Re:Biggest companies pay the least tax, shows new research
by WalterBright on Sunday April 05, 2020 @05:29PM
(#22788896)
Those taxes are unjust and unfair. Applying that to corporations would make them noncompetitive in the global economy. Be careful what you wish for.
Re:Biggest companies pay the least tax, shows new research
by triceratops on Sunday April 05, 2020 @05:36PM
(#22788937)
> Applying that to corporations would make them noncompetitive in the global economy.
Why? It would apply to all corporations doing business in the US, which is basically any company of note.
Re:Biggest companies pay the least tax, shows new research
by afiori on Sunday April 05, 2020 @06:11PM
(#22789169)
The natural reaction should just be to stop taxing citizens on worldwide income.
One reason that could explain the difference between corporate and private taxes is that the companies can (in theory) prove how and where went/came from.
Re:Biggest companies pay the least tax, shows new research
by WalterBright on Sunday April 05, 2020 @08:39PM
(#22789975)
It would give a huge advantage to foreign companies. It would strongly discourage investment in US companies.
Re:Biggest companies pay the least tax, shows new research
by triceratops on Monday April 06, 2020 @01:32AM
(#22791130)
Please read my comment again. It would apply to every corporation doing business in the US. Regardless of where they're headquartered. And any corp of significance has to do business in the US - it's the largest market in the world.
Re:Biggest companies pay the least tax, shows new research
by nickpp on Monday April 06, 2020 @12:23PM
(#22795027)
Then wouldn’t other countries immediately retaliate with the exact same tax, but applied to American companies doing business in those countries?
Re:Biggest companies pay the least tax, shows new research
by triceratops on Monday April 06, 2020 @05:49PM
(#22798246)
True. But they'd also have to raise their tax rates to American rates, for the taxes to have any effect.
Is it though? US citizens and tax residents (green card holders, people on work visas) pay US taxes on their worldwide income. Doesn't matter if it's earned outside the US. Doesn't matter if the person lives outside the US and hasn't set foot on American soil in decades. Doesn't matter if the income is derived from property acquired before the person ever came to America.
At best they get credit for foreign taxes paid and if that's less than their US tax liability, they pay the difference to Uncle Sam.
Why are the rules (seemingly) different for corporations?