117th United States Congress: #CancelGate

[Andalusian girls]

but earnestly, as i've lectured for many thousands of words at this point, corporate tax is one of the most destructive forms of taxation (which is now generally recognized, countries from Sweden to Canada to Taiwan have cut their corporate tax rate in recent years) and i did at least hop for contentment when the rate was slashed. that said taxation as a % of GDP has fallen significantly since 2000, the last time the federal budget was healthy, and is a not inconsiderable part of the recurring, cancerous, deficits. as i may be the last man on earth either capable of reading a fiscal projection chart or caring about what these deficits are going to do to this country in the long term, i favor both reducing spending that yields poor RoI, and raising taxes where they will be least harmful to economic activity.

[Andalusian girls]

tl;dr don't tax businesses tax the people that run those businesses. tax vats, tax inheritance, tax sin. a fundamental issue of our tax system is not that we are taxed too much or too little but that we are taxed so inefficiently.

[Salodin]

Too bad those projections suck

Sent from my SM-G996U using Tapatalk

[Lokus]

no i was jumping because your mother's a whore

I would find this morally objectionable if I didn't already hate my mother.

[Jaybar]

tl;dr don't tax businesses tax the people that run those businesses. tax vats, tax inheritance, tax sin. a fundamental issue of our tax system is not that we are taxed too much or too little but that we are taxed so inefficiently.

How do you tax a corp. when the entities/people that "own" them contractually don't have any liability. If a corp goes bankrupt banks can't go after the owners, so I imagine a tax bill aimed at corp owners would be similar.

I'm all for some overhaul of the corporate system, though.

[Kaslo]

no i was jumping because your mother's a whore

[Tymon]

tl;dr don't tax businesses tax the people that run those businesses. tax vats, tax inheritance, tax sin. a fundamental issue of our tax system is not that we are taxed too much or too little but that we are taxed so inefficiently.

Except tax corporations too and at least 55%+

[Tymon]

The corporate tax rate was 52%ish in 1968-69, where the US government ran one of the highest budget surpluses in history

Bleed them dry and beat down their corpses

[Zealot]

Was that a progressive rate?

[Tymon]

Was that a progressive rate?

No, afaik the corporate tax rate has never been progressive based.

[6souls]

https://twitter.com/jackdwagner/stat...50763232980992

[Yabby]

Kinda looks different to me, not that it matters if it is him or not.

[kuronosan]

It's a photoshop.

[Andalusian girls]

The corporate tax rate was 52%ish in 1968-69, where the US government ran one of the highest budget surpluses in history

Bleed them dry and beat down their corpses

[Anoat]

Was that a progressive rate?

State Farm

[Dimmauk]

https://twitter.com/TheBabylonBee/st...514199043?s=20

[Andalusian girls]

The corporate tax rate was 52%ish in 1968-69, where the US government ran one of the highest budget surpluses in history

Bleed them dry and beat down their corpses

but also beyond Joe Pesci being upset 1968 and 1969 are actually two different years, and in 68 we ran a deficit of 2.7% of GDP, and in 1969 we conversely had a surplus of 0.3% of GDP. the 1969 surplus was not insignificant as it was the first since 1960 and the last until 1998, but it was one of the smallest, not the largest, in U.S. history. to wit those late 90s Clinton surpluses ran +0.8%, +1.3%, +2.3%, and +1.2%.

moreover the corporate tax rate was steady between those years and had been for many years before that. what changed was the 1968 Revenue and Expenditure Control Act where Johnson's Congress leveled a 10% income surcharge on both corporations and individuals, with the bulk of the revenue raised naturally coming from individuals. disentangling the economic impact of the increase on individuals vs the increase on corporations, unfortunately for us, proves more-or-less impossible as history has the very frustrating quality of n=1.

but the issue isn't whether or not money can be raised from taxing corporations. my claim was it is not economically constructive to do so. and at the terrible risk of correlation/causation conflation, quarterly GDP growth went from 8.4% in Q1 1968 to -1.9% in Q1 1969, and by the end of 1969 the country was in recession. today most economists blame the combination of this fiscal tightening with the fed simultaneously raising interest rates.

and for what it's worth the corporate tax rate was progressive from 1936 until 2018.

[archibaldcrane]

https://twitter.com/sahilkapur/statu...909031941?s=19
Manchin should get a small VAT slipped in here just to get the ball rolling

[Zealot]

Is Biden actually going to get infrastructure done? Man we really slept on this guy.

[Andalusian girls]

if he does get it passed and with an actual measure of fiscal responsibility it would be hard to imagine a more successful first six months