In 2010 Corporate Income of 545 Billion dollars was reported as taxable income because in 2010 the amount of taxes paid by Corporations amounted to 191 Billion dollars.
I derived that by Mitt Romneys speech yesterday about the economy and how he would fix it.
he said that Corporate taxes were currently at 35%
and that the first thing he would do would be to lower corporate taxes to 20%
this would lower the amount of taxes that corporations will pay to apx 1/2 of what they paid in 2010.
they would only have paid in 81 Billion in 2010 if the corporate taxes were at Romneys proposed level in 2010.
thats quite a difference in Federal Income yet Romney says that he will create 11 million new jobs by doing this!!
this means that each of the 11 million jobs that he creates will be required to pay in $7272.00 of non refundable taxes for each new job he creates in order to fix the reduced amount of Federal Income that he would be removing by lowering the corporate taxes to 20%.
Lets be real about this and forget about the fantasy republican world of deciept and unfairness for a moment.
who will that added debt transfer to in reality?
my guess is the middle class, its really all there is left to pay the extra 81 billion in taxes and they are already paying in 899 billion in taxes each year.
so is it fair to make the only businesses (the middle class )in the U.S. that are actually creating jobs for U.S. workers to pay an extra 81 Billion to make up for a corporate tax cut?
Knowing that all the past corporate tax cuts have not created a single job in the U.S. if you count all the corporate job losses in the U.S. I think it would be a much better idea to give the middle class a 15% tax cut and let the corporations have there outside the U.S. businesses that hire outside the U.S. workers that dont have to pay U.S. taxes.
that way those who have been faithfull to the U.S. workers will have a little more to work with (more to actually make more U.S. jobs with).
by giving the middle class (the U.S. job makers) a 15% tax cut you would in effect be doing something that has a proven track record in job making.
by giving corporations a 15% tax cut you are in effect building more factories in china and giving the chinese military even more weapons.
if it was up to me , I would give the middle class a 15% tax cut and remove the bush tax cuts that were supposed to already have expired.
this way those who have been faithfull to the U.S. workers would get a little more help helping the U.S. workers that corporations left behind.
trade sanctions against china , yea right.
like that would work.
and once again he is only interested in the profit the rich are loosing because of their dumb trade practices with a communist nation.
tariffs would work and work well.
but I would like to point out that Mitt Romney showed he has a set by accussing the chinese of cheating.
cheaters
