Trump and the Crimson Congress continued to plunder the United States last year by lowering the federal Corporate tax to 21% recently in 2018. Much of this was paid for by increasing taxes on the middle class and by leaving projects unfunded. As a result, many struggling working people have already been hit with these larger tax bills.
To help provide some background on all this, it is important to understand that between 1909 and 2019 the US Federal Corporate tax rate averaged 32.58%. It then reached it’s peak of 52.8% in 1968.
Now, though, large corporations are making record profits but some of them are paying ZERO taxes (even on billions in profits) due to decades of loopholes created through financial bribery in the United States, I think it is time to charge these corporations an “Investing in America Corporate Surcharge Tax”.
What we call “money in politics” in the United States is simply called “bribery” in most other places. We’ve allowed this to go on for far too many decades
These corporations use our infrastructure to profit. Whether it be our public schools or universities to educate their workers, or our public roads, highways, ports, and airports to transport goods or deliver services.
They also use our legal system, police, and fire fighting systems, etc… Now more than ever companies are relying on the Internet. Businesses can be created with very low overhead because they can connect into an entire Internet system that already exists.
To get from our current corrupted corporate tax system back in line to what we have successfully done in the past, right here in this country, I believe we need an additional 10% to 15% “Investing In America” federal surcharge tax on corporations. An Investing in America corporate surcharge tax should be earmarked to provide much needed funds to help repair our infrastructure both physical and technological. This tax would be a great offset to help pay for a much needed program like The Green New Deal.
Peter Temin, Professor Emeritus of Economics at MIT, has already determined MOST of people in The United States are already living in a third world country. It is called our very own country: The United States’ current economy. So this begs the question, when does this trend becomes a problem for our society? Does 60%, 75%, 90%, 95%, or 99% of the people in America have to be living in 3rd world economy before we can even recognize that as a problem? Hopefully, we are smart enough to recognize the problem now and start to immediately take proactive corrective steps.
It is important to understand what I am suggesting will apply ONLY to corporations. It will not raises taxes on individual workers. Most working people in America are already paying their “fair share” (and often times even more than their “fair share”) of taxes. It is time for American corporations to also pay their “fair share” of taxes.
Chris Madsen is a writer and an activist based in Hawaii. His opinions are his own.