Corporate taxation compared to other countries
Here is an interesting fact from the National Taxpayers Union...the United States has a higher corporate tax rate than Cuba, China, the UK, Russia and a few other socialist nations.
As the NTU notes, "Something is very, very wrong when the U.S. has higher tax rates than two Communist countries and a host of Socialist nations."
I agree. But such is the myth of corporate income tax. Corporations do not pay taxes, only individuals pay taxes. The "tax" is passed along all the way to the consumer.
Comments
I agree. It's just another way for the government to tax individuals in a way that too many are too ignorant to recognize. Except for the people who pay nearly nothing in taxes, we're getting a lousy deal. Go out on the internet and compare what Galveston county did instead of Social Security. And who would have dreamed 10 years ago that the government could implement a Rain Tax with a straight face? That's exactly what Henry County has done.
Posted by: Dutch | January 6, 2007 11:05 AM
I was listening to Cato Daily Podcast on the "widening income gap" a few days ago. One of the things they pointed out was that in the late 80's, the income gap jumped by an enormous margin.
The cause was the reduction of income to 28%, which made it lower than the corporate income tax. Thus, entrepreneurs started structuring their earnings as personal income instead of corporate income, and thus they looked a lot richer. When it was nothing more than an adjustment of their business structure for tax purposes.
I agree with Dutch, the corporate income tax is just a way for the government to hide a revenue stream from the general public, who really believe corporations actually pay that tax. Yet it's even worse than rolling that into the personal income tax, because it distorts our economy and forces companies to flee our shores to avoid the tax consequences of incorporating here.
Posted by: Brad Warbiany | January 6, 2007 11:35 AM
sorry, that should read "reduction of the income tax rate to 28%"
Posted by: Brad Warbiany | January 6, 2007 11:36 AM
Speaking of taxes, Fulton Co. Comm. Bill Edwards, the worst elected official in the state, is downright gleeful that Fulton Co. finally gets some good news on revenue, so he gets to spend, spend, spend. Roll back some $$$ to taxpayers? Use it to fix unglamorous stuff like county buildings & infrastructure?
Nope, Mr. Bill is ready to spend like a drunken solder on leave after a lonely, lonely tour of duty...
Will any, any elected official ever call him out?
This is the guy as reasonable as anyone else for the Fulton Co. jail & sheriff mess, tax assessor mess, etc.
http://www.ajc.com/print/content/printedition/2007/01/06/metfulton0106a.html
Commissioners, of course, are busy making up wish lists for what to do with all the cash and predicting an uncommonly easy 2007 budget cycle.
"We are going to do a little bit of everything," Commissioner Bill Edwards said. "I'm happy, man. The money's there. It's just a matter of what we spend it on."
He said he would like to see more money go to parks in south Fulton, a Southside amphitheater, Grady Hospital operations and transportation for senior citizens.
Likewise, Commissioners Robb Pitts and Lynne Riley are also working on lists.
Posted by: Trackboy1 | January 7, 2007 01:33 AM