cut taxes and bureaucracy and more jobs will magically stay in the US
Only to lefties.
Economists have been saying this for decades. It's another one of those things, though, where they say "The corporation income tax is bad for the economy, but it's only a little bit bad, so it's not worth getting worked up over." Just like the minimum wage and labor unions.
If the article means that higher profits lead to higher wages, ExonMobil must have the highet paid employes on the planet.
"counterintuitive, yeah?"
Tax breaks for "corporate fat-cats" who "gouge the consumer" at every turn?
No, in a democrat congress any corporate tax breaks will be "targeted" at "needy" companies like media conglomerates. There will be a corporate version of "earned income credit" whereby "the rich" companies will directly transfer revenue to companies that just need to "get on their feet".
Democrats will argue that only government is capable of addressing the financial needs of "the worker" who is abused by corporate america by giving them free health insurance, and a shorter workweek, and additional "protections" against companies that make rational economic decisions to grow outside the US to avoid taxes.
I doubt that it will do anything to retain jobs. Business will go where the cost of labor is less, period. Drop taxes, and the savings will go to the profit column. Reduce regulations and thus cut business costs, and the savings will go into the profit column. The long term view of business almost never extends past the next quarter's financial statement and so long as it does then manufacturing and sevice jobs will continue to flow out of the country
"and tweaking the tax code to try to prevent U.S. companies from moving jobs overseas."
As another posting also suggested,how about tweaking the tax code to "ENCOURAGE not PREVENT" US companies from moving jobs, an maybe even attracting foreign companies to setup shop here !!!
If anyone would like to be added to this ping list let me know.
H.R.25,S.25
A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national retail sales tax to be administered primarily by the States.Refer for additional information:
The "corporate tax" is not a real tax on corporations.
Whatever the current rate it is simply passed on to consumers. Therefore, it is a hidden component of the price you pay for the products and services you buy. The corporation is simply a conduit between the consumers and the tax man.
Reducing the rate will make goods and services cheaper which is good for all.
Corporate taxes are reason #1 why jobs move overseas.
I actually like corporate taxes better than income taxes.
The stupid people don't understand that corporate taxes are passed onto them via higher prices for the things they buy, so they pay more corporate taxes than anytyhing else, especially if they have little income and pay little or no income tax.
Most economists who have studied the matter seriously will tell you that the corporate income tax is a bad idea -- even when the economists in question are leftwingers. That factoid probably explains why socialist governments in Europe have reduced corporate tax rates. But is there a chance the demagogic Dhimmi-Qrats who now lead the U. S. Congress would ever be seized with such economic sanity? I'd say not likely, because they much prefer stoking the fires of class warfare.
They'll give bigger bonuses to their Execs....and still send jobs overseas.
Earth to Democrats....One of the main reasons US companies move jobs overseas is the tax code.