Oh man, they would have paid $8.5 billion in corporate income taxes.
That'll for sure plug the trillions extra we spent in the past 12 months, the $2 trillion laughble infrastructure plan that does nothing, our forever trillion dollar entitlement deficits and hundreds of billions in unnecessary military spending. We better immediately get on raising corporate income taxes on every business - which is what this article is ideologically timed to argue in favor of.
And then a lot more of our major corporations will flee the US, as they were beginning to prior to bringing the corporate income tax down to a sane level that is competitive. They'll take jobs and R&D with them, while making the rest of the world even more competitive; see: Medtronic (and Pfizer nearly joined them). So then you'll have to strap another layer of authoritarianism onto the increasingly unfree US and say that companies are no longer allowed to leave (de facto building walls to keep resources from fleeing bad policy and decades of wildly irrational spending).
The only place the US is going to find a lot more income tax, is from the middle class tax bracket and those above it. And that still won't come close to dealing with the deficits. Those brackets are where every other welfare state on the planet finds their income tax revenue, the US is one of the few exceptions that doesn't drown its middle class in taxes, and if we're going to do that we better give those people healthcare in exchange among other things (like nice infrastructure, high-speed rail, and so on). But we won't do that, we'll drown everyone in taxes and give them nothing further in return, we'll just keep running our worst-in-the-world welfare state instead, as we have been.
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Oh man, they would have paid $8.5 billion in corporate income taxes.
That'll for sure plug the trillions extra we spent in the past 12 months, the $2 trillion laughble infrastructure plan that does nothing, our forever trillion dollar entitlement deficits and hundreds of billions in unnecessary military spending. We better immediately get on raising corporate income taxes on every business - which is what this article is ideologically timed to argue in favor of.
And then a lot more of our major corporations will flee the US, as they were beginning to prior to bringing the corporate income tax down to a sane level that is competitive. They'll take jobs and R&D with them, while making the rest of the world even more competitive; see: Medtronic (and Pfizer nearly joined them). So then you'll have to strap another layer of authoritarianism onto the increasingly unfree US and say that companies are no longer allowed to leave (de facto building walls to keep resources from fleeing bad policy and decades of wildly irrational spending).
The only place the US is going to find a lot more income tax, is from the middle class tax bracket and those above it. And that still won't come close to dealing with the deficits. Those brackets are where every other welfare state on the planet finds their income tax revenue, the US is one of the few exceptions that doesn't drown its middle class in taxes, and if we're going to do that we better give those people healthcare in exchange among other things (like nice infrastructure, high-speed rail, and so on). But we won't do that, we'll drown everyone in taxes and give them nothing further in return, we'll just keep running our worst-in-the-world welfare state instead, as we have been.