Saturday, July 19, 2014

Do we need a corporate income tax?

Megan McArdle doesn't think so.  Here's something I haven't thought about:

And to be sure, the tax code contains plenty of senseless giveaways to corporations. But these are small beer. Most of the “loopholes” that we argue about are not a result of congressional pandering, or even sharp lawyers who bend sensible rules. They’re an artifact of the fact that calculating corporate income is really hard.---Bloomberg

Still, I think corporations should be taxed.  Individuals could receive a tax cut to make it revenue neutral.  The idea shouldn't be in raising revenue per se, but to make things a bit fairer.  Okay, that sounds kinda lefty, but I'd rather be lefty on this issue than to be righty, if righty means to favor corporations over individuals.  Corporations have an advantage over individuals.  We shouldn't increase that advantage by refusing to tax them and tax individuals even more.  That's crazy.



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