There is some energy out there over the great corporate tax theft. The big four that are being focused on are Bank of America,CitiGroup,General Electric and Verizon.
I readily concede there is something seriously wrong with the US tax codes. Contrary to the beliefs some want to preach this isn’t necessarily a progressive platform position. Many on the Right have for a long time championed a simplification of the US Tax Code. The Left in their infinite wisdom all too often think if you just tax the folks that have money it will all be good.
Well for the former they continue to fail at that. Let’s cut it out and get down to it. As far as corporations are concerned there is a simple solution. Lower the corporate tax rate (35+%) to at least the level of our northern neighbor,Canada.(18%)
As for the latter if you think going after the profits of private companies to the tune of 35-39% is a good idea I invite you to apply for the job of telling a chunk of the following why they have lost their jobs and are no longer taxpayers. The chunk would come from:
288,000 folks Bank of America employs in the USA
133,000 employed by GE in the USA
210,000 people Verizon employs in the USA
There is a solution and it isn’t the status quo of an overly complicated tax code or the scorched earth policy of class envy and burdensome taxation.