alt Hacker NewsThe top companies (and the wealthiest for that matter) already pay the majority in taxes. This doesn't include the jobs created to support everything (and the taxes paid from these jobs).
We should be allowing businesses to write off research and development. This promotes forward-thinking and almost always adds new jobs during the investment phase and after.
More tax money just gets wasted at the top. California is a good example of this. They pay more in taxes than any other state and have almost nothing to show for it but a failing education system, crumbling infrastructure, and high crime.
The main issue is that those companies should be require to hire US citizens and not outsourcing, for these jobs.
The tariffs Trump had in place were a good start.
Replies
>We should be allowing businesses to write off research and development.
The US tax code does allow business to write off R & D.
> The top companies (and the wealthiest for that matter) already pay the majority in taxes.
First, not true.
Second, even if true it wouldn’t be surprising, if you have most of the wealth you pay most of the tax money. It’s surprising that that’s not even the case.
Third, it explains California. Of course the state with the highest GDP has also the highest tax income
> The top companies (and the wealthiest for that matter) already pay the majority in taxes.
When you hoard far more than just a slim majority, paying a majority isn’t unexpected and it can still be unfair. But I think you are talking about federal personal income tax not corporate tax.
> We should be allowing businesses to write off research and development.
They already do in various ways.
> More tax money just gets wasted at the top. California is a good example of this.
I agree California is wasteful. But we can tax and just give the money directly to people.
> The main issue is that those companies should be require to hire US citizens and not outsourcing, for these jobs.
Not even close to the main issue. Why not just redistribute the gains instead of playing games with these other schemes?
That's incorrect information, roughly half of US tax revenue is from income taxes, roughly a third is payroll taxes (not sure whether to attribute that to employees or corporations paying), and then corporate taxes and excise taxes are only about a tenth of US tax.