A Quote by Ralph Nader
Ours is a system of corporate socialism, where companies capitalize their profits and socialize their losses…in effect, they tax you for their accidents, bungling, boondoggles, and mismanagement, just like a government. We should be able to deselect them.
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God forbid that the United Kingdom should take a lead and introduce a sensible tax system of its own which would probably comprise a very low level of corporation tax - tax on corporate profits - and perhaps a low level of corporate sales tax, because sales are where they are, and sales in this country are sales here, which we can tax here.
Almost everyone agrees that corporate tax rates need to be cut because of global competition. Companies should not be able to stash earnings overseas tax-free.
The insurance companies aren't covering that. Should Monsanto be liable for these losses? Should the state government? Who's going to cover the losses? The fact is, here's an industry with no long-term liability in place.
I want to see more companies do profit-sharing. If you help create the profits, you should be able to share in them, not just the executives at the top.
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.
In 1990, about 1 percent of American corporate profits were taken in tax havens like the Cayman Islands. By 2002, it was up to 17 percent, and it'll be up to 20-25 percent very quickly. It's a major problem. Fundamentally, we have a tax system designed for a national, industrial, wage economy, which is what we had in the early 1900s. We now live in a global, asset-based, services world. And we need to have a tax system that follows the economic order or it's going to interfere with economic growth, it's going to reduce people's incomes, and it's going to damage the US.
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.
Corporate share prices should not be driven by political tax games. Profits, not Washington shenanigans, should be the mother's milk of stocks. And this shouldn't be a partisan political issue.
Corporate tax reform should include not just large C-corps but also smaller business S-corps and LLC pass-throughs. And nearly as important as cutting business tax rates is the need to simplify the inexplicably opaque and complex system.
All of you, I am sure, have heard many cries about Government interference with business and about "creeping socialism." I should like to remind the gentlemen who make these complaints that if events had been allowed to continue as they were going prior to March 4, 1933, most of them would have no businesses left for the Government or for anyone else to interfere with - and almost surely we would have socialism in this country, real socialism.
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 was the first businessman to say, 'You should give tax benefit to only small companies. You should say your profits are exempt to a limit of Rs. 50 crore or so, but beyond that, you should pay taxes.' I have been arguing with successive finance ministers on this.
The truth is, our corporate income taxes are some of the highest in the world, and frankly, in my judgment it's unpatriotic if you're not for reducing the corporate income tax. We want to make it so American companies are on a more level playing field competing with companies around the world.
Marx and Engels openly declared that the progressive income tax and the death tax are 'economically untenable' and that they advocated them only because 'they necessitate further inroads' upon the capitalist system and are 'unavoidable' as a means of bringing about socialism.
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.
I think we should be clear: Companies will still need software that furthers their corporate goals and even gives them competitive advantage. That would be purchased and developed, if necessary, in house, or on a proprietary basis. But it needs to run on the company's computer system eventually, and its perfectly possible that system/network can be "rented out" from a utility.
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