First Point: Corporations don’t actually pay taxes. The end users of the products and/or
services produced by US-based corporations pay for everything including all the costs which are passed on to you, Mr. and/or Mrs. Consumer.
Second Point: Only individual taxpayers actually pay taxes. Period.
Third Point: U.S. corporations have been moving capital overseas in order to be competitive. If not competitive, then corporations soon go bust, bankrupt, kaput.
Fourth Point: Because the U.S. taxes on corporate profits are so high, companies take their capital elsewhere. This results in unemployment here, higher employment there, wherever there is.
Fifth Point: Unemployment in the U.S. means lower tax revenue to governments, state and federal, particularly federal.
Sixth Point: National debt as of 2/9/2017 at 0900 hours (Zulu -6) was rapidly approaching $20 trillion US dollars.
National debt DOUBLED over the last eight years of the Obama administration. How do we pay it down? We can’t just print more fiat currency. Other nations are abandoning the USD as the world’s reserve currency, so they don’t want to buy our Treasury bonds. What is there to do?
As recent as April of 2016, 50 U.S. companies were holding over $1.4 trillion USD offshore, according to a CNN Money story. Why is it there and not here? High corporate taxes.
The motivation behind the corporate income tax is an ignorant, narrow-minded socialistic worldview. Personally, I advocate for no corporate taxes. Why?
Eliminating corporate taxes altogether would motivate U.S. corporations to invest capital here where they don’t have to navigate arbitrary and corrupt overseas governments.
Seventh Point: Moving capital from there to here means employment of U.S. citizens who then pay taxes that support the government.
Federal government has rapidly expanded as unconstitutional agencies like the EPA, BLM, DOE, etc. continue to add employees. Governments do not form capital. Governments shrink capital because they do nothing productive. You put in a tax dollar and out comes less than a dollar’s worth of services to you.
Today, the Federal government is the singular largest employer in the entire country. I quote the Washington Times, “President Obama will set a record for the size of the basic federal workforce, leaving office with more than 1.4 million people collecting government salaries in the civilian agencies in 2017, according to the budget he delivered to Congress…”
How do we pay down our national debt? Increase productivity and cut costs. Shed costly federal agencies to move American workers back into productive industries. Either dramatically cut or eliminate corporate taxes. Lessen the federal regulatory burden on businesses.
These are not my ideas alone. President Trump espoused them throughout his presidential election campaign. I call this Trump-o-Nomics 101.
Take action. Tell your congressional delegation to cut corporate taxes now, right away. And, tell them to cut funds to the alphabet soup federal agencies and eliminate them as soon as possible. We don’t have all the time in the world to get this done.
In Texas, contact our two U.S. Senators and your U.S. Representative.
Senator John Cornyn https://www.cornyn.senate.gov/contact
Senator Ted Cruz https://www.cruz.senate.gov/?p=email_senator
CD-4 Representative John Ratcliffe https://ratcliffe.house.gov/contact/email
Find your representative here: http://www.whoismyrepresentative.com/