The average European nation has tax rates on corporate income 10 percentage points lower than the U.S., but those countries on average raise 50% more as a share of GDP in corporate taxes than does the U.S. John McCain has proposed cutting the 35% federal corporate tax rate to 25%. According to KPMG, the international accounting and consulting firm, the cost of doing business in the United States dropped from 2006 to 2008 and is now lower than that in much of Europe, including Germany, Italy, France, and the U.K., as well as in Japan.
Taxes are a major political topic this year. There are a number of misconceptions about taxes and their impact on entrepreneurs and the creation of new businesses. For example, who pays taxes? Corporations don't pay taxes, people do.
Your Jan. 12 editorial "Virginia's taxing Republicans" is right on the mark (Comment & Analysis). Just when the GOP seems to be gaining back at least some trust of the American people with a pledge to cut spending and keep taxes in check, three Northern Virginia Republicans are continuing to follow the game plan of the early 2000s that nearly killed the party. Everyone knows corporations don't pay taxes; they collect them from you and me. The fact that Maryland imposes such a tax ought to send a signal to any Virginia legislator to do the opposite. Instead of working overtime to find something else to tax, the Virginia GOP ought to live up to its pledge to rein in spending and look for places to cut. Virginia's budget doubled under the two previous spend-and-tax Democratic governors, wi...
- Leave it to the Dayton Daily News to get it wrong on corporate taxes. Corporations don't pay taxes. Corporations merely collect taxes from their customers and pass them on to the government. If you raise corporations' taxes, they simply raise prices on their goods or services. - I wonder how patient Condoleezza Rice would be with the war in Iraq if she had a son or daughter over there.
Over the last quarter-century, oil companies directly sent more than $2.2 trillion in taxes, adjusted for inflation, to state and federal governments - threefold their collective profits in the same period. Yet some politicians say this is not enough and are propose a new "windfall profits" tax to raise billions more for federal coffers. Of course, as most economists agree, corporations don't pay taxes, people do. Folks like us will really pay those new taxes, either through higher prices at the gas pump or through lower returns in our 401(k)s. Smaller profits for companies means smaller returns for our retirement funds.
A recent letter to the editor confidently stating that tax cuts "to the rich" just don't work is incorrect. It flies in the face of the facts after tax cuts by John Kennedy ("a rising tide lifts all boats") in the 1960s, Ronald Reagan in the '80s, and George W. Bush in the 2000s. In all cases tax income increased, due in large part to increased economic growth and larger taxable incomes, as well as less need for tax avoidance. In fact, the Joint Economic Committee issued a report in April 1996 titled The Reagan Tax Cuts: Lessons for Tax Reform, that concluded: " The Reagan tax cuts, like similar measures enacted in the 1920s and 1960s, showed that reducing excessive tax rates stimulates growth, reduces tax avoidance, and can increase the amount and share of tax payments generated by the...
...Among the reasons: 1) No state income taxes; 2) Regulations conditions are contained and flexi...Another misconception is that corporations are not taxed enough; that is, they don't pay "the...
A lot is being said about who is paying what percentage in taxes. The top three percent of wage earners pay 50 percent of the taxes and so forth. Corporations pay a rate of 35 percent. While it is true lower-income people pay little or no income tax, every penny they make is subject to Social Security and Medicare taxes. And guess what, folks. Big, evil multinational corporations don't really pay taxes. Their customers do. High taxation on any segment of society grinds on the faces of the poor.
Not sure who's buzzing house As an Air Force member who flew in the Front Range region weekly for 10 years, we had to abide by strict FAA and military regulations with regard to overflight of residential areas. We also did the lion's share of our training over the relatively unpopulated east plains and Pueblo airport after normal business hours to avoid interfering with civilian air traffic. Also, the FAA does not allow flight of residential area lower than 1,000 feet above ground level, so I'm not sure who's buzzing Ms. Nieman's house at 200-500 feet. ("Destroys quality of life, Oct. 9)
... adding it on to the current income taxes. They would eliminate the IRS, which would cancel ... large costs to businesses and corporations. These accounting fees are estimated to be an addi...
By BOBBY WARREN Staff Writer
...Miller's plan to help American corporations compete includes reducing the corporate tax rate. He said when state and federal corporate taxes are combined, they amount to about 39.3 percent, s...
Speaker inspires before marathon Re "Runners storm streets" (March 21):
... the top 1 percent pay 40 percent of the taxes, while the bottom 95 percent pay an equal amount. ..., the writer believes taxes on corporations are passed on to us consumers. Actually, most corp...
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