Viewpoints: Letters / Opinions
Hillary Clinton Plans a Corporate "Exit Tax"
By Wiley Brooks
December 16, 2015
This is Mrs. Clintons answer to stop American Companies from re-incorporating overseas. For too many politicians the answer is always the same - “we’ll punish those “expletives” for making a profit. An “exit tax” will just be added to the cost of the products we buy and make it more difficult for American companies to compete in the global market.
At 35%, the U.S. has the highest corporate tax rate in the world. When you add a state corporate tax the total is near 40%. This is driving American business and capital offshore. Businesses will do what is legal and possible to deliver on their responsibility - provide their shareholders a return on investment. If they can save on taxes, their marketed products will result in lower prices to consumers, and that should be the driving force on tax policy. In the end, corporations don’t pay taxes – people pay taxes. Tax cost to businesses are always passed on to consumers. Get rid of the damn corporate tax. Make the U.S. the investment capital of the world. Stop penalizing savings, investing and productivity. The idea that taxing a corporation reduces taxes is a cruel hoax. A corporate tax only makes what the working poor buy more expensive, costs them jobs, lowers their living standard, or delays their retirement. Tax consumption rather than profits and corporations won’t flee offshore. There is a bill pending in the Congress to do just that. It’s called the FairTax (H.R. 25/S. 155).
Under the FairTax Plan, money retained in the business and reinvested to create jobs, build factories, or develop new technologies, pays no tax. A study by the Government Accountability Office estimated that the federal tax system imposed efficiency costs on the U.S. economy of two to five percent of GDP. Under the FairTax, within ten years average Americans will be at least 10 percent and probably 15 percent better off than they would be under the current system. That translates to an increase of $3,000 to $4,500 per household, per year. This is the most honest, fair, productive tax system possible. Free market competition will do the rest. Individually, earners on payday will receive their total earnings without payroll deductions. There will be no April 15 deadline to disclose earnings and other private information to government – there will be no IRS. Get onboard the FairTax bandwagon at http://fairtax.com.
Congressman Young is a co-sponsor of H.R. 25. Urge Alaska’s U.S. Senators to actively support S. 155
Received December 11, 2015
- Published December 16, 2015
Fair Tax Act of 2015 - This bill is a tax reform proposal that imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income and corporate income tax, employment and self-employment taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2017, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property, for property or services purchased for business, export, or investment purposes, and for state government functions.
Under the bill, family members who are lawful U.S. residents receive a monthly sales tax rebate (Family Consumption Allowance) based upon criteria related to family size and poverty guidelines.
The states have the responsibility for administering, collecting, and remitting the sales tax to the Treasury.
FairTax S. 155
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