While I also sometimes wonder why some Canadians are so concerned about the politics of another country, I kinda gotta point out that this subforum is titled "US-American Politics."
Trump to Deliver One of Biggest Tax Cuts Since Reagan
- Thread starter Locutus
- Start date
US rates...
t is often claimed that American corporate tax rates are much-higher than our international peers, and that this has harmed U.S. corporations’ competitiveness. However, these claims are both factually incorrect and economically meaningless. On the facts, while the statutory corporate tax rate in the United States is 35 percent, after loopholes and deductions, the effective tax rate that corporations pay is only 14 percent.
Canadian rates...
Corporation tax rates
Federal rates
The basic rate of Part I tax is 38% of your taxable income, 28% after federal tax abatement.
After the general tax reduction, the net tax rate is 15%.
For Canadian-controlled private corporations claiming the small business deduction, the net tax rate is 10.5%.
t is often claimed that American corporate tax rates are much-higher than our international peers, and that this has harmed U.S. corporations’ competitiveness. However, these claims are both factually incorrect and economically meaningless. On the facts, while the statutory corporate tax rate in the United States is 35 percent, after loopholes and deductions, the effective tax rate that corporations pay is only 14 percent.
Canadian rates...
Corporation tax rates
Federal rates
The basic rate of Part I tax is 38% of your taxable income, 28% after federal tax abatement.
After the general tax reduction, the net tax rate is 15%.
For Canadian-controlled private corporations claiming the small business deduction, the net tax rate is 10.5%.
I get that with its power and wealth, the US is important to people in other countries, especially one so closely tied as Canada, but I can't imagine being as "in the weeds" or fascinated with minor details of any other country.
Meh, I know people who are endlessly fascinated with the plot details of bad TV shows. Everybody's got a thing.
The US is important for good internationally...has been since I have been alive and then some.
However, I don't give two shits how they tax people or any other domestic issue they have...unless it could or can affect us.
Which, like I said, do so called Canadians protect our interests over yours?
I have doubts about that.
However, I don't give two shits how they tax people or any other domestic issue they have...unless it could or can affect us.
Which, like I said, do so called Canadians protect our interests over yours?
I have doubts about that.
I see this more along the lines of an attempt at an argument in general terms and not specific to the USA.
The beauty part of the argument rests on some flaky notion of fair share.
No point in discussing the underlying issue if there is not definition of exactly what fair share represents
Josh Bivens notes that U.S. corporations are already paying a lower share of taxes than has historically been the case - meaning that there's no air of reality to the claim that handing them more money will produce any positive economic results.
t is often claimed that American corporate tax rates are much-higher than our international peers, and that this has harmed U.S. corporations’ competitiveness. However, these claims are both factually incorrect and economically meaningless. On the facts, while the statutory corporate tax rate in the United States is 35 percent, after loopholes and deductions, the effective tax rate that corporations pay is only 14 percent.
To help most American families, corporate tax proposals should focus on increasing, not decreasing, the taxes paid by corporations. The corporate tax system is so riddled with loopholes that it raises far too little revenue and doesn’t contribute enough to the need of the federal government to honor existing commitments to social insurance, income support, and public investment. If policymakers are going to push corporate “tax reform,” they should focus on requiring corporations to pay their fair share of taxes.
more
www.epi.org/...
All raising corporate taxes will do is raise retail prices.COnsumers(taxpayers) will still foot the entire tax bill. The better move would be to eliminate corporate tax all together and tax dividends and any money leaving the country at personal income tax rates.
The reason most arguments on this board are pointless is that folk insist on using undefined terms.
I'll try to make this simple so that even you may understand the concept; if you don't care then don't read the thread..........
Could have something to do with the USA being Canada's biggest Trade partner. And we, Canadians, must be ever vigilante on Americans sneaking into our Politicians pockets to get at our pockets.......
Trump Just Refused To Sign Treaty To Stop Tax Evasion & End Offshore Tax Havens
Benjamin Locke points out that Donald Trump's plan to favour the rich over the public includes his refusal to sign on to international efforts to combat tax evasion.
Benjamin Locke points out that Donald Trump's plan to favour the rich over the public includes his refusal to sign on to international efforts to combat tax evasion.
Trump’s tax cuts would give the poor $40 each and the ultrarich $940,000
A new analysis by the Tax Policy Center finds that the tax cuts included in the Trump administration's outline for tax reform released in April could cut federal revenues by as much as $7.8 trillion over 10 years, and that the benefits would go almost exclusively to the top 5 percent of earners.
Donald Trump issued no less than three tax plans on the campaign trail, each subtly different from the last. Then on Wednesday, April 26, National Economic Council Chair Gary Cohn and Treasury Secretary Steve Mnuchin introduced a slightly tweaked outline of a plan at a White House press briefing. The outline pledged to:
Usually, when challenged on the numbers for its tax proposals, the Trump administration has insisted that they'll lead to large-scale economic growth, which can largely offset the cost. The TPC finds that this isn't the case. The total plan, incorporating both revenue raisers and tax cuts, would cost $3.5 trillion over 10 years before taking economic growth into account, and $3.4 trillion after you take it into account. You only raise $108.9 billion from growth effects.
Trump
A new analysis by the Tax Policy Center finds that the tax cuts included in the Trump administration's outline for tax reform released in April could cut federal revenues by as much as $7.8 trillion over 10 years, and that the benefits would go almost exclusively to the top 5 percent of earners.
Donald Trump issued no less than three tax plans on the campaign trail, each subtly different from the last. Then on Wednesday, April 26, National Economic Council Chair Gary Cohn and Treasury Secretary Steve Mnuchin introduced a slightly tweaked outline of a plan at a White House press briefing. The outline pledged to:
- Collapse the seven income tax brackets into three: 10, 25, and 35 percent
- Double the standard deduction, e.g., from $12,000 to $24,000 for couples
- Repeal the alternative minimum tax, the estate tax, and the 3.8 percent Obamacare tax on investment income for the rich
- Add a new deduction for child care expenses
- Cut the corporate rate to 15 percent
- Treat "pass-through income" as corporate income taxed at 15 percent, rather than individual rates
- Exempt foreign income from corporate tax
- Impose a one-time "repatriation" tax on assets US companies hold overseas
Usually, when challenged on the numbers for its tax proposals, the Trump administration has insisted that they'll lead to large-scale economic growth, which can largely offset the cost. The TPC finds that this isn't the case. The total plan, incorporating both revenue raisers and tax cuts, would cost $3.5 trillion over 10 years before taking economic growth into account, and $3.4 trillion after you take it into account. You only raise $108.9 billion from growth effects.
Trump