A Quote by Amy Klobuchar
I think there's a lot of Democrats that would favor reducing the corporate tax rate as long as we find a way to close loopholes so we have a way to pay for it.
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I would favor three policies: raising the minimum wage to $12, closing the tax loophole where persons only pay a 15% income tax on long term capital gains (tax it at the full tax rate), and institute a progressive tax moving the highest tax rate from 39.6% to 45%. I would favor implementing these three policies in that order, starting with raising the minimum wage, but not stopping there.
Republicans and Democrats have long recognized that our corporate tax system hamstrings business, reduces investment, and creates unfairness. Some corporations pay massive tax bills to the federal government while others use tailor-made deductions that enable them to pay close to nothing.
Any reduction in the corporate tax rate must also come with closing loopholes that have allowed the largest businesses in our country to pay less than they owe.
You got to remember, S corporations pay one layer of tax, corporations pay two layers of tax. So we basically see equivalent, but here`s the point. The rest of the world, they tax their businesses at an average rate in the industrialized world of 23 percent. Our corporate is 35. Our top S corporate, small business rate is 44.6 effectively. This is killing us.
Corporate tax reform is nice in theory but tough in practice. It most likely requires lower tax rates and the closing of loopholes, which many companies are sure to fight. And whatever new, lower tax rate is determined, there will probably be another country willing to lower its rate further, creating a sad race to zero.
When you say the tax system benefits the rich, there are a lot of people who respond, "That can't be true, look at the rate of tax. The people who are rich pay a higher rate than you or I." Well, yeah, but if you don't have to pay taxes on a lot of your income, then your real tax rate is a lot lower. And if you're allowed to pay your taxes thirty years from now instead of today then you're a lot better off. People need to have a sophisticated understanding of how the system works to appreciate that the posted tax rate really has very little to do with the taxes people pay.
I think we should have basically the same tax policy that Germany, Japan, the U.K., everybody else has, which is a tax rate in the mid-20s and no loopholes. Zero. The U.S. has the most antiquated tax system. And that means some people are going to pay more taxes, and some people are going to pay less.
The Democrats and Republicans need to come together. I've criticized Democrats for their unwillingness to address entitlement reform and Social Security and Medicare. Republicans, on the other hand, never saw a tax that they liked, even when it meant closing tax loopholes. They don't want to in any way support any revenue enhancements.
Now, the president would like to do tax reform, which would obviously lower rates for most people in America and make the tax code fair and get rid of loopholes and special treatment. But absent tax reform, the president believes the right way to get our fiscal house in order is ask the wealthy to pay their fair share.
I support both a Fair Tax and a Flat Tax plan that would dramatically streamline the tax system. A Fair Tax would replace all federal taxes on personal and corporate income with a single national tax on retail sales, while a Flat Tax would apply the same tax rate to all income with few if any deductions or exemptions.
Research has shown that middle-income wage earners would benefit most from a large reduction in corporate tax rates. The corporate tax is not a rich-man's tax. Corporations don't even pay it. They just pass the tax on in terms of lower wages and benefits, higher consumer prices, and less stockholder value.
Many liberals argue that big U.S. companies don't really pay the top corporate rate. While this is sometimes true, it's mainly because, during recessions, companies lose money, and get a tax loss carryforward that temporarily reduces their effective rate. But during economic expansions, when profits rise, companies then do pay the top rate.
The whole tax code should be looked at, all the way from farm subsidies to carried interest to - to corporate loopholes, because we really need to raise more revenue.
Canada, the United States and Mexico, we developed these energy reserves that we have in this North American region. And you can see a not only driving down the cost of electricity but a major manufacturing boom in this country. Couple that with tax policy, reduction, reducing the corporate tax rate, and that I think a renaissance in manufacturing like we've never seen in this country and really drive the economy.
Tax reform for the 21st century means rewarding hardworking families by closing unfair loopholes, lowering tax rates across the board, and simplifying the tax code dramatically. It demands reducing the tax burden on American businesses of all sizes so they can keep more of their income to invest in our communities.
I forget what the relevant American rate is, but I can tell you that our goal is to have a combined federal-provincial corporate tax rate of no more than 25 percent. We're on target to do that by 2012. We will have significantly - by a significant margin the lowest corporate tax rates in the G-7, and that's our - our government's objective.
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