The stock market doesn’t know which stockholders are rich and which stockholders are poor. So even if you only tax unrealized gains on the rich and they have to sell stocks to pay for stocks that went up but haven’t yet been sold… you crash the market for all of us.
It’s just like the tax on gas. Gas pumps don’t know who is rich and who is poor. When you raise corporate taxes on Exxon, you cause the price of gas to go up for all of us. Read: www.gromicko.com/corporate
According to one member, that is good for the market and economy. It will also get rid of those pesky wealthy people (and the normal Joes, too) while funding our big, beautiful government.
I am amazed at how intelligent people will support such a nonsensical policy in hopes it will dethrone Trump. When can we expect common sense to return?
Exactly! More liberal left wing ideas, to follow their agenda of “rich man bad, and rich man racist!”
They never seem to comprehend their own think tank policies. This tax would have not just hurt the rich, it would have hurt every single one of us. It would have crashed the stock market and the housing market.
And what happens when they pay taxes on these unrealized gains, and then the market crashes. Do they get that money back, since there are no longer any capital gains? Nope.
I think this was just another one of their efforts to buy votes from the poor and middle class with no brains, and it backfired
The truth of the matter is NO ONE pays the actual rate of the corporate tax, and that’s because of loopholes, mostly for large corporations that can afford to lobby/PAY congress into writing the tax code to benefit them, and us little guys get to use the same loopholes, only for us it’s a savings in the hundreds or thousands, for the large corporations, it’s Billions.
I’m all for tax cuts, no one in their right mind enjoys writing a check to the IRS, but the system as it currently is, is unfair, and the lower you are on the totem pole, the more unfair it is for you.
And then there’s that little 37 TRILLION dollar debt that someone’s going to have to pay off. And it won’t be paid off by implementing tariffs.
Would it not be wise to at least balance the frickin budget before they start giving multi-billion dollar corporations, more billions?
This study examines federal corporate income taxes paid by the largest profitable corporations from 2018 through 2022. Because the corporations included in this study were profitable each year for all five of those years, one would reasonably expect that they would pay significant taxes. But in many cases, they did not.
The 342 companies included in this study paid an average effective income tax rate of just 14.1 percent during this five-year period, almost a third less than the statutory rate of 21 percent.
Nearly a quarter of the corporations in this study (87 companies) paid effective tax rates in the single digits or less during this five-year period.
Of these, 55 (16 percent of the total 342 companies) paid effective rates of less than 5 percent. This is particularly striking given that all these companies were profitable for at least five years consecutively. Companies paying less than 5 percent include T-Mobile, DISH Network, Netflix, General Motors, AT&T, Bank of America, Citigroup, FedEx, Molson Coors, Nike, and many others.
Twenty-three corporations paid zero federal tax over the five-year period despite being profitable in every single year. And 109 corporations paid zero federal tax in at least one of the five years.
At the other end of the spectrum, 50 corporations paid effective tax rates of more than 21 percent, but most of these companies were also the beneficiaries of large tax breaks because they were paying taxes from previous years that they delayed using depreciation breaks.
The low effective corporate tax rates found in this study demonstrate the need for substantial tax reform, of which the new corporate minimum tax that was signed into law by President Biden is a welcome first step. Of proposals currently being advanced, an even more important additional step would be the global minimum tax negotiated by the Biden administration but currently blocked by Congress.
Kevin, no. We need to lower corporate taxes to ZERO for the same reason we shouldn’t have tariffs. Corporate taxes, like tariffs, are taxes ON US. Worse, they are regressive. Read www.gromicko.com/corporate
I read it and I understand what you’re saying Nick, but what I’m saying is the system/tax code isn’t fair as it’s currently written, and by lowering corporate taxes it will only blow a bigger hole in the deficit.
Why should Duke Energy be paying a -7.9% rate, -$1.2 billion, when they made 15.6 billion in profits? So, at the end of the day, I pay more in taxes than Duke Energy. WTF?
My business is an S-Corp, and I would like nothing more than to pay no taxes, but we/our government has a 6.7 trillion-dollar budget that someone has to pay, and then there is around a 1.7 trillion dollar deficit, meaning that’s how much we need to borrow every year that then gets added onto the $37 Trillion debt. that we pay interest on.
This country is the reason all those corporations thrive like they do, IMO it’s only fair that they give back.
If the gov raises the taxes on corporations, all that does it raise our costs. Again, the left will tell you they must “pay their fair share”. But that is a lie, because it raises the costs for every single one of us. It only hurts the working man, not the corporations.
Where do you think they will get that money? They certainly wont be taking it from their own profits…
My business is a corporation. My tax rate is NOT a deciding factor in what I charge to do home inspections. I charge based on my value to my clients and what my local market will allow me to charge.
If I, or any corporation suddenly didn’t have to pay taxes, no business would be passing those savings along to their customers, if you think they would, well I have some ocean front property in Ohio I’ll sell you real cheap. No, they would still be charging for what the market would bear.
If your statement was true and accurate, then Duke Energy would be sending me a check every month for using their utility, seeing how they had a negative tax rate from 2018-2022, and I paid more in taxes than they did, a company that made 15.6 BILLION in PROFIT, and if you paid a single dollar in federal taxes during that 5 year period, you also paid more than they did.
So on behalf of all those corporations paying nothing in fed taxes, they thank you, and laugh at you, for paying taxes that they don’t, while they’re banking billions in profit.
But again, that’s not the point I’ve been trying to make here.
The tax code is written to favor certain corporations, the ones who can afford to buy Pols to write the tax code in their favor.
The tax code is unfair. That’s the gist of what I’ve been saying.
And as a side note, there is the 6.7 trillion-dollar US budget with the approximate 1.7 trillion-dollar deficit every year, and of course the 37 trillion-dollar debt. that we’re paying interest on - how much is interest on the US debt? - Google Search
These Corporations should be more than happy to pay their fair share, because if it wasn’t for the opportunity afforded them to do business in this country, they wouldn’t be making BILLIONS in profit.
Yes, and no, because I would like a zero tax rate.
But I like a strong Military, safe food and water, airports etc. etc…
So we all should pay our fair share.
I don’t agree with that as I stated above. I, as most if not all companies will charge what they can, a fair market price. It’s not based on what the tax rate is.
There is documented proof of the fact that Businesses and corporations don’t pass along the savings when they get a tax cut.
I was in the restaurant business for many years. There was one basic understanding; a restaurant is nothing without customers. Without customers, the lights would not stay on.
The greatest asset to a restaurant business is volume, not raising prices. The same can be said for raising taxes. We need volume, not increases
Say I sell 100 burgers for $10 for a profit of $7 each. That equals $700 gross profit.
Now raise the price 50 cents. Selling 100 burgers yields $750 gross profit.
But what If I do not raise prices but I increase volume?
I sell 200 burgers a week at $10 each for a profit of $7 each. This yields $1,400 gross profit.
I do not need to raise prices, I need to increase volume.
Trump wants to increase volume, not increase prices. Which increases jobs. Which increases payroll tax revenue and everything else downstream.
Increasing corporate taxes likely will not increase volume. It will drain what current levels. Personally, I am looking for a boom in the economy, not a drain on what we have.
Jamie Dimon can say that we should “Tax the rich at the same rate as middle-class people, or at a higher rate.” But we already have a progressive tax system. The more you make, the more you pay and the higher rate you pay.
The IRS doesn’t ask, determine, calculate, store, or care how rich you are. It has no idea what anyone’s net worth is and net worth isn’t determinable from a tax return. The IRS taxes income only. That’s why it is called “income tax.” And we already have a progressive tax system.
He’s just trying to trick stupid poor people into thinking that the IRS taxes the rich less than them. It doesn’t, because it can’t. It doesn’t know who is rich and who isn’t.
Recall when I caught Buffet lying about his secretary paying a lower tax rate then him? He quit saying it because I offered $10K to anyone who can show he isn’t lying. No one on planet earth took my $10K, because he lied.
His secretary is a large stockholder in Berkshire (on a side note, she wrote me a short letter once). If she were to sell her stock, she would pay the exact same capital gains rate as Buffet and all of us would. She wouldn’t pay less, as the capital gains rate is the same for everyone. And she pays less income tax than a high earner as we have progressive tax rates.
You’re exactly right Nick, he should have said something along the lines of, they should remove all the loopholes so the rich would then be paying the same, or a higher tax rate, than lower income people.
And I say that as a business owner who takes full advantage of every loophole I can, at least I hope my CPA is doing that for me.
There is no such thing as a loophole for the rich. Again, the tax code is 6,871 pages long and not one sentence in it determines net worth. The IRS doesn’t know who is rich or who is poor, and the tax formulas they use don’t have wealth as a variable. Any deduction (I suppose you can call them “loopholes” if you want) that is available to Buffet and Dimon are also available to their secretaries, you and I.
If that wasn’t true, someone would have taken my $10K. No one did. And I know Buffet saw the $10K challenge because I had an avenue (which I used) to get it to him. I shut him up. Hasn’t mentioned it since.
I also offered the $10K to a charity of Buffets choice, BTW. But again, he knows he’s a liar and instead of publicly admitting I was right, he just went silent on the issue.
