Corporate tax loopholes

I watched the testimony given by the Chairman of Apple Corporation with great interest, and it got me to thinking …

Corporations in this country are provided with generous loopholes in the tax code, loopholes through which they hide their money and avoid paying what many believe are their fair share in taxes.

Others point out that, were corporations “forced” to pay “their fair share” in taxes, that prices would rise on all manner of goods and services as those corporations pass on their tax burden to customers.

Millions of Americans have just about given up on looking for work; there don’t seem to be enough “real” jobs out there, jobs that support families and provide “just enough” hope that The American Dream is still possible for The Average Jane and Joe.

Why not combine these two issues, and come up with a solution?

Let’s close all “traditional” corporate tax loopholes and tax all profits, no matter where, when, or how they were made.

Let’s raise the corporate tax rate to something respectable, and let’s say to the corporations, “This is your tax rate. You can now file your taxes on a single sheet of paper, with just a few calculations on it. Declare your profits, world-wide. Divide that by the percentage given in the tax code (say, for example, 50%). That is the amount of money the corporation owes to the Treasury.”

We all know that the very best anti-poverty “program” is a real job, a job with benefits, a secure job with a future that looks promising. If corporations don’t want to pay whatever it is that We The People decide they must pay, there will be one, single loophole available:

“If you don’t want to pay that much in taxes, you have just one alternative: For every job you provide to American workers, you will get a tax write-off. The more workers you employ, the greater your write-off. The better the benefits you provide those workers, the greater your write-off. The more secure those jobs are, the greater your write-off. The more you give back to American society through training, benefits, and employment to and for Americans, the greater your write-off.”

I know.

It’s too crazy to work … but what if it did?

Stanley Gould


Submitted by Virtual Newsroom