3 ms·
I mostly agree with you. We could and probably should eliminate corporate income tax. However, this repeal should only come after many years (I'd say decades) o
by newjersey 11y ago
I mostly agree with you. We could and probably should eliminate corporate income tax. However, this repeal should only come after many years (I'd say decades) of stable growth in personal income tax rates (going as high as 90% of income above a certain threshold -- I recommend the threshold be at 100x the natuonal minimum wage times two thousand or about $3M annually) and criminal penalties for failure to report income that pushes people above that threshold (I'd recommend a minimum sentencing guideline of 10 years in prison). Here income will include any expenses the "employer" corporation makes for the employee.
The idea is to not affect police officers who make $60k a year and get free lunches worth $2k a year but to affect executives who make $2M and live in a corporate owned home, drive a corporate owned car, take corporate jets and so on.
Sure, the corporation can stash unlimited wealth but you can't spend any for personal reasons without paying your fair share in taxes.
Thoughts?