Re:With corporate tax off table, U.S. Democrats turn to bill...
by AnimalMuppet on Monday October 25, 2021 @04:34PM
(#28992787)
So here's a grocery store that has profit of 1% of revenue. They (or their shareholders) have to pay tax on the revenue? That can't work - not without them raising prices 20% or so...
Re:With corporate tax off table, U.S. Democrats turn to bill...
by legitster on Monday October 25, 2021 @06:32PM
(#28994003)
You could easily devise it so that expenses are also passed through, but I wouldn't mind if corporate grocery stores lost their tax advantage and had to raise prices to be more competitive with mom and pop stores that operate as S Corps.
Re:With corporate tax off table, U.S. Democrats turn to bill...
by cwkoss on Monday October 25, 2021 @07:18PM
(#28994426)
Pushing megacorps out of low-profit high-revenue businesses is one of the benefits of this policy.
We'd be better off if every grocery store was independently competitive with other grocery stores.
Re:With corporate tax off table, U.S. Democrats turn to bill...
by AnimalMuppet on Monday October 25, 2021 @07:23PM
(#28994467)
But would we be better off with 20% higher grocery prices so that the government has the money they want?
> …the abolition of the corporate income tax, … with the requirement that corporations be required to attribute their income to stockholders, and that stockholders be required to include such sums on their tax returns.
Basically treat all corporate income as pass-through income to shareholders. So if Acme Co has 1 million shareholders and they generate $100 million in revenue, each shareholder adds $100 in income to their personal income taxes next year. If corporations want to keep shareholders, they will need to pay out dividends at least enough to cover the tax bill. But that's between shareholders and corporations.