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Should Taxes Be Raised?
(daniel Garcia Peris/by-nd/flickr)
President Obama has proposed overhauling the corporate tax structure, lowering the rate and eliminating loopholes. Peter Coy, economics editor for Bloomberg Businessweek, explains.
First of all I would like to say terrific blog! I had a quick question that I'd like to ask if you don't mind.I was curious to know how you center yourself and clear your head before writing.
I've had trouble clearing my thoughts in getting my ideas out. I truly do take pleasure in writing but it just seems like the first 10 to 15 minutes tend to be wasted simply just trying to figure out how to begin. Any suggestions or hints? Kudos!
for Amy from Manhattan: FIFO - First in First Out; LIFO -you guessed correctly: Last IN...
An important element of tax reform is the removal of incentives for moving jobs overseas. Some companies say this is a response to a shortage of skills in fields like science and engineering. If it is, a better solution is to raise the number of H1-B visas. Immigrants spend money here, pay US taxes and most important are paid a salary that allows them to afford an American standard of living, leveling the playing field with US-born workers.
I am minorly encouraged that republicans are willing to move on tax reform. Minorly in that the process always turns out to be complex and difficult to follow - there will be some deception, if a net decrease in what we have now.
For those of us who aren't accountants or statisticians, could you explain what LIFO & FIFO mean (as in full implications) to those who are?
Companies like GE paid NO TAXES on the Billions of its earnings overseas. Of course some people and the WSJ would love to keep it that way.
@ Martin C. -- shouldn't you at least listen to part of the segment before spouting off conservative rhetoric? Or can you really not tell Andrea Bernstein's voice from Brian Lehrer's?
Many countries have corporations with subsidiaries abroad.How does Britain, France, Sweden, Switzerland, Israel, Germany and other countries do to income made abroad, that presumably is also taxed in the countries they are doing business. How do our policies compare to the others?
Corporate personhood -Wikipedia
"Corporate personhood is the status conferred upon corporations under the law, which allows corporations to have rights and responsibilities similar to those of a natural person. There is a question about which subset of rights afforded to natural persons should also be afforded to corporations as legal persons.
The Supreme Court of the United States (Dartmouth College v. Woodward, 1819), recognized corporations as having the same rights as natural persons to contract and to enforce contracts. In Santa Clara County v. Southern Pacific Railroad, 118 U.S. 394 (1886), the Supreme Court recognized corporations as persons for the purposes of the Fourteenth Amendment. In a headnote—not part of the opinion—the reporter noted that the Chief Justice began oral argument by stating, "The court does not wish to hear argument on the question whether the provision in the Fourteenth Amendment to the Constitution, which forbids a State to deny to any person within its jurisdiction the equal protection of the laws, applies to these corporations. We are all of the opinion that it does."
Since - corporations are people, one can argue they should pay what people pay.
Seriously - corporate taxes should be even lower, 20-25% with no loopholes.
corps don't pay taxes. that’s why the free market created accountants
OBAMA LIES and the MSM enables him. He benevolently announces a “cut” in corporate taxes to help businesses and our recovery when it is actually an increase to pay for his reckless spending. Once again the Obama media spins it in the best light possible to help re-elect him.Sunlight in the WSJ 2/22 – 2/24:
“One buried surprise is his proposal to triple the tax rate on corporate dividends....The plan would require U.S. companies operating overseas to pay—for the first time—a minimum tax rate on their foreign earnings. Since about 80% of global business is overseas, it's not clear how this taxing scheme would make American firms more competitive.The Obama administration will propose lowering the top income-tax rate for corporations to 28% from 35% but would raise overall tax revenue....Under the plan, American businesses would pay more in aggregate…and would raise an additional $250 billion in taxes over 10 years.”
Brian, please ask Mr. Coy about the net effect of this “cut”.
We would be the ONLY COUNTRY in the world to double tax overseas operations of companies … they already pay corporate taxes to those home countries. Once again, who said Barry Obama doesn’t believe in American exceptionalism?
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