[Hoot Gibson]

This is a quote from Hoot in his earlier response. 

"Corporations should not be paying any income taxes"


I'm hoping that you really didn't mean to type this.  If you did, please elaborate.

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https://www.cnbc.com/2021/02/04/us-is-wo...efits.html

The U.S. ranks last among industrialized countries relative to employee benefits like healthcare, paid leave, vacation days, unemployment and retirement, according to Zenefits.

The Czech Republic, Latvia, South Korea and Mexico joined the U.S. among the five least-generous countries. Denmark, the Netherlands, Finland, Sweden and Switzerland were the top nations for worker benefits.

There is no excuse for the U.S. to be ranked last.  

There is no excuse for American corporations to be ranked first in combined state and federal tax rates but that is what China Joe is proposing, Mr. I am Not a Socialist but...

Cuba and Venezuela once had thriving economies. How has socialism worked out for them? This country is broke and our inflation rate has begun to soar. Even the Biden administration is now acknowledging that interest rates will need to be raised to keep inflation in check. Inflation and interest rates composed two thirds of the Carter misery index. As the rate of inflation and interest rates rise, the unemployment rate will follow. That is the trifecta that Jimmy Carter unleashed on this nation. (Nixon, Ford, and LBJ did their part in crippling our economy, but Carter came to own the misery index, which disappeared during the Reagan administration.)

I'm not really a fan of socialism, but I do believe that the Corporate tax rate is too low in the U.S.  Trump's 40% reduction was too extreme and will continue to put an undue burden on the middle class. 

Trump slashed corporate tax rates to 21%, but many companies paid far less than that (dallasnews.com)

In 2018, the first year under the new law, 379 profitable companies in the Fortune 500 paid an average effective rate of 11.3%, according to a study by the Institute on Taxation and Economic Policy, a progressive think tank in Washington.

For 91 companies, nearly a quarter of those examined, their 2018 federal tax bill was zero or they got a tax rebate, the group said. The list includes heavyweights like Amazon, Chevron and Netflix. As a group, the 91 companies earned a combined $101 billion in pretax profits.

I am sure that our economy will boom once Biden pushes all of his tax hikes through Congress. I just hope that we can build factories fast enough to keep up with demand once corporations have the opportunity to invest in this country at the highest rate in the world.

Corporations should not be paying any income taxes. Socialists have destroyed the ability of American manufacturers to compete in the global economy through tax policies and excessive regulation. Income on dividends, salaries, and wages are already taxed. You are a fool if you believe that the loopholes that allow some companies to legally avoid corporate income taxes exist by accident.

Instead of demonizing corporations that pay no income taxes, your ire should be directed at the politicians who draft tax laws while extorting donations through corporate lobbyists. It is often said that the power to tax is the power to destroy. Politicians understand that to be true and so do the corporations that must interact with them to survive.

I wholeheartedly agree with you on the portion in bold print above.  Ted Cruz's recent admission is a perfect example of corrupt politicians being so used to doing business as usual that they don't even realize how corrupt they are.

I already explained why corporations should not be taxed. Their income is already taxed before the corporate income taxes are paid. I would slash taxes and the federal payroll to the bone to free up more money to pay good wages to American workers and to make American companies the most productive and efficient in the world. When taxes are cut or eliminated, then the federal power to destroy businesses and individuals is also cut.

For somebody who claims not to be a fan of socialism, you spent a lot of time defending socialist programs and policies and you spend a lot of time attacking capitalism.