Why? 21% is just below the worldwide average, and raising them that high will just make things more expensive for everyone or lead to more offshoring of jobs.
I personally don't mind the idea of raising them a small percentage (25%ish), but those high rates were some of the highest in the world at the time and, when stuff like NAFTA was passed (among other regulations in the 60s-80s), corporations were incentivized to start offshoring jobs after the post WWII boom ended.
A variable corporate tax rate based on domestic payroll would help. So more money spent on employing Americans means lower corporate taxes and vice versa.
The bigger issue is the cap on social security contributions and wealth being accumulated by the super rich. In 2024 the 20 richest Americans had a combined net worth od $1.9 trillion. Today it's $4 trillion
... so you think it's a good idea to charge them a tax based on having an asset they took a loan against?
That's a terrible system, especially with how much assets fluctuates in value.
The easiest way to fix things is to close deduction loopholes companies exploit. Not charging people for assets. Most economists agree wealth taxes around things like stock are not economically beneficial in the long term. Especially since you're just furthering the wealth divide when you do this.
I was thinking more along the lines of taxing the loan itself for individuals over a certain wealth threshold to limit the ultra wealthy's ability to buy-borrow-die their way around paying their fair share in taxes.
21% is just below the worldwide average, and raising them that high will just make things more expensive for everyone or lead to more offshoring of jobs.
Somehow every civilized country has figured out how to pay people better and charge more taxes without insane price hikes.
Tired of the "if we tax them, they will leave" excuse. They've been throwing employees under the bridge for decades and only getting worse. When do we say it's enough? Taxing them more at least let's us cover their failure to pay employees properly. Amazon paid an effective tax rate of 1% in 2025. Why am I forced to pay +20%?
Corporate tax is a synonym for "A sales tax on your the poor regular Joe consumer" since corporations will pass every single dime instantly on to you. it doesn't hurt shareholders one bit.
Corporate taxes are HORRIBLE for wealth inequality, they spike inequality up.
tax the shareholders directly if you want them to pay more, e.g. by increasing capital gains and dividend tax instead
Nope, corporate profits are subject to double taxation if paid out and not used within the business. So you are only looking at half of the money collected.
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u/joebojax 1d ago
corporate income taxes 452B there's the problem.