• breadsmasher@lemmy.world
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    3 months ago

    Republicans love to harken back to “the golden age” of america. Ever wonder what paid for it? A big portion was … corporate tax!

    https://taxfoundation.org/data/all/federal/historical-corporate-tax-rates-brackets/

    Corporate tax is currently at the lowest point since 1940

    https://tradingeconomics.com/united-states/corporate-tax-rate

    See this big drop in corporate tax? You thank ol’ trumpy for that

    Along with personal income tax - Note this is the top bracket of tax

    https://fred.stlouisfed.org/series/IITTRHB

    Want your golden age back? Tax these fucking billionaire grifters.

    • Semi-Hemi-Lemmygod@lemmy.world
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      3 months ago

      Another thing that raising the corporate tax rate does is make it more profitable to re-invest your income into the company. Since they’re only taxed on profits they’ll pay zero taxes if they make zero profit. How do you do that? Expanding your business, spending money on R&D, and paying your employees more.

      Edit: Haha, just kidding, they’ll blow it on stock buybacks.

      • thatKamGuy@sh.itjust.works
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        3 months ago

        Ideally, yes - but until share buybacks are outlawed - companies will just ‘reinvest’ by buying up shares (increasing their price, and thereby existing shareholder wealth), and issuing them as bonuses to their C-suite in lieu of payment… by-and-large avoiding a lot of the income tax that they would otherwise be due to be paid.

        Our current late-stage capitalist corporate system is built upon layers and layers of tax-avoidance and self-enrichment at the cost of society as a whole.