Friday, December 9, 2011
Walter E. Williams: Do Corporations Pay Taxes?
Professor Williams says no. Corporations are but tax collectors. The idea of lowering corporate taxes would make the occupiers howl with rage. But as Professor Williams says: people pay taxes. That is, you and I do in the form of higher prices and lower returns in our 401ks.
Even if we could agree on the level of collection/revenue necessary to keep basic government services going, it would be far more efficient to collected taxes through other means. For example,a consumption (sales) taxes is far easily to collect, but I wold only support that if the 16th amendment was repealed. A dual national income tax and sales tax would put the US firmly on the road to Europe (if it isn't already).
Note: United States corporations pay the 2nd highest tax rates in the world. No wonder CEOs are moving their companies overseas and sheltering their dollars offshore.