I'm willing to bet that any politician of any stipe thought it's a bad idea to tax a business at, let's say, net 39 percent in Michigan, when they can go a few miles away to Canada and pay 27 percent. This was not some visionary breakthrough by The Donald, he just happened to occupy the office.
Obama wanted to pass a corporate tax rate cut in 2014 before it was ever a "campaign promise" by Trump; he recognized it was long past due and it needed to be really large to be meaningful. However, his important question to the Council of Economic advisors was not "if", but "how" -- like in How do We pay for that? How can we lower the rate, in any way, but how can we also efficiently bring in revenue too?
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I think the more important question is how is it that the US has so many businesses and such a high corporate tax rate, but actually raises less % in corporate tax revenue than these other countries? How is that even possible?
We have so many damn loopholes that many of these largest corporations pay far less, or in too many cases, nothing at all. And what did President Trump and his Republican Controlled House and Senate do when they had the opportunity to close any of these tax loopholes in this massive Tax 'reform' bill?
Is Congratulations really in order? There's a lot more nuance to all this than just changing the official Number.
Obama wanted to pass a corporate tax rate cut in 2014 before it was ever a "campaign promise" by Trump; he recognized it was long past due and it needed to be really large to be meaningful. However, his important question to the Council of Economic advisors was not "if", but "how" -- like in How do We pay for that? How can we lower the rate, in any way, but how can we also efficiently bring in revenue too?
----
I think the more important question is how is it that the US has so many businesses and such a high corporate tax rate, but actually raises less % in corporate tax revenue than these other countries? How is that even possible?
We have so many damn loopholes that many of these largest corporations pay far less, or in too many cases, nothing at all. And what did President Trump and his Republican Controlled House and Senate do when they had the opportunity to close any of these tax loopholes in this massive Tax 'reform' bill?
Is Congratulations really in order? There's a lot more nuance to all this than just changing the official Number.
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