Skip to comments.Abolish the corporate income tax!
Posted on 05/12/2014 6:17:42 PM PDT by ObamahatesPACoal
News that Pfizer, the worlds largest pharmaceutical company, plans to buy Britains AstraZeneca for $106 billion, renounce its U.S. citizenship and declare itself a British company has jolted Congress.
Pfizer is being denounced as disloyal to the land of its birth, and politicians are devising ways to stop Pfizer from departing.
Yet Pfizer is not alone. Hedge fund managers are urging giant corporations like Walgreens to go nation-shopping for new residences abroad to evade the 35 percent U.S. corporate income tax.
Britains corporate income tax is 20 percent, and Pfizer stands to save over $1 billion a year by moving there.
(Excerpt) Read more at wnd.com ...
Broken clock being right twice a day syndrome. Certainly is easy to say when the USA has the highest corporate tax rate on the entire planet.
Ain't going to happen with the proven liar, Obama. He would raise taxes on corporations if he had the chance.
Ain’t rocket science except to zero.
Raise the import tariffs and lower individual and corporate income taxes.
That way, Pfitzer either produces the drugs in the U.S. or they pay for the privilege of accessing the U.S. market.
The Democrats would see this as “giving” a billion dollars a year to a giant company. They won’t stand for such corporate welfare!!!!
how about abolish ALL “income taxes” and abolish this 4 trillion dollar monster of a federal govt. that really needs to be stuck back in it’s constitutional box ?
I think Democrats are fixated upon making the U.S. the most anti-private business oriented nation in the world.
HAHAHAHA. I would have gone for Ireland but what the heck. Baby steps.
HAHAHAHAHAHA. Hey congress. Hey Obama. When you brag about having the highest tax rates in the world this is what you get... HAHAHAHAAHA.
“Raise the import tariffs...”
The latest installment of How NOT to Win Friends and Influence Nation.
We do not live in a vacuum. If we begin tariffs, other nations will retaliate. It is reasonable tax rates that encourage companies to stay and pay and repatriate profits.
... plus having an effective Neuter, Spay & Release Program for Feral Attorneys.
Well, Pat is not late to this party: He has written three op-eds about replacing the income tax with a National Retail Sales Tax, now known as the FairTax:
1. “A tax whose time has gone?,” Tribune Media Services, April 17, 1991;
2. “Brave new world: no tax forms, no IRS,” Tribune Media Services, April 15, 1994; and
3. “Sales tax Alternative,” The Washington Times, July 14, 1997, p. A12.
As all of you know, FairTax abolishes the corporate income tax.
What disappoints is that Pat did not go all the way with his Tax Reform thoughts, as he did in 1991, 1994 and 1997.
But, calling for an end to corporate income taxes is a great start!
And, given the fragile economic climate we live in, could be a catalyst for even bolder steps to end the Obama depression!
Let them retailiate. Our exports are a fraction of our imports.
We need fewer international “friends” and more of our own people employed.
Corporations do not pay income tax; customers do. Corporations and other businesses are tax collectors for the welfare state to delude people into thinking that the top rate is only 39%.
“Let them retailiate. Our exports are a fraction of our imports.”
We need nations for all kinds of reasons - basing troops internationally, backing us at the UN, working with us at NATO, trade, intelligence, anti-terrorism, cooperation on a host of issues. For example, as the Fed “tapers” quantitative easing right now, for some reason Belgium has stepped up its treasury purchases.
Advocating the tariff approach is short-sighted and one dimensional.
The fact that we import so much is because it can be made more profitably overseas. Fix that.
“We need fewer international friends and more of our own people employed.”
If you want more employed, the solution is to make America the best choice for location - as in the concept of free market choice - by neutering attorneys, reducing taxes, scaling back the ridiculous number of laws that cost companies to be here. They’re moving because it has progressively become a lousy business environment.
Better for Obama to nationalize Pfizer and Walgreens.
Maxine Waters is a yes vote for doing that.
You can eliminate all taxes and regulations and you still aren’t going to compete with communist chinese wages.
The only way to make American more competitive that Chinese labor is to lower our wages down to the Chinese level.
We don’t owe those countries anything. It’s our market and if we want to charge for access to sell in it, then so be it. Tariffs worked great for us from the start of the country to the 1960s when we lowered them.
Now we have high unemployment and have lost a lot of our manufacturing base. Now we are depending on foreign nations.
Our founding fathers warned us about entangling ourselves with foreign nations. And now you want to sell out the country to buy their love. Well it won’t work.
... Put a 10 percent tariff on imports ...
I was with Mr. Buchanan up to this point. Eliminating the corporate income tax would create enough economic activity (and taxes) to easily offset current payments by corps.
I thought businesses weren’t paying taxes. I hear that from a lot of sources including conservative.
Much manufacturing always follows cheap labor. That is how we got the textile industry here, until cheap labor drew it overseas. That will always happen.
Other Asian countries are now starting to draw manufacturing away from China.
Again, it is not a one dimensional issue. If you manufacture in china, you have large shipping costs and time delays.
BUT, if you continue to have the cost of compliance with vast regulations and the constant cost of legal protection and large taxes, you are far better off to move overseas.
"We dont owe those countries anything. Its our market and if we want to charge for access to sell in it, then so be it. "
What could possibly go wrong with that?? Oh, yea... Global Depression. Been there done it. No nation that is isolated from others and prospers. There must be give and take.
More importantly to your desire to bring manufacturing back. It will only happen, if you change the things cited above.
It would cut yearly tax compliance costs as much as 95 percent (instead of spending soon US$500 BILLION per year in tax compliance, we now have US$475 billion per year now freed up for more productive activities), and would eliminate 50% of the lobbyists in Washington, DC (and all the corruption that goes with it!). The DJIA would zoom past 25,000 in a matter of a few years because we eliminated capital gains and stock dividend taxation. And that only scratches the surface of the positive effects on the US economy.
Just so, Ray. Just so!
Cut it to 20% and cut mine to 10%.
To begin with, Thomas Jefferson had noted that, in his time, the rich paid all federal taxes via tariffs on imported goods.
The rich alone use imported articles, and on these alone the whole taxes of the General Government are levied [emphasis added]. Our revenues liberated by the discharge of the public debt, and its surplus applied to canals, roads, schools, etc., the farmer will see his government supported, his children educated, and the face of his country made a paradise by the contributions of the rich alone, without his being called on to spend a cent from his earnings. Thomas Jefferson to Thaddeus Kosciusko, 1811.
The key question to be asked concerning the rich uniquely bearing the burden of keeping the federal government is this. What limited the federal government from taxing the rich to the extent that they wound up in the poor house? It so happens that in Jeffersons time Justice John Marshall had officially clarified limits on Congresss power to lay taxes as evidenced by the following excerpt.
Congress is not empowered to tax for those purposes which are within the exclusive province of the States. Justice John Marshall, Gibbons v. Ogden, 1824.
So regardless that the rich were Congresss cash cow, Justice Marshall had clarified that Congress was limited to taxing essentially only what it needed to fulfill its constitutional Article I, Section 8-limited duties. In fact, based on justice Marshalls words, heres a rough estimate of what taxpayers should be paying Congress annually in order for Congress to do its job.
Given that the plurality of causes in Section 8 are defense related, and given that the Department of Defenses (DoD) budget for 2013 was $500+ billion, I will generously round the DoD annual budget up to $1 trillion, but probably much less, as to what taxpayers should be forking over to Congress each year to keep the federal government running within its Section 8-limited powers.
In other words, we shouldnt be hearing about the multi-trillion annual federal budgets that the corrupt media, including Obama guard Fx News, is reporting without mentioning Justice Marshalls statement about Congresss limited power to lay taxes.
In fact, the only reason that I can think of that rich people who own coporations are paying 35% tax is because the parents of those rich owners evidently didnt make sure that their children were taught the Constitution and its history. So rich people, low-information voters like mostly everybody else, simply dont know enough about the federal government's constitutionally limited powers to argue Justice Marshalls precedent and reduce their taxes.
Finally, the next time that the states amend the Constitution, I think that they should enumerate Justice Marshalls statement about Congresss limited power to lay taxes into the Constitution where it will hopefully be a little less ignored.
Other nations already tariff the living crap out of U.S. producers. China would never allow an American made vehicle into its’ market, yet Buick’s largest market is China, Chinese made Buicks made with American technology in Chinese Auto plants. Japan is the same way. NO U.S. made products to speak of.
Is sending or most important technologies offshore to avoid usurious Federal Taxes even a remotely sensible idea?
It is high time the regressive idea of an income tax that funds the Federal Government is debunked as a legitimate way to treat a free people. The entire system should be scraped for the bad idea that it is. A total reworking of the government funding system should be a priority for any person in politics today.
We should go back to tariffs and fees to support a Federal Government that is reduced by at least 2/3rds with most powers returned to the states where they belong.
It's true. Only individuals pay taxes.
Individual consumers pay via higher prices.
Individual workers pay via lower wages.
Individual investors pay via reduced ROI.
Communists believe the wealth should be owned by the ‘State’. Since, of course, YOU didn’t build that, YOU don’t actually own the business.
Socialist don’t have to OWN the means of production. They get the same result through regulation and taxation. You will operate the business according to their whims and they will share in your profits. In some cases, the government’s share is larger than the owner’s.
Looks to me that all is going well according to plan. More small businesses are closing than are opening. More monopolies (easier to control) are forming.
Right on, right on , right on.
I also have to wonder if they are projecting Obamacare stifling their entire business model.
Sad for Kzoo, but it is inevitable. We could solve this by further punishing those evil corporations.
Any idiot can see why socialism and communism cannot work in the real world. It’s not a voluntary system, and therefore who enforces it? Whoever does is going to have total power over all the resources everyone depends on to live. So it’s not just an “economic system” as they claim. But that’s just an excuse for something else which they’re not willing to admit. What they really want is control over everyone’s thoughts and minds, and the power to eliminate anyone who won’t comply with theirs. Socialism is just a means to an end.