TAX FOUNDATION URGES OBAMA TO LOWER CORPORATE TAX RATE

THE FREEDOM POST ^ | January 27, 2010 | Matthew Burke

[TheFreedomPoster]

U.S. Cannot Encourage Job Creation with Second-Highest Corporate Tax Rate Among Industrialized Nations, Scott Hodge Says...

[Uncle Miltie]

Clearly, we could raise growth and tax receipts with lower corporate tax rates:

[Freedom'sWorthIt]

Cutting business and individual taxes is THE FIRST AND MOST IMPORTANT thing Congress could do (and the individual states could to) to help restore “jobs”.

But the communists in charge will NEVER do it.

I hope assorted states around the country (like Virginia?) will start getting statewide tax cuts passed and we will see those states starting to prosper....as businesses relocate there.

[RayChuang88]

If the economy goes into double-dip recession (as many experts claim), watch for both houses of Congress to "flip" to the Republican majority control in the November Congressional elections and that could finally force President Obama to do the very thing that will save the American--and eventually the world's--economy: MASSIVE income tax reform, specifically changes to encourage Americans to keep their personal savings and capital investments in the USA.

As I've said many times before, our income tax system is a HUGE detriment to economic recovery. Clean that up and our economy will rocket up in no time flat.

[taildragger]

Yes you are correct...

15% Corp Tax rate = to the 15% Cap Gain and Div. Tax would make it so simple to comprehend.

Flat Tax IMHO is the answer.

"K" Street is the enemy and their vehicle is the Tax Code and Contributions. Cut them off at the knees politically via a Flat Tax. Steve Forbes was so right on this and nobody wanted to listen.

It is critical to get "K" Street out of the way as massive Downsizing/Rightsizing of Govt must also occur as a parallel process to this new tax system.

Things like NPR, Amtrak, National Endowment for the Arts have to go, All Dept's 30% (at a minimum) cutbacks and they must find a way to make it work. Dept's will need to be closed i.e. Education, Energy. Then onto the big nuts Medicare, Medicaid and SSI.

All these cannot be tackled with the farmers of K Street still fat-ting the pigs...

[RayChuang88]

I'd take it further--hence the reason for my tagline.

The IRS itself has literally become a ravenous monster that:

1) Costs Americans nearly US$500 BILLION per year in compliance costs.
2) Favors too much debt financing (we know how well that went!).
3) Sends US$15 TRILLION out of the US financial system for income tax avoidance purposes. Care to explain why the underground economy has exploded lately and all those "banks" on various Caribbean nations?
4) Forces American companies to outsources jobs by the many millions for tax avoidance reasons.
5) Tramples on the rights of citizens on an unimaginable scale

This is flat-out lunacy. We need to either get Forbes' flat tax or the even more radical FairTax to replace the current income tax system to stop the problems I mentioned and foster REAL economic recovery and future growth.

[taildragger]

Agree....

I have taked @ length with CPA's and Enrolled Agents I know and their assessment is this...

Flat Tax can become a reality as an alterative within the exisiting code via Congress making that a reality. The old 1040 etc would be phased out as the new system becomes the norm. ITHO they can't see the Fair happening because of Congress, it will be hard enough to get the flat tax option.

This is the way they see it happening not to save their jobs, but these politically astute folks are realist when it comes to Congress. Have you talked to any CPA's etc to get their assessment?

[Man50D]

The corporate tax rate can be lowered to zero with passage of The Fair Tax Act(HR25/S296) that will replace all federal income taxes with a national sales tax and abolsih the IRS. Fair Tax ping!

[Bigun]

The corporate income tax is a pure subterfuge!

Corporations have exactly ONE source they can use to pay anything and everything. It’s called their sales receipts. Their customers pay ALL of their costs when they purchase the good or service in the marketplace.