The best way to close the loophole is to replace taxes on corporate profits with an increase on the dividend tax. This will make it impossible for any American CEO to get out of paying taxes without renouncing his own citizenship.
Will it discourage payment of dividends? It would to the extend that a personal income tax discourages working. People still work in spite of the income tax; corporations will still pay dividends even if there is a tax increase on them. A upside to this is that companies will have an increase incentive to reinvest their profits and pay off debt.
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Keep it clean and relevant to the post. If you have a question that isn't related to a recent post, email me at enders.robert@gmail.com . You can also email me if you want to make an anonymous comment.
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Posts and contributions expressed on this forum, while being libertarian in thought and intent, no official statement of LPAC should be derived or assumed unless specifically stated as such from the Chair, or another Officer of the Party acting in his or her place, and such statements are always subject to review.
3 comments:
Robert,
Apparently you think that corporations pay taxes, but ultimately that is not true. Before they get to the bottom line, they need to justify their existence, and this justification is called PROFIT.
So the consumer of the product or service that the corporation provides gets to reimburse the (evil) corporation for the "corporate" tax, so they get a profit.
Of course , the libertarian solution to this little dilemna is for the grub'mint to REDUCE SPENDING!!! We the people must insist that our pubic servants, REDUCE SPENDING. Then there is no need for a corporate tax, prices for goods and services come down, we the people buy more stuff, and jobs get created.
Hey, this economics stuff is easy!
I agree of course.
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