Why We Should Abolish Corporate Income Tax
Economist Daniel Altman explains how the United States have a very complex tax system, where it takes hours for you to fill out your returns (one for each of your sources of income, filing state taxes separately, and even local taxes seperately if you have them).
So, let’s get rid of corporate income tax!
I mean, who pays it? People who have company shares? Or employees?
If a company spends all of its income and has no profits, they don’t pay any corporate income tax. A-whaaat?!
When the economy is great, we collect a lot of corporate income tax revenue, but the opposite when we’re doing poorly–making it hard for everyone to plan.
The solution is to possible change our incoe tax into a hybrid of income and wealth tax, on a sliding scale proportionate to your income. If there was no income coming off your wealth, no tax would be paid. However, the more the wealth, the higher tax you’d have to pay.
Photo courtesy of BCForestSafe
Curated: Online Editor Aryssah Stankevitsch @stnkvtsch