The only successful way to Chicken god is great beer is good and people are crazy shirt corporations, and the wealthy is a VAT. That’s why it’s used in France, Canada, the UK, Japan, Australia, and every other developed country in the world. Taxes on corporate income could be 90%, wouldn’t make a difference. Companies would just move money into the expense column until income was zero, and 90% of 0 is 0. You’re just raising taxes on the small pizza shop that can’t afford to have an accounting department, not dominos. If we are mostly concerned about ensuring high income individuals are taxed appropriately, why not simply increase the capitol gains tax and have the highest income earners pay more in income taxes? Taxing corporations provides some level of taxation to everyone, from my understanding, with not much of it felt by the corporation itself. Ordinary people will still be fleeced. You don’t think that corporations will just eat these taxes, do you? They will pass them on to consumers in the form of price increases for their goods and services.
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It’s great, but… Chicken god is great beer is good and people are crazy shirt… companies aren’t going to suddenly take less profit. They will raise prices to compensate. They always do this. Min. Wage increase? Price increases. Tax increases? Price increases. Shareholders and CEOs will not accept 15 million in profit this year, but 10 million next year because of taxes. They will adjust prices to soak up the tax, and a little extra. Leave it alone or end the philosophy of keeping Shareholders happy. Either incentivize internal spending and reinvestment to decrease profit and therefore taxable revenue, OR leave it alone. All this will do is fuck the poorest people