General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRepublicans are always saying that "corporate income taxes" are too high"....
....for corporations to compete in this country.
But everytime a billionaire, Donald Trump or anyone else, is asked to reveal their taxes, they all seem to pay a very minimal rate? Very seldom do we see any of them pay more than 15%? It doesn't really matter what the rate is on the books, it only matter what the real rate they actually pay.
If Americans are truly worried about deficits and huge debt, they need look no further than the refusal of the wealthy to pay more taxes into the upkeep of our country. In effect, they control the Congress and the legislation that is passed. The people have little say in the matter.
Republicans that are pissed off at their Party and the lack of any action by those in the Congress, are getting ready to vote for the hair of the dog that bit them. They could not be any more stupid. It is obvious to even a blind man that it is the present Republican leaders in Congress that are mostly to blame for the failures in our government and the gullible people, mostly Republicans, are on the verge of throwing more gasoline on the fire.
BainsBane
(53,137 posts)The US marginal rate is higher than many places, but the effective rate is not.
In Trump's case, he probably doesn't want to release them because he isn't as wealthy as he claims.
gratuitous
(82,849 posts)It's not magic; tax high earners at higher rates. Tax financial advisers' income as ordinary income instead of at the capital gains rate. Raise the capital gains rate to 22% or even 25%. We did that at the end of the 1990s, and were actually running budget surpluses, paying down our national debt, which seems to become the Worst Thing Ever whenever Democrats hold the White House, but is irrelevant when Republicans are running things.
kentuck
(111,111 posts)it is way past time for Democrats to endorse a progressive income tax rate.
Megahurtz
(7,046 posts)It's all for them, remember? It's laughable that they seem to think that Trump is going to protect their financial portfolios for themselves because that's all they care about.
Travis_0004
(5,417 posts)If trump releases his personal taxes and pays a 15% rate, that has nothing to do with his corporate tax rate. His corporate rate could be higher or it could be lower.
kentuck
(111,111 posts)Many corporations pay no taxes at all and some get huge refunds from the US Government. Many others hide their profits in places like Ireland, Cayman Islands, and Wyoming.
jmowreader
(50,601 posts)Which is why the government needs to impose a maximum income on LLCs and Subchapter S corporations. The intent is good: let's allow small businesses to pay a lower tax rate to help them out. But come on guys: some of the most successful Wall Street companies are LLCs specifically to exploit a legal tax dodge. $5 million gross income or less, you can be a pass-through entity. But earn one dollar more over a continuous three-year period, and your next year's tax return better be as a Subchapter C corporation.
can be taxed as C corps depending on their election.
Other than real estate (REITs) and certain other types of entities (oil and gas pipelines) I can't think of a wall street company that isn't taxed as a C corp. If you sell shares of stock, you have to be a C corp. S corp is out due to number of shareholders, and an LLC is impracticable because you have to track each owner, their separate basis, etc. and they are not tradeable entities.
jmowreader
(50,601 posts)erpowers
(9,350 posts)A number of American corporations pay no taxes at all. Some corporations even get refunds from the government. I believe GE was one of the companies that received a refund from the government.
Sgent
(5,857 posts)is f'ed a dozen different ways.
We have one of the highest tax rates in the world, but we favor certain industries making effective tax rates lower -- if your in a favored industry.
We tax worldwide income (unlike everyone else), but only when its repatriated. So any profits that GM has off shore will be used to build new factories off shore because to bring it back into the US requires a 35% tax -- no other country does this.