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The Simple Fix For Corporate Income Tax: Tax Stock Returns
Baker, Dean http://www.counterpunch.org/2020/08/19/the-simple-fix-for-corporate-income-tax-tax-stock-returns/
Publisher: CounterPunch
Date Written: 19/08/2020
Year Published: 2020
Resource Type: Article
It is time for a major and simple overhaul of the corporate income tax system. The main problem with the current system is that it is focused on the wrong target. Instead of taxing corporate profits, we should be taxing stock returns.
Abstract:
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It makes little sense to have a high tax rate that is easily avoided or evaded. This simply encourages companies to spend large amounts of money gaming the system. This gaming is a complete waste from an economic perspective. We have many highly skilled people spending their time finding ways to play tax tricks rather than doing something that is economically productive. This is why almost all economists would prefer to have a lower tax rate that is actually collected.
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