They’re trying to sell a corporate tax rate cut without eliminating the pages and pages of loopholes placed in there by lobbyists that cause lots of massivey profitable companies to pay effectively nothing.
They can cut the rate. Fine. But…
- How about a progressive taxation systems for corporations too? More than one silly bracket depending on taxable income.
- I think they should have only a very few deductions, but they should be based on how many American employees they have and how much they compensate them. You pay more, give more generous benefits, you get to deduct that.
The greatest mistake the propsal makes on personal taxes is the contraction of tax brackets. We need more tax brackets, not fewer. Fewer brackets doesn’t make it easier to file. It make sit easier for very high earners to escape the level of taxation that would be fair. A person earning $1B should pay a higher rate than someone making $450,000. Who wouldn’t agree with that in an honest debate?
Once again, we need civics classes that explain what tax brackets mean because almost every debate on TV is pointless and misleading. Someone in 1960 who fell in the 91% bracket didn’t pay 91%. Couples only paid that on the money after dollar $400,001 and that was .1 of 1% of the country. There were 24 tax brackets in 1960. They want four now. Really.
By the way the top corporate tax rate was 52%.
Go back to 1960 taxes and you really could make America great again. All else is bullshit.