As part of his response to Sen. McCain’s economy week, Matt discusses corporate taxes. In laying out what he’d like to see, he says:
I believe the standard center-left technocratic proposal is to eliminate the corporate income tax entirely and replace the lost revenue with a hike in the top individual income tax bracket — that should ensure that the benefits of a corporate tax cut are captured by the middle class.
Now, this may be yet another case where I’m more to the left than I ever realized, or it may be my limited understanding of the law, but aren’t corporations entitled to similar legal rights and protections as individuals?
If that’s true, and individuals are required to pay income taxes to the government that guarantees those rights and provides those protections, shouldn’t corporations pay taxes to the same government for the same reason?
It seems to me that a corporate tax structure be implemented in a progressive fashion, like we propose for individuals, allowing low income (small and midsize business, start up companies, etc) companies to be exempted from taxes, or pay a lower rate, while huge companies (like ExxonMobile) pay a fair rate.