A Quote by Dick Durbin
With every new corporate inversion, the tax burden increases on the rest of us to pay what these corporations don't.
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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.
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.
I hope people understand that when you tax corporations that the concrete and the steel and the plastic don't pay. People pay. And so when you tax corporations, either the employees are going to pay or the shareholders are going to pay or the customers are going to pay. And so corporations are people.
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.
Corporations do not pay taxes, they collect them, passing the burden to consumers as a cost of production. And corporate taxation is a feast of rent-seeking - a cornucopia of credits, exemptions and other subsidies conferred by the political class on favored, and grateful, corporations.
Obama and Clinton wrongly believe that the corporate income tax is a tax on the rich. The reality is that rich corporations don't pay taxes - workers do.
In addition to billions in new 'stimulus' spending that our country can't afford, the Geithner plan also contains billions in tax increases on small and family-owned businesses while protecting the tax preferences of wealthy, multinational corporations.
The corporate income tax, in particular, is a tax that puts American corporations at a disadvantage.
The billionaires pay an effective tax rate lower than nurses or truck drivers. That makes no sense at all. There has to be real tax reform, and the wealthiest and large corporations will pay.
We have to reduce the tax burden, whether it's income tax for corporations or private individuals, and we should put a freeze on property taxes.
Regarding the Economy & Taxation: America's most successful achievers do pay a higher share of the total tax burden. The top one percent income earners paid 18 percent of the total tax burden in 1981, and paid 25 percent in 1991. The bottom 50 percent of income earners paid only 8 percent of the total tax burden, and paid only 5 percent in 1991. History shows that tax cuts have always resulted in improved economic growth producing more tax revenue in the treasury.
We need real tax reform which makes the rich and profitable corporations begin to pay their fair share of taxes. We need a tax system which is fair and progressive. Children should not go hungry in this country while profitable corporations and the wealthy avoid their tax responsibilities by stashing their money in the Cayman Islands.
The problem for new businesses isn't corporate taxes. Anyone who has actually started a new business knows you don't make enough money for years to pay any meaningful tax on it.
I'd like to help struggling homeowners who can't pay their mortgages, I'd like to invest in our crumbling infrastructure, I'd like to reform the tax system so multimillionaires can't pretend their earnings are capital gains and pay at the rate of 15 percent. I'd like to make public higher education free, and pay for it with a small transfer tax on all financial transactions. I'd like to do much more - a new new deal for Americans. But Republicans are blocking me at every point.
The worst loophole is what Donald Trump has talked about: the tax deductibility of interest. If you let real estate owners or corporate raiders borrow the money to buy a property or company, and then pay interest to the bondholders, you'll load the company you take over with debt. But you don't have to pay taxes on the profits that you pay out in this way. You can deduct the interest from your tax liability.
The president doesn't get an automatic pay raise, so they can't freeze it for him. But it also does extend the pay rate - they pay increases or pay freeze for pay increases for members of Congress. They've had a pay freeze since 2009, but most civil servants will see a small pay bump in 2016 thanks to a separate order from President Obama.
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