It is estimated that U.S. corporations have over $2.1-trillion of untaxed profits sitting offshore. If this money was brought back into the United States without being taxed, we would experience a boom in investment activity and the creation of a substantial amount of high-paying jobs. Even low-level and unskilled individuals would most likely be offered wages higher than the highest State minimum wage laws.
In addition, if we were to eliminate corporate and small business taxes completely, most every worldwide company in existence would move their domicile or headquarters to the United States, creating more investment and significantly more jobs. Companies would be offering anybody and everybody employment opportunities through on-the-job training. Welfare as we know it today would become practically non-existent.
Not only would eliminating corporate income taxes be highly beneficial to the American economy, it would actually provide relief to the poor and middle classes. Corporations do not pay taxes; they are only efficient collectors of taxes. Eventually, the taxes paid, along with the cost of government regulations, are priced into the products and services provided by corporations. Therefore, everyone ultimately pays corporate income taxes but, it is the poor and middle classes that pay and suffer the most, from the regulation and taxation of American business. This is a fraud perpetrated against the American people by the power-elites who control government.
President Donald Trump is trying to reduce regulations and bring the corporate income tax down to at least 15%. This is a step in the right direction. However, Ireland’s tax rate on corporations is 12.5%. Accordingly, at a minimum, the corporate tax rate should not be higher than 10%.
If the United States Congress seriously desired to create jobs, see wages rise, and reduce welfare, they would follow Trump’s lead. They would send him a bill that cuts corporate taxes to zero; or, at the very least, reduces the tax rate to 10%, keeping all deductions for ordinary & necessary business expenses.
Based upon 7-years of false promises and lies to repeal Obamacare, the odds are against us, against the American people.
Dum spiro, spero—While I breathe I hope.
Robert G. Beard Jr., C.P.A., C.G.M.A., J.D., LL.M.