So Romney is getting into trouble for at one point in time observing the verifiable fact that 47% of Americans don’t pay personal income taxes. (Or, to state it more accurately, 47% of Americans did not have any income tax liability.)  Perhaps now would be a good time to observe that 47+% of Americans . . . → Read More: 47%

The Wrong Debate

This time focused on the corporate tax:

Corporate tax reform is not usually a major issue in a presidential campaign, but it may be this year. President Obama has introduced a bold framework for a business tax overhaul.

His framework is already under attack from both the left and the right, indicating that the . . . → Read More: The Wrong Debate

Eliminate the Complexity

That’s my recommendation for the corporate tax:

Those advocating a cut in the corporate tax rate today generally ignore the tax on dividends, as well as many other provisions of United States and foreign tax law that may reduce the effective tax rate well below the statutory rate.

A recent study found that only . . . → Read More: Eliminate the Complexity

The Cost and Benefits of Tax Complexity

I wrote a while ago about how GE had managed to avoid paying corporate taxes, and now there’s a story relating the complexity of GE’s corporate tax return:

General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn’t pay taxes on $14 billion . . . → Read More: The Cost and Benefits of Tax Complexity

Only People Pay Taxes: Redux

Walter E. Williams, on corporate taxation:

The largest burden of corporate taxes is borne by workers.We discover that by asking a simple question, such as: Which workers on a road construction project earn the higher pay, those employed moving dirt with shovels and wheelbarrows or those doing the same atop giant earth movers? You’d . . . → Read More: Only People Pay Taxes: Redux

Corporate Taxes Revisited

Barry Ritholtz weighs in:

Corporate Taxes as a Percentage of Federal Revenue 1955 . . . 27.3% 2010 . . . 8.9%

Corporate Taxes as a Percentage of GDP 1955 . . . 4.3% 2010 . . . 1.3%

Individual Income/Payrolls as a Percentage of Federal Revenue 1955 . . . 58.0% 2010 . . . . → Read More: Corporate Taxes Revisited

Taxing Nonsense

From Jonah Goldberg:

Oh, and since only Republican talking points are subject to strict scrutiny from the “objective” press, let me quickly rebut Nancy Pelosi & Co.’s nonsense about “big oil.” Oil companies get the same business tax breaks as every other company. These are mostly what Democrats mean when they talk about giveaways . . . → Read More: Taxing Nonsense

A Modest Proposal

This will make more sense once my next IMF post is published, but I propose eliminating the corporate taxes. I say this because as I was completing my tax return, I took a look at the handy revenue chart the IRS placed in the instruction booklet. I saw two things that really intrigued me. . . . → Read More: A Modest Proposal

Interesting Readings for June 3, 2010

C. Raja Mohan in The American Interest on India’s strategic directions.

A Reuters report on how Pakistanis are responding to the global backlash against Pakistan.

Writing in the Wall Street Journal, Matt Ridley has some great insights into economic development.

M. K. Venu on corruption in Indian telecom.

Sanjeev Sanyal in the Business Standard . . . → Read More: Interesting Readings for June 3, 2010