Reduce the Corporate Income Tax Rate
Reduce the Corporate Income Tax Rate
This chapter discusses the need to reduce the corporate income tax rate in the United States. It argues that the tax which the federal government imposes on large businesses, or the corporate income tax, as it is known, is an odd phenomenon, even by the mysterious lights of the tax law. Corporate taxes are popular with the public, and people think that taxes remitted by corporations, especially large multinational companies, are paid by someone other than themselves. The plan presented in the chapter calls for a reduction of the corporate income tax rate to a maximum of 20 percent and perhaps a reduction to 15 percent, which would match the current capital gains and dividend rates. The chapter argues that this would dramatically improve the competitive position of the American economy and reduce tax-sheltering behavior.
Keywords: income tax rate, federal government, tax law, corporations, multinational companies, dividend rates
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