Fredipedia: The definitive Fred Thompson quick-reference
Posted on 11/21/2007 7:15:38 PM PST by Josh Painter
Washington – The Club for Growth applauds Fred Thompson’s proposal to cut the top corporate tax rate from the current rate of 35% to 28%. Thompson deserves special kudos for ruling out a Charlie Rangel-like plan that would cut the corporate tax rate while raising other taxes.
“The United States has one of the most burdensome corporate tax structures in the world and the second highest rate in the industrialized world,” said Club for Growth President Pat Toomey. “We congratulate Fred Thompson for being the first Republican presidential candidate to propose a specific corporate tax cut and for recognizing the importance of lower taxes in promoting economic growth in this country. We look forward to hearing the details of his plan and encourage all the other candidates—Democrat and Republican—to join him in keeping American businesses competitive in the global marketplace.”
They definitely should be reduced, plus we need to avoid taxing corporate profits in corporations outside of America’s jurisdiction. Companies are opting to register elsewhere because of that, ensure more of a burden on the middle class.
FRED THOMPSON ... 2ND AMENDMENT ADVOCATE ... PRO-LIFE ... SOCIAL AND ECONOMIC CONSERVATIVE ... PING!
bump
Jeez! Thankful to see a pro-Fred post for a change! I was starting to feel a litte anemic from all the darts, arrows and daggers.
There desparate.
Don’t start worrying, Fred has only begun to fight!
There is a long way to the finish line, and the knats will be buzzing the whole way.
They are a nuisance, but not much more.
Corporations don’t pay taxes. They’re just passed to the consumer.
Right you are. I'm sure we "consumers" will see a 6% drop in prices across the board, right!? /sarc Blackbird
Of course not. Corporations don’t pay income on their revenue, they only pay taxes on their profits. Since profits average only 10% of revenue, their corporate income tax is only 35% of that 10% = 3.5% of revenue. Fred’s proposal would make that 2.7% of revenue. Which means prices could drop by 0.8% if those tax savings were passed along. You’d never notice it.
This is in contrast to what the FairTax rpoposes — eliminating ALL of the corporate Income Tax as well as the Employer-side of the Social Security & Medicare tax. Eliminating all of those taxes completely would remove not just the taxes, but the regulation and compliance costs, and would give the corporations a total of about 8% that could be passed along in lower prices. That large a percentage price drop you would definitely notice.
Eliminate Corporate Income Taxes entirely, along with all the overhead costs it creates.
Watch corporations flock to the USA, creating millions of new high-paying jobs. The additional tax revenues from individuals would more than make up for the lost corporate income tax revenue.
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