So, let's just raise the tax on corporations? The current 21% rate, thanks to Trump, is about average in the developed world. The proposed 28% rate is not a middle ground (as you said, Isaac); it is at the high end. It would make the US less competitive, cost private sector jobs, and motivate businesses to move partly or wholly overseas. It would hand China our lunch, competitively. But that's not the point.
What is a corporation? It is, basically, shares of stock. If you own a share of stock, you own a piece of it. If you own all the shares, you own the whole corporation. And who owns those stocks? Everyone does, in savings accounts and retirement plans. A tax on corporations is a tax on all who save. It is, in fact, a double tax: First the net earnings are taxed to the corporation and then what's left is taxed to shareholders who get the remaining profits as dividends (or indirectly as capital gains).
A corporation is not some amorphous, greedy entity with antisocial tendencies and no soul. A corporation is basically a group of shareholders, and those shareholders, in general, are all of us. Even those who earn less than $400,000 a year.
I, for one, am very enlightened by your comments, Mr. Spilman. As a (very)late-comer to the realm of deeper examination of politics, I am always thankful for those who have important understandings to share.
Thank you for taking the time to add to my growing list of "food-for-thought".
So, let's just raise the tax on corporations? The current 21% rate, thanks to Trump, is about average in the developed world. The proposed 28% rate is not a middle ground (as you said, Isaac); it is at the high end. It would make the US less competitive, cost private sector jobs, and motivate businesses to move partly or wholly overseas. It would hand China our lunch, competitively. But that's not the point.
What is a corporation? It is, basically, shares of stock. If you own a share of stock, you own a piece of it. If you own all the shares, you own the whole corporation. And who owns those stocks? Everyone does, in savings accounts and retirement plans. A tax on corporations is a tax on all who save. It is, in fact, a double tax: First the net earnings are taxed to the corporation and then what's left is taxed to shareholders who get the remaining profits as dividends (or indirectly as capital gains).
A corporation is not some amorphous, greedy entity with antisocial tendencies and no soul. A corporation is basically a group of shareholders, and those shareholders, in general, are all of us. Even those who earn less than $400,000 a year.
I, for one, am very enlightened by your comments, Mr. Spilman. As a (very)late-comer to the realm of deeper examination of politics, I am always thankful for those who have important understandings to share.
Thank you for taking the time to add to my growing list of "food-for-thought".