@ISIDEWITHQuestionseconomy11yrs ago

Should the government raise or lower the tax rate for corporations?

The U.S. currently levies a 21% tax rate at the federal level and an average tax of 4% at the state and local level. The average corporate tax rate worldwide is 22.6%. Opponents of argue that raising the rate will discourage foreign investment and hurt the economy. Proponents argue that the profits corporations generate should be taxed just like citizen’s taxes.

Answer Overview

Response rates from 4 South Africa voters.

50%
Raise
50%
Lower
25%
Raise
25%
Lower
25%
Keep current rates but eliminate deductions and loop holes
25%
Lower, but eliminate deductions and loop holes
0%
Remove taxes on corporations and tax shareholder dividends instead

Historical Support

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 @ISIDEWITH submitted…12mos12MO

IRS Targets Wealthy and Major Corporations for Increased Audits, Aims to Correct Racial Disparities

The Internal Revenue Service (IRS) has announced a significant shift in its audit strategy, focusing on increasing audits for wealthy individuals and major corporations while simultaneously addressing racial disparities in its audit practices. This move comes as the IRS plans to expand its workforce and leverage new resources to crack down on tax evasion and ensure a more equitable tax compliance environment.According to the IRS, audits will intensify for Americans earning $400,000 or more and for businesses with substantial assets, aiming to ensure that high earners and large corporations pay their fair share of taxes. This initiative is part of a broader effort to enhance tax compliance and revenue collection, with the IRS indicating that audit rates for individuals earning over $10 million will increase from 11% to 16.5% by 2026. Similarly, audit rates for businesses with assets over $250 million will triple, and partnerships with assets over $10 million will see a tenfold increase in audits.In addition to targeting high-income earners and corporations, the IRS is taking steps to address the longstanding issue of racial disparities in its audit practices. Recent data revealed that Black taxpayers were audited at rates up to 4.7 times higher than non-Black taxpayers, a disparity attributed to the agency's data-driven algorithms. In response, IRS Commissioner Daniel Werfel announced an overhaul of compliance practices to ensure a more equitable approach to tax audits.The IRS's commitment to reducing the disproportionate audit rates for Black taxpayers represents a significant step towards fairness in tax administration. By revising its algorithms and compliance strategies, the agency aims to eliminate biases that have historically affected audit selection processes.As the IRS embarks on this dual mission of increasing audits for the wealthy and corporations while correcting racial disparities, it signals a transformative period in tax enforcement. These measures are expected to not only enhance revenue collection but also restore public trust in the tax system by promoting fairness and equity.

 @ISIDEWITH submitted…11mos11MO

Russia Raises Income Tax on Rich to Pay for Ukraine War

Russia launched plans to sharply raise taxes on high earners and companies to fill state coffers and fund what it sees as a long war in Ukraine.A government commission on Wednesday approved a Finance Ministry plan to introduce a new progressive income tax as well as raise corporate tax rates. The proposed amendments, which would come into force from next year, are expected to bring an additional 2.6 trillion rubles, or around $29 billion.The amendments, which represent the biggest overhaul of the Russian tax system in years, are a sign of President Vladimir Putin’s bet on a protracted and costly war and his continuing efforts to align both society and the economy with the military effort.Russia currently has a flat tax of 13% for most people, with some higher earners paying a 15% rate, a significantly lower tax burden than in the U.S. or Europe. According to the proposed changes, new rates would range from the current 13% for those earning up to the equivalent of $27,000 a year to as high as 22% for those exceeding $560,000. Per capita household income is around $7,100, according to data provider CEIC.Russia’s military expenditures are already running at over 6% of gross domestic product, approaching levels reached by the Soviet Union at the height of the Cold War in the 1980s. Earlier this month, Putin appointed a macroeconomist, Andrei Belousov, as minister of defense, highlighting the extent to which the war has become central to Russia’s economic paradigm.

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 @ISIDEWITH submitted…6mos6MO

Trump hits ‘nasty’ Michelle Obama at Atlanta rally

Former President Trump attacked former first lady Michelle Obama during his rally in Atlanta on Monday, calling her “nasty” after Obama lobbed attacks at the former president while stumping for Vice President Harris.“You know who’s nasty to me? Michelle Obama,” Trump told supporters in Atlanta.“I always tried to be so nice and respectful. Oh, she opened up a little bit of — a little bit of a box. She opened up a little bit of something. Oh, she was nasty. Shouldn’t be that way. That was a big mistake that she made,” he added.His remarks come after Obama criticized Trump during a Michigan rally on Saturday, at one point mentioning “Donald Trump’s gross incompetence.”“I hope that you’ll forgive me if I’m a little angry that we are indifferent to his erratic behavior, his obvious mental decline, his history as a convicted felon, a known slum lord, a predator found liable for sexual abuse, all of this while we pick apart Kamala’s answers from interviews that he doesn’t even have the courage to do, y’all,” she said in Kalamazoo, Mich.The heated rhetoric underscores the increasingly personal tone the presidential election has taken between the two campaigns roughly one week out from the election.An aggregate of national surveys compiled by The Hill/Decision Desk HQ shows Harris slightly ahead at close to 49 percent support while Trump is at 48 percent.

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