General Discussion
In reply to the discussion: Joe: I can't believe I have to say this, but giant corporations shouldn't pay less in taxes than a t [View all]WarGamer
(12,441 posts)HOW to do it?
I've been calling for MEGA high taxation of the rich for half my life.
It's a given that if the simple "Corporate Tax Rate" is increased, consumer pricing will rise.
That's NOT the point of the tax. It becomes a tax on ALL OF US.
Not to let the Corporations off the hook, though...
Let's take a fresh look.
What IS a Corporation? (For simplicity sake, not entirely accurate) It's a legal business entity whose ownership is divided into millions or billions of tiny pieces called SHARES. These shares are owned by everyone from billionaires to retired school teachers and firemen (as part of their State Retirement Fund)
HOW do you get a Corporation to PAY a tax without the value of each share dropping?
Ever watched the Stock Market? They'll say Tesla got clobbered today, losing over $2B in value.
Did that $2B come out of Mr. Teslas wallet? Of course not (unless you're talking about Elon). The value of each share dropped, became LESS valuable.
So how do we get the money?
When we all say "Let's tax the Corporations" we're REALLY saying TAX THE RICH.
Let me throw this out there...
How about DON'T raise the Corproate Tax rate but institute a one-time 5% Wealth Tax above a certain net worth and an annual 1% Wealth Tax over a certain level?
Isn't THAT what we're REALLY trying to do?
The UK Wealth Tax Commission came to a similar conclusion, btw.