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Tax rate is irrelevant. It’s the deductions and loopholes that I have a problem with.
Chief
In my ideal world, it would be 0%, since it's customers who get the bill anyways.
In reality, I'd prefer if it were no more than 10-15%, with zero deductions/credits/exemptions.
In venture cap, there’s an old maxim that’s applicable here: “I’ll let you set the price if I can set the terms.” The statutory rate is a sideshow; the real issue is the deductions and carve outs.
Pro
Corporate tax rate should be zero. Instead, company shareholders should be taxed on dividends, capital gains, etc. Most shareholders do get taxed now but I’d remove the exemption for pension funds, nonprofits, etc.
Well, according to an IMF study, “the rise in corporate market power in recent decades appears to have muted the effectiveness of corporate tax cuts as a means for boosting business investment.”
I think we need the government to take a strong anti-trust stance again in order to increase competition. Fortunately, there’s an appetite for it from the Dems.
https://blogs.imf.org/2019/08/08/us-business-investment-rising-market-power-mutes-tax-cut-impact/
Fine with the deductions, don’t like all the loopholes, and like it at 21%. We had the highest corporate tax rate in the G20 before the tax cut, I find that kind of crazy.