General Discussion

Takket

(21,577 posts) Thu Nov 2, 2017, 07:05 PM Nov 2017

Will corporations end up paying almost nothing in taxes?

Drumpf middle class tax increase plan cuts the corporate tax rate from 35% to 20%

But according to this site:

http://www.npr.org/2017/08/07/541797699/fact-check-does-the-u-s-have-the-highest-corporate-tax-rate-in-the-world

The effective tax rate for corporations is only 18.6% after deductions and writeoffs.

So if you start at 18.6% and slash off 15%, you are at 3.6%? I know the math is more complicated than that but is that "in the ballpark"? Does the new tax plan do anything to eliminate all the deductions?

5 replies

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Highlight:

Will corporations end up paying almost nothing in taxes? (Original Post) Takket Nov 2017 OP

Many of them already pay nothing in taxes. PoindexterOglethorpe Nov 2017 #1

There is already plenty of corporate welfare. democratisphere Nov 2017 #2

All the current loopholes are still in the new tax plan so the answer is yes. Cattledog Nov 2017 #3

Corps come in and ask for sales tax forgiveness and property tax forgiveness Angry Dragon Nov 2017 #4

While not supporting the cut, corporate income taxes aren't that big a source of revenue. Hoyt Nov 2017 #5

PoindexterOglethorpe

(25,862 posts)

1. Many of them already pay nothing in taxes.

Reply to Takket (Original post)

Thu Nov 2, 2017, 07:08 PM

Nov 2017

And somehow get tax refunds to boot.

democratisphere

(17,235 posts)

2. There is already plenty of corporate welfare.

Reply to Takket (Original post)

Thu Nov 2, 2017, 07:24 PM

Nov 2017

If this tax redistribution bill passes, there will then be more.

Cattledog

(5,915 posts)

3. All the current loopholes are still in the new tax plan so the answer is yes.

Reply to Takket (Original post)

Thu Nov 2, 2017, 07:25 PM

Nov 2017

Angry Dragon

(36,693 posts)

4. Corps come in and ask for sales tax forgiveness and property tax forgiveness

Reply to Takket (Original post)

Thu Nov 2, 2017, 07:44 PM

Nov 2017

that should be taxable

Hoyt

(54,770 posts)

5. While not supporting the cut, corporate income taxes aren't that big a source of revenue.

Reply to Takket (Original post)

Thu Nov 2, 2017, 08:12 PM

Nov 2017

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I'd be fine with the cut, if they slashed the military budget and increased tax rates on capital gains and dividend income (perhaps above a certain level), and increased upper income brackets.

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