Get Rid of Corporate Taxes

Paul K. has convinced me, we should do away with corporate taxes. [See his comments on the 57,000 page tax return article.] It is a regressive tax. He has commented on this before.

Here is what really pushed me over the edge. Christian Century reported on a major study of the 280 most profitable Fortune 500 companies which showed that 78% paid no income tax in one of the last 3 years and 30 had negative tax rates over the same period of time. The report was done by Citizens for Tax Justice and the Institute on Taxation and Economic Policy.

They don’t pay their taxes and they just get pushed forward to us anyway if they do, so let’s just get rid of them. Of course, that may mean that our income tax might raise a bit, but at least we see that we’re paying for it instead of having it hidden from us. And, it puts all those tax lawyers finding loopholes out of a job, would that translate into lower prices? Likely not but it should.