Cato Institute’s Chris Edwards takes exception to White House National Economic Council Director Larry Summers‘ call for increased U.S. corporate income tax rates:
Summers apparently wants corporations to “help the country” by paying more taxes. But Larry must know that it is individual workers, consumers, and savers who actually bear the burden of the corporate tax. These people are “the country” [...]
Tags: Corporate Tax · Tax Policy
In a recent blog post titled 5 Reasons to Incorporate (in Addition to my Fees) I said the following:
IRS statistics show that it audits Schedule C businesses much more frequently than it does S Corporations and LLCs. This reason alone is sufficient to justify the additional costs and paperwork associated with forming a separate legal [...]
Tags: Corporate Tax
I just read two weekend posts by Paul Caron of TaxProf Blog titled GAO: 83% of Largest U.S. Companies Use Offshore Tax Havens; and WSJ: Best Economic Stimulus: A Corporate Tax Rate of Zero.
In the first post, Professor Caron reports that a General Accountability Office (GAO) study indicates that more than 2/3rds of America’s largest corporations have subsidiaries in [...]
Tags: C Corporations · Corporate Tax · Opinion · Tax Policy
Ahhh, the weird, wild, wonders of Washington never cease to amaze.
Apparently, when a Democrat proposes a tax cut for the rich it’s an exercise in sound judgment, but when a Republican does it it’s an example of criminal mischief.
After eight relentless years of badgering George Bush and his corporate “cronies” for favoring wealthy corporations over the middle-class [...]
Tags: Corporate Tax · Legislative Watch
The Wall Street Journal reports in an article titled AIG’s Tax Dispute With U.S. has Twist of Irony that,
American International Group Inc. is in a battle with the Internal Revenue Service over $329 million in back taxes and penalties in part stemming from the company’s use of a type of transaction the IRS has called “abusive,” [...]
Tags: Corporate Tax · Court Cases · Credits · Legislative Watch · Opinion
Once again on TaxProf Blog I find a link to an interesting tax article, 20 Reasons to Kill the Corporate Tax, written by (fellow Greek?) James Pethokoukis of U.S News and World Report.
Here are Pethokoukis’ more interesting (and rarely mentioned) reasons for eliminating the corporate income tax:
4. Some 70 percent of the corporate tax burden is borne by [...]
Tags: C Corporations · Corporate Tax
The United States has the second highest corporate tax rate of the 30 members of The Organisation for Economic Co-operation and Development (OECD).
The U.S. rate is 39.25% compared to the OECD average of 26.6. Japan is first with a corporate tax rate of 39.54%.
When asked for his reaction to the findings, Senator Byron Dorgan, the [...]
Tags: Corporate Tax
Wall Street Journal – Taxes Blog
