@ISIDEWITHQuestionseconomy11yrs ago

Should the government raise or lower the tax rate for corporations?

Should Israel raise or lower the tax rate for corporations?

The U.S. currently levies a 21% tax rate at the federal level and an average tax of 4% at the state and local level. The average corporate tax rate worldwide is 22.6%. Opponents of argue that raising the rate will discourage foreign investment and hurt the economy. Proponents argue that the profits corporations generate should be taxed just like citizen’s taxes.

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Answer Overview

Response rates from 633 Labor Party voters.

49%
Raise
25%
Lower
39%
Raise
19%
Lower
11%
Keep current rates but eliminate deductions and loop holes
5%
Lower, but eliminate deductions and loop holes
1%
Remove taxes on corporations and tax shareholder dividends instead

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Trend of support over time for each answer from 633 Labor Party voters.

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Other Popular Answers

Unique answers from Labor Party voters whose views went beyond the provided options.

 @9G7844Sanswered…1yr1Y

Lower or Raise tax for corporations to be at a rate in which further growth occurs to corporations, but some of the profits still go to government and as a result, to citizens.

 @8QV64H3answered…4yrs4Y

Reform tax system. Introduce flexible tax structure to encourage corporations to adhere to fair hiring practices in terms of difference between biggest and lowest salaries, workforce diversity, balance between dividends and reinvestment etc. Shareholder dividends should be taxed separately.

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 @ISIDEWITH submitted…7mos7MO

IRS Targets Wealthy and Major Corporations for Increased Audits, Aims to Correct Racial Disparities

The Internal Revenue Service (IRS) has announced a significant shift in its audit strategy, focusing on increasing audits for wealthy individuals and major corporations while simultaneously addressing racial disparities in its audit practices. This move comes as the IRS plans to expand its workforce and leverage new resources to crack down on tax evasion and ensure a more equitable tax compliance environment.According to the IRS, audits will intensify for Americans earning $400,000 or more and for businesses with substantial assets, aiming to ensure that high earners and large corporations pay their fair share of taxes. This initiative is part of a broader effort to enhance tax compliance and revenue collection, with the IRS indicating that audit rates for individuals earning over $10 million will increase from 11% to 16.5% by 2026. Similarly, audit rates for businesses with assets over $250 million will triple, and partnerships with assets over $10 million will see a tenfold increase in audits.In addition to targeting high-income earners and corporations, the IRS is taking steps to address the longstanding issue of racial disparities in its audit practices. Recent data revealed that Black taxpayers were audited at rates up to 4.7 times higher than non-Black taxpayers, a disparity attributed to the agency's data-driven algorithms. In response, IRS Commissioner Daniel Werfel announced an overhaul of compliance practices to ensure a more equitable approach to tax audits.The IRS's commitment to reducing the disproportionate audit rates for Black taxpayers represents a significant step towards fairness in tax administration. By revising its algorithms and compliance strategies, the agency aims to eliminate biases that have historically affected audit selection processes.As the IRS embarks on this dual mission of increasing audits for the wealthy and corporations while correcting racial disparities, it signals a transformative period in tax enforcement. These measures are expected to not only enhance revenue collection but also restore public trust in the tax system by promoting fairness and equity.

 @ISIDEWITH submitted…6mos6MO

Russia Raises Income Tax on Rich to Pay for Ukraine War

Russia launched plans to sharply raise taxes on high earners and companies to fill state coffers and fund what it sees as a long war in Ukraine.A government commission on Wednesday approved a Finance Ministry plan to introduce a new progressive income tax as well as raise corporate tax rates. The proposed amendments, which would come into force from next year, are expected to bring an additional 2.6 trillion rubles, or around $29 billion.The amendments, which represent the biggest overhaul of the Russian tax system in years, are a sign of President Vladimir Putin’s bet on a protracted and costly war and his continuing efforts to align both society and the economy with the military effort.Russia currently has a flat tax of 13% for most people, with some higher earners paying a 15% rate, a significantly lower tax burden than in the U.S. or Europe. According to the proposed changes, new rates would range from the current 13% for those earning up to the equivalent of $27,000 a year to as high as 22% for those exceeding $560,000. Per capita household income is around $7,100, according to data provider CEIC.Russia’s military expenditures are already running at over 6% of gross domestic product, approaching levels reached by the Soviet Union at the height of the Cold War in the 1980s. Earlier this month, Putin appointed a macroeconomist, Andrei Belousov, as minister of defense, highlighting the extent to which the war has become central to Russia’s economic paradigm.

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 @ISIDEWITH submitted…3 days3D

Texas Offers Trump 1,400 Acres for His Mass Deportation Dream

Officials in Texas have offered President-elect Trump a 1,400-acre ranch for his mass deportation plan.Dawn Buckingham, land commissioner of the Texas General Land Office, said in a letter to Trump Tuesday that her office was “fully prepared” to work with federal agencies that are going to be involved in Trump’s immigration plan, and specifically deportation.Buckingham offered Trump a 1,402-acre lot in Starr County. The lot is owned by the Texas General Land Office and is roughly 35 miles west of McAllen, Texas.She said the agency is ready to work with the Department of Homeland Security and Immigration and Customs Enforcement (ICE) or the U.S. Border Patrol to build a facility on the land for “the processing, detention, and coordination of the largest deportation of violent criminals in the nation’s history.”“I am committed to using every available means at my disposal to gain complete operational security of our border,” Buckingham wrote.The letter and offering of land were first reported by The Texas Tribune. Last month, the state bought the land along the U.S.-Mexico border and has plans to build a wall.In the letter, Buckingham criticized her predecessor for not allowing a border wall to be built on the property. Those actions “enabled cartel members and violent criminals to sexually abuse migrant women and children on this land,” she said.On Monday, Trump signaled he would declare an immigration national emergency and use military assets to support his mass deportation plan when he returns to office.

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 @ISIDEWITH submitted…2 days2D

Trump Blindsided by Assault Allegation Against Pete Hegseth

Members of President-elect Donald Trump’s transition team were blindsided by the latest details to emerge about a 2017 sexual-assault allegation against Pete Hegseth, increasing their frustration with the man nominated to lead the Pentagon, according to people familiar with the matter.The transition team, which hadn’t been told about the original allegation before announcing Hegseth, was surprised again late Wednesday night when the Monterey, Calif., city police released a report about the 2017 allegations. The heavily redacted report details a boozy night at a hotel in California, a poolside argument and two conflicting versions of what ultimately took place inside Hegseth’s hotel room.The Monterey police said a redacted version of the report had been released to Hegseth on March 30, 2021. The transition team wasn’t told that a copy of the police report had been released to Hegseth previously, the people familiar with the discussions said.“This is another instance of people being blindsided, so I think there’s rising frustration there,” said a person familiar with the transition. While the president-elect is still behind Hegseth for now, “if this continues to be a drumbeat and the press coverage continues to be bad, particularly on TV, then I think there is a real chance that he loses Trump’s confidence.”Hegseth told reporters on Capitol Hill on Thursday after meetings with senators that “the matter was fully investigated and I was completely cleared.” Through his lawyer, he has acknowledged the sexual encounter but said it was consensual, while the woman who made the allegation hasn’t spoken publicly.The details about the incident contained in the report, which was released to media the evening before Hegseth was set to meet Thursday with a number of senators, are likely to draw renewed scrutiny to the allegations at a pivotal moment for his nomination. Hegseth was already bracing for a bruising confirmation hearing next year amid questions about the alleged sexual misconduct and his qualifications for the job.

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 @ISIDEWITH submitted…2 days2D

Starmer Throws Netanyahu Under the ICC Bus: UK Backs Arrest Warrant for Israeli PM

Sir Keir Starmer has backed the International Criminal Court (ICC) after it issued an arrest warrant for Benjamin Netanyahu, the Israeli prime minister.When asked about the issue, Sir Keir’s official spokesman said the Government respected the independence of the court.He declined to say whether Mr Netanyahu would be arrested if he arrived in the UK.The spokesman said: “We respect the independence of the ICC, which is the primary institutional institution for investigating and prosecuting the most serious crimes in relation to international law.“This Government has been clear that Israel has a right to defend itself in accordance with international law. There is no moral equivalence between Israel, a democracy and Hamas and Lebanese Hezbollah, which are terror groups.“We remain focused on pushing for an immediate ceasefire to bring an end to the devastating violence in Gaza.”Under the Conservatives, the British government had told the court it intended to challenge the plans for the arrest warrants.However, weeks after coming to power, Sir Keir’s government reversed that position and said it would not object.Downing Street also declined to say whether Mr Netanyahu would be welcome to visit Britain in the future.Sir Keir’s spokesman said: “We never comment on future international visits but my position on the Prime Minister’s support for Israel in terms of its right to defend itself in accordance with international law is very clear.”The spokesman repeatedly declined to “go into hypotheticals” about whether Mr Netanyahu would be arrested if he arrived in the UK.He added: “It’s not up to the Prime Minister to determine other world leaders’ travel schedules. He engages and will continue to engage with the prime minister of Israel in support of Israel’s right to defend itself.”Pressed on what he meant by his comments about the court, the spokesman said: “It means that we respect the independence of the ICC. We respect the fact that the ICC is the primary international institution for investigating and prosecuting the most serious crimes of international concern.”The spokesman went on to say the Government’s “focus” remained an end to the violence in the Middle East, which has been ongoing for more than a year after the Oct 7 terror attacks by Hamas.

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 @ISIDEWITH submitted…2 days2D

Donald Trump nominates Pam Bondi as the next Attorney General

Former President and 2024 Republican presidential candidate Donald Trump has announced his intention to nominate former Florida Attorney General Pam Bondi as the next Attorney General of the United States, should he reclaim the presidency in the upcoming election.Bondi, a prominent figure in Republican politics, served as Florida's Attorney General from 2011 to 2019. She gained national attention for her legal battles on issues such as health care reform, consumer protection, and opioid abuse litigation. Known for her steadfast support of Trump during his presidency, Bondi also served as a key adviser during his first impeachment trial, where she defended his administration against accusations of abuse of power.In a statement released by his campaign, Trump praised Bondi’s “unwavering commitment to justice” and her “track record of standing up for everyday Americans against the abuses of Washington’s elites.”“Pam Bondi has been a fearless advocate for the people, and she embodies the principles of fairness, accountability, and the rule of law that are sorely needed to restore trust in our justice system,” Trump said. “She is the right person to lead the Department of Justice into a new era of integrity and excellence.”While Bondi’s nomination has been met with applause from conservative circles, it has also reignited criticism from Democrats and ethics watchdogs. Her acceptance of a $25,000 donation from the Trump Foundation in 2013, which coincided with her decision not to pursue an investigation into Trump University, has drawn scrutiny in the past and resurfaced following the announcement.Democratic leaders have already voiced opposition, questioning Bondi’s ability to lead the Department of Justice independently. Senator Amy Klobuchar (D-MN) called the nomination “a political power play” and urged a focus on “restoring integrity, not entrenching partisanship.”

▲  2316 replies