Do you think working people should pay all the taxes and corporations should pay nothing?

Question

I wish I were being facious....

I heard onTV there is a bill pending to "eliminate" corporate tax... perhaps it was in a state, not federal law. But the idea is catching on with Neo-Cons. Here's some verbage from the "nets".
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Two pieces of legislation in the Missouri House would provide significant tax breaks for businesses.


Corporate franchise tax

House Bill 458, passed Feb. 15 by the House Committee on Ways and Means, would phase out the corporate franchise tax over three years. The tax was eliminated in 1999 for Missouri’s smallest employers – corporations valued at $1 million or less – and reduced by one-third for all other employers.

The bill would eliminate the tax in 2008 for all employers with value up to $15 million, exempting about 12,000 employers. Starting in 2009, the tax rate for employers worth more than $15 million would be reduced by 50 percent, and the tax would be eliminated in 2010.
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Answer 1

No - quite the opposite

and for more clarity - I think any foreign corporation importing products into this company should pay a lionshare of taxes through tariffs, instead of our domestic companies paying out the butt to export something.

Answer 2

Working, and non-working, people end up paying the corporate tax now anyway, indirectly, when they buy products and services from the companies paying the taxes, since their expenses including taxes are rolled into the cost of what they sell.

On the other hand, I'm not naive enough to think that if their taxes were suddenly lowered or eliminated, companies would lower their prices by that amount.

From the details of your question, this is just a Missouri proposal that would affect only MO corporate taxes, not a federal proposal.

Answer 3

Corporations *cannot* pay taxes.

If they can pass along the taxes in the form of higher prices, that's what happens. Since all corporations are assessed the same tax rate, they usually can do that.

If the added taxes reduce demand for their product, profits will drop - and that will eventually result in lower wages for the working people who are employed by the corporation, and immediately result in lower incomes for the people who own the corporations (which in most cases are the pension funds owned by working people.)

Corporations are just legal fictions. When it stops being numbers recorded in computers, and turns into bread, peanut butter, and gasoline, it ends up being people who pay all taxes.

Answer 4

Where is your data coming from? Corporations pay plenty. Corporations create jobs. Without jobs people do not have income to be taxed. Start raising corporate taxes they will have to start cutting jobs. And higher taxes will likely prevent new corporations from being formed or they will move to another country. This is not good either, we need job growth.

Answer 5

NO! I think that EVERYBODY should pay their fare share. The more you make the more you pay.