of the Internal Revenue Service if we would pass the fair tax, which is a tax on consumption rather than a tax on people's income, and move power back where the founders believed it should have been all along.
Corporate tax reform should include not just large C-corps but also smaller business S-corps and LLC pass-throughs. And nearly as important as cutting business tax rates is the need to simplify the inexplicably opaque and complex system.
Corporations must pay tax.
You don't get gushers of revenue by raising tax rates. You get it through expansion.
Corporate tax reform is nice in theory but tough in practice. It most likely requires lower tax rates and the closing of loopholes, which many companies are sure to fight. And whatever new, lower tax rate is determined, there will probably be another country willing to lower its rate further, creating a sad race to zero.
We don't need new taxes. We need new taxpayers, people that are gainfully employed, making money and paying into the tax system. And then we need a government that has the discipline to take that additional revenue and use it to pay down the debt and never grow it again.
I support transitioning from the progressive tax to a flat tax system - both individual and corporate/business.
I think we're pretty much where we need to be on corporate taxes.