And they will claim just about I dont stop when im tired I stop when im done shirtas an expense and abuse every single loophole and threshold they can to make what counts as technical “income” as little as possible, sometimes turning millions of book income into a loss for tax purposes. But it would take genuine tax reform to rework how all of that goes, and tax reform just isn’t that sexy and has a million little issues to find compromises on, so it’s low on every administration’s policy list. I have family members constantly bitching about how “this new 28% tax that Biden is proposing is going to ruin small businesses and family businesses. It’s not good for America!!” I proceeded to read the American rescue plan and learned a thing or two. Yes taxes will rise by 7% for multinational corporations, especially those who use foreign jobs and headquarters as tax havens. American companies who stay in our borders and hire American workers will be totally exempt from this tax, encouraging these companies to stay domestic if they wanna avoid massive taxes. I guess this has turned into an FYI for anyone who hasn’t read it.
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Historically u.s. conservatives have been critical of the idea of a I dont stop when im tired I stop when im done shirt income tax. The common logic is that corporate income tax double dips: earnings are taxed once at corporate income, and then again for the individual owners as capital gains. But there’s not a perfect overlap so that picture is incomplete. Reagan popularized the idea of lowering taxes and had the political power to do something. At the time it made sense! But he sold it with this idea that lowering tax burdens on companies is good, because working people benefit equally. In economics this would be called a ‘supply side incentive’ – later, the media started calling it ‘trickle-down’ economics. (Edit: Reagan never used the term trickle down, thanks