tag:blogger.com,1999:blog-8358039.post3699120337042283677..comments2024-03-25T15:17:04.488-07:00Comments on Captain Capitalism: What Corporate Taxes REALLY Are in the USCaptain Capitalismhttp://www.blogger.com/profile/05620212946121617985noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-8358039.post-25715171701626464362014-11-07T13:02:23.504-08:002014-11-07T13:02:23.504-08:00When looking at a chart of "corporate tax rat...When looking at a chart of "corporate tax rates" you are of course looking at a chart of a consumer-paid tax rates. Where do corporations get the tax money they pay? From YOU, when you buy their products or services. We bought a new Jeep yesterday and a few thousand of the dollars we spent just gets shoveled over to government. Chrysler USA and my local dealer simply collected the tax from me.<br /><br />Taxes are just another business expense along with labor, overhead, material and other expenses that must be paid for with the price of a product or service. "Tax those evil corporations higher!" That's just boob-bait for the OWS fools.Celtic Tiger Dadnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-19023292150912108832014-11-01T03:37:57.600-07:002014-11-01T03:37:57.600-07:00It's not quite as simple as corporations movin...It's not quite as simple as corporations moving to other countries in search for lower tax rates. Much of the time, this "move" just means that the HQ moves to the new country, and the profits are accounted there, even though the actual production still takes place in the original country.<br /><br />If the Cayman Islands wants to have a little libertarian utopia, all the power to it to enact whatever policies it wants pertaining to production that actually, physically, de facto takes place with its own jurisdiction.<br /><br />The same applies to production that takes place within the sovereign jurisdiction of the US. It is the sovereign prerogative of the US to tax it at whatever rate it decides, and is under no obligation to not do so just because due to some accounting wizardry, no profits were generated in the US but a huge profit was generated in the tiny office the corp has in the Caymans.<br /><br />Trying to compete with tax havens by undercutting them is a fool's errand, because there's no limit to how far down they can cut theirs, as it's free money for them anyway, skimmed off the economies of other countries. This should be so obvious that I'm beginning to think that those who advocate slashing corp taxes to prevent loss of tax revenue to tax havens are just looking for an excuse to slash corp taxes, period.<br /><br />The solution is to set taxes at whatever level you deem appropriate, and actually enforce the tax code. What are the tax-dodging corps going to do, actually move their actual production to the Caymans? I'd like to see that happen. There's a reason why offshore tax avoidance is pretty much the only economic activity that goes on in places like that.<br /><br />-Red KnightAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-77157975519692923152014-10-31T12:18:53.336-07:002014-10-31T12:18:53.336-07:00Large corporations have it easy compared to small ...Large corporations have it easy compared to small entrepreneurial business who's profits are taxed as regular income. I'm too small to take advantage of the generous tax loopholes afforded to corporations and the wealthy. Too "rich" to qualify for any gubmint benefits. I basically subsidize both sides.Robert What?https://www.blogger.com/profile/03863449539859132763noreply@blogger.comtag:blogger.com,1999:blog-8358039.post-51385705681295215732014-10-30T17:40:05.295-07:002014-10-30T17:40:05.295-07:00I had this argument when the current depression st...I had this argument when the current depression started. I told people we were actually in a great position; all we needed to do was defend the value of the dollar, eliminate the corporate tax and watch the foreign money roll in and our own money stay home while the rest of the world went Keynesian.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-91033602720905533922014-10-30T14:08:57.727-07:002014-10-30T14:08:57.727-07:00governments want money, they want a tax base
Well...<i>governments want money, they want a tax base</i><br /><br />Well yes and no. They also want power and control over their citizens. A ridiculous and oppressive tax structure gives them that, even if the revenue is not quite what they'd like.Robert What?https://www.blogger.com/profile/03863449539859132763noreply@blogger.comtag:blogger.com,1999:blog-8358039.post-17731959756447789232014-10-30T13:49:47.832-07:002014-10-30T13:49:47.832-07:00One of Doug Casey's free emails dealt with thi...One of Doug Casey's free emails dealt with this very topic, or was it Sovereign Man? Either way, the OECD wants to create an opec of tax jurisdictions so as to stop governments competing via tax. This also goes to show what I've long thought, but could rarely articulate; you're better off paying someone off than them trying to micromanage you. The biggest difference between now and then is regulation.Michaelnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-87327630249605095762014-10-30T13:17:02.427-07:002014-10-30T13:17:02.427-07:00I'd be curious to see a chart that had lines a...I'd be curious to see a chart that had lines added which include state corporate taxes paid, say a line for the top 10 and bottom 10 over that timeframe.<br /><br />IIRC wages paid are deductible, so there's no double-taxation there. Putting on my Nationalist hat, I'd change that so only US citizens' wages are deductible.<br /><br />Personally, I would like to see income taxes not be collected over the year, and payable all at once, so people actually see what they pay, and the US doesn't get interest-free loans from deducted salary.Dr. Kenneth Noisewaterhttp://unixslave.comnoreply@blogger.com