@ISIDEWITHQuestionseconomyStarted 11yrs agoActive 4wks ago

Should the government raise or lower the tax rate for corporations?

Should Canada raise or lower the tax rate for corporations?

Canada currently levies a 15% - 26% tax on all businesses and each province levies an additional 11% - 16% tax rate. The average corporate tax rate worldwide is 22.6%. Opponents of argue that raising the rate will discourage foreign investment and hurt the economy. Proponents argue that the profits corporations generate should be taxed just like citizen's taxes.

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Answer Overview

Response rates from 46.7k Social Liberalism voters.

73%
Raise
13%
Lower
62%
Raise
12%
Lower
10%
Keep current rates but eliminate deductions and loop holes
1%
Lower, but eliminate deductions and loop holes
0%
Remove taxes on corporations and tax shareholder dividends instead

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Other Popular Answers

Unique answers from Social Liberalism voters whose views went beyond the provided options.

 @B46V7MRfrom Alberta  answered…4wks4W

Corporations headquartered in Canada should pay a significantly lower tax rate than other countries with freer markets, particularly to offset the costs of bureaucratic corruption, socialist policies and over regulation, but mainly to incentive businesses against leaving Canada.

 @B2L42TMfrom Ontario  answered…3mos3MO

Lower for corporations that create jobs in Canada and raise for corporations that export Canadian jobs to reduce costs

 @9MBZN25from Ontario  answered…12mos12MO

Increase it to equal the top marginal income tax rate, but only after all investments are deducted, interest is no longer deducted, all capital gains are excluded from the income tax, and the tax on businesses are changed to a destination-based system.

 @9GPTJ2Dfrom British Columbia  answered…1yr1Y

Lower them for corporations that contribute to federal policy and national social values (eg, production of green energy); raise them for corporations that do not contribute to these (eg, production of low nutrient foods/beverages).

 @9GNXXXTfrom British Columbia  answered…1yr1Y

It really depends. There could be legally binding agreements that we have with other nations which could get in the way, as well as cause trouble for the tax structure and government.

 @9FT9T54from Ontario  answered…2yrs2Y

Lowering only creates harder competition for more local organic companies to strive. Raising it causes the corporation to either jjst find more loop holes which some are impossible to eliminate or they’ll pass the costs onto consumer driving both the consumer and economy down so I’m neutral.

 @9FHQKJ7from Manitoba  answered…2yrs2Y

Depends on the sector. If it’s a sector that we need growth in for example businesses that relate to housing construction and materials we should lower the taxes.

 @9F2MK7Gfrom Ontario  answered…2yrs2Y

Close the loopholes and eliminate corporate welfare

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 @ISIDEWITH submitted…12mos12MO

IRS Targets Wealthy and Major Corporations for Increased Audits, Aims to Correct Racial Disparities

The Internal Revenue Service (IRS) has announced a significant shift in its audit strategy, focusing on increasing audits for wealthy individuals and major corporations while simultaneously addressing racial disparities in its audit practices. This move comes as the IRS plans to expand its workforce and leverage new resources to crack down on tax evasion and ensure a more equitable tax compliance environment.According to the IRS, audits will intensify for Americans earning $400,000 or more and for businesses with substantial assets, aiming to ensure that high earners and large corporations pay their fair share of taxes. This initiative is part of a broader effort to enhance tax compliance and revenue collection, with the IRS indicating that audit rates for individuals earning over $10 million will increase from 11% to 16.5% by 2026. Similarly, audit rates for businesses with assets over $250 million will triple, and partnerships with assets over $10 million will see a tenfold increase in audits.In addition to targeting high-income earners and corporations, the IRS is taking steps to address the longstanding issue of racial disparities in its audit practices. Recent data revealed that Black taxpayers were audited at rates up to 4.7 times higher than non-Black taxpayers, a disparity attributed to the agency's data-driven algorithms. In response, IRS Commissioner Daniel Werfel announced an overhaul of compliance practices to ensure a more equitable approach to tax audits.The IRS's commitment to reducing the disproportionate audit rates for Black taxpayers represents a significant step towards fairness in tax administration. By revising its algorithms and compliance strategies, the agency aims to eliminate biases that have historically affected audit selection processes.As the IRS embarks on this dual mission of increasing audits for the wealthy and corporations while correcting racial disparities, it signals a transformative period in tax enforcement. These measures are expected to not only enhance revenue collection but also restore public trust in the tax system by promoting fairness and equity.

 @ISIDEWITH submitted…11mos11MO

Russia Raises Income Tax on Rich to Pay for Ukraine War

Russia launched plans to sharply raise taxes on high earners and companies to fill state coffers and fund what it sees as a long war in Ukraine.A government commission on Wednesday approved a Finance Ministry plan to introduce a new progressive income tax as well as raise corporate tax rates. The proposed amendments, which would come into force from next year, are expected to bring an additional 2.6 trillion rubles, or around $29 billion.The amendments, which represent the biggest overhaul of the Russian tax system in years, are a sign of President Vladimir Putin’s bet on a protracted and costly war and his continuing efforts to align both society and the economy with the military effort.Russia currently has a flat tax of 13% for most people, with some higher earners paying a 15% rate, a significantly lower tax burden than in the U.S. or Europe. According to the proposed changes, new rates would range from the current 13% for those earning up to the equivalent of $27,000 a year to as high as 22% for those exceeding $560,000. Per capita household income is around $7,100, according to data provider CEIC.Russia’s military expenditures are already running at over 6% of gross domestic product, approaching levels reached by the Soviet Union at the height of the Cold War in the 1980s. Earlier this month, Putin appointed a macroeconomist, Andrei Belousov, as minister of defense, highlighting the extent to which the war has become central to Russia’s economic paradigm.

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 @ISIDEWITH submitted…6mos6MO

Trump hits ‘nasty’ Michelle Obama at Atlanta rally

Former President Trump attacked former first lady Michelle Obama during his rally in Atlanta on Monday, calling her “nasty” after Obama lobbed attacks at the former president while stumping for Vice President Harris.“You know who’s nasty to me? Michelle Obama,” Trump told supporters in Atlanta.“I always tried to be so nice and respectful. Oh, she opened up a little bit of — a little bit of a box. She opened up a little bit of something. Oh, she was nasty. Shouldn’t be that way. That was a big mistake that she made,” he added.His remarks come after Obama criticized Trump during a Michigan rally on Saturday, at one point mentioning “Donald Trump’s gross incompetence.”“I hope that you’ll forgive me if I’m a little angry that we are indifferent to his erratic behavior, his obvious mental decline, his history as a convicted felon, a known slum lord, a predator found liable for sexual abuse, all of this while we pick apart Kamala’s answers from interviews that he doesn’t even have the courage to do, y’all,” she said in Kalamazoo, Mich.The heated rhetoric underscores the increasingly personal tone the presidential election has taken between the two campaigns roughly one week out from the election.An aggregate of national surveys compiled by The Hill/Decision Desk HQ shows Harris slightly ahead at close to 49 percent support while Trump is at 48 percent.

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 @ISIDEWITH submitted…5mos5MO

Texas Offers Trump 1,400 Acres for His Mass Deportation Dream

Officials in Texas have offered President-elect Trump a 1,400-acre ranch for his mass deportation plan.Dawn Buckingham, land commissioner of the Texas General Land Office, said in a letter to Trump Tuesday that her office was “fully prepared” to work with federal agencies that are going to be involved in Trump’s immigration plan, and specifically deportation.Buckingham offered Trump a 1,402-acre lot in Starr County. The lot is owned by the Texas General Land Office and is roughly 35 miles west of McAllen, Texas.She said the agency is ready to work with the Department of Homeland Security and Immigration and Customs Enforcement (ICE) or the U.S. Border Patrol to build a facility on the land for “the processing, detention, and coordination of the largest deportation of violent criminals in the nation’s history.”“I am committed to using every available means at my disposal to gain complete operational security of our border,” Buckingham wrote.The letter and offering of land were first reported by The Texas Tribune. Last month, the state bought the land along the U.S.-Mexico border and has plans to build a wall.In the letter, Buckingham criticized her predecessor for not allowing a border wall to be built on the property. Those actions “enabled cartel members and violent criminals to sexually abuse migrant women and children on this land,” she said.On Monday, Trump signaled he would declare an immigration national emergency and use military assets to support his mass deportation plan when he returns to office.

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Active 2 days ago

 @ISIDEWITH submitted…6mos6MO

Trump’s Puerto Rico Problem Erupts in Pennsylvania: Latino Voters Fire Back

Donald Trump has a serious Puerto Rico problem — in Pennsylvania.Many Puerto Rican voters in the state are furious about racist and demeaning comments delivered at a Trump rally. Some say their dismay is giving Kamala Harris a new opening to win over the state’s Latino voters, particularly nearly half a million Pennsylvanians of Puerto Rican descent.Evidence of the backlash was immediate on Monday: A nonpartisan Puerto Rican group drafted a letter urging its members to oppose Trump on election day. Other Puerto Rican voters were lighting up WhatsApp chats with reactions to the vulgar display and raising it in morning conversations at their bodegas. Some are planning to protest Trump’s rally Tuesday in Allentown, a majority-Latino city with one of the largest Puerto Rican populations in the state.And the arena Trump is speaking at is located in the middle of the city’s Puerto Rican neighborhood.“It’s spreading like wildfire through the community,” said Norberto Dominguez, a precinct captain with the local Democratic party in Allentown, who noted his own family is half Republican and half Democratic voters.“It’s not the smartest thing to do, to insult people — a large group of voters here in a swing state — and then go to their home asking for votes,” Dominguez said.The timing couldn’t be worse for Trump. Almost a week before Election Day, he’s pushing to cut into Harris’ margins among Latinos, especially young men who are worried about the economy. But the comments from pro-Trump comedian Tony Hinchcliffe Sunday night, referring to Puerto Rico as a “floating island of garbage,” has reverberated throughout Pennsylvania and elsewhere, prompting even the former president’s Republican allies to defend the island and denounce the comments. And with the race essentially a toss up, every vote counts — especially in Pennsylvania.“This was just like a gift from the gods,” said Victor Martinez, an Allentown resident who owns the Spanish language radio station La Mega, noting some Puerto Rican voters in the area have been on the fence about voting at all.

▲  3117 replies