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| Ohio Republican: Trump Should Consider Eliminating Corporate Income Tax |
| 2016-07-27 |
| [PJ] CLEVELAND ‐ Rep. Jim Renacci (R-Ohio), a member of the Ways and Means Committee, told PJM that GOP nominee Donald Trump should consider eliminating the corporate income tax if he becomes president. "We’ve got to reduce taxes for the hardworking middle class. At the same time, I am a big believer that we’ve got to eliminate and replace the corporate income tax with another type. I’m actually doing a business activity tax," Renacci said in an interview at the Republican National Convention. "I think it’s important that we do that. Corporate income tax gets passed on to the American consumer. What we really need to do is make sure the corporate income tax is a consumptive tax that really helps grow the economy," he added. Renacci said his tax plan would make the United States "the No. 1 country in the world to do business in." "I am hoping that if Trump is successful, which I hope he is, that he takes a look at other plans that will work and make this country the most successful country to do business in," he said. |
| Posted by:Besoeker |
| #10 Sales taxes are merely deferred income taxes. Better to charge for titles that enable economic rents. |
| Posted by: Bright Pebbles 2016-07-27 17:19 |
| #9 Libertarian candidate had a similar plan. Reduce every burden you can to convince corporations to resettle into the US bringing jobs. |
| Posted by: rjschwarz 2016-07-27 14:11 |
| #8 Any thoughts on the idea that income or consumption taxes pay for government operations, and business taxes pay for healthcare only? |
| Posted by: gorb 2016-07-27 13:08 |
| #7 Business Rates and charges for defending monopoly on the value of IP such as patents and copyrights (in the country) are the only capitalist taxes. They would also NOT be passed on, like other taxes would be. If you want to know why look up Ricardian Rent. |
| Posted by: Bright Pebbles 2016-07-27 10:35 |
| #6 This is exactly the sort of fanciful projection that has led to the Trump nomination in the first place. Trump won't lower taxes, he'll raise them. He's a big government liberal who just came out in favor of raising the minimum wage. |
| Posted by: Iblis 2016-07-27 10:22 |
| #5 I have never been able to figure out why this is such a difficult concept to understand. Along with the graft angle, this allows taxes to be hidden from the true tax-payer. Sales tax is at least visible but if you hide it as a cost of doing business it is much easier to continue with your theft without your plebs getting wise. It also allows you to demagogue against greedy corporations and paint yourself a "fighter for the little people" (see also graft). |
| Posted by: AlanC 2016-07-27 08:31 |
| #4 It's not a tax, but an insurance fund for generous bailouts and market exclusivity. (do I need to but a /sarc on that, or is it too close to what its all about anyway? providing funds for their agents to play political (bread and) games with more money) |
| Posted by: Procopius2k 2016-07-27 08:16 |
| #3 I have a better idea: no corporate income tax if over half of the stuff you sell is made in the US. |
| Posted by: Thing From Snowy Mountain 2016-07-27 07:40 |
| #2 I have never been able to figure out why this is such a difficult concept to understand. That's because your calculations neglected the possibilities of graft. |
| Posted by: g(r)omgoru 2016-07-27 05:56 |
| #1 Rep. Jim Renacci is entirely correct. Corporations DO NOT pay income taxes, they pass income taxes and costs associated with gov't regulations, along to the consumer, just like all the other costs associated with business. If the costs exceed the amount the consumer is willing to pay, the corporation seeks reductions in other costs such as labor, by moving operations overseas. If the corporation cannot reduce costs, they go bankrupt. When any of these things happen, the American worker, and taxpayer loses. I have never been able to figure out why this is such a difficult concept to understand. |
| Posted by: Besoeker 2016-07-27 05:43 |