Should the U.S. raise or lower the tax rate for corporations?
The U.S. currently levies a 35% tax rate at the federal level and an average tax of 4% at the state and local level. The average corporate tax rate worldwide is 22.6%. Opponents of argue that raising the rate will discourage foreign investment and hurt the economy. Proponents argue that the profits corporations generate should be taxed just like citizen’s taxes.
55% Raise |
27% Lower |
46% Raise |
21% Lower |
9% Keep current rates but eliminate deductions and loop holes |
5% Lower, but eliminate deductions and loop holes |
1% Remove taxes on corporations and tax shareholder dividends instead |
See how support for each position on “Corporate Tax” has changed over time for 705k America voters.
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See how importance of “Corporate Tax” has changed over time for 705k America voters.
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Unique answers from America users whose views extended beyond the provided choices.
@8LYMN8Z3yrs3Y
Lower for small businesses, raise for big businesses, eliminate deductions, and loop holes
@95DR5292yrs2Y
Lower for both large multinational corporations and small businesses.
@8HJRBDY4yrs4Y
Lower as long as the money the company gets in tax backs gets used in the economy to create more jobs
@8HJQJ384yrs4Y
There should be an increase depending on the corporations current economic health.
@9B8JWDG1yr1Y
Raise and if they try to leave make them stay by force
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@ISIDEWITH2wks2W
While finalizing the upcoming fiscal year’s state budget back in May 2022, California governor Gavin Newsom boasted of an extraordinary projected surplus: $97 billion. The governor immediately collaborated with an enthusiastic state legislature to spend it all. Of course, new spending on new programs and benefits tends to become permanent.This has happened repeatedly in California. Between fiscal year 2012–13 and fiscal year 2022–23 (the year with the projected $97 billion surplus), per capita general-fund spending doubled, from just over $3,000 per resident to just under $6,000. (All figures are in 2022 inflation-adjusted dollars.)Where did the money go?The state prison system, for example, increased spending by $3.4 billion (29 percent) over the last ten years. But during the same period, the state-prison population dropped, from 168,000 in 2009 to 96,000 in 2022. California’s state prison system in 2022 spent an estimated $159,000 per prisoner.The spending binge wasn’t limited to prisons. The Department of Developmental Services, for example, more than doubled in that span (up 117 percent), while the Departments of Social Services (up 89 percent) and Health Care Services (87 percent) saw similarly large upticks.The state’s education spending was particularly profligate in that ten-year span. Per enrolled student, state community-college spending went from $2,181 to $4,286, California State University spending went from $6,226 to $10,796, and UC System spending went from $13,253 to $18,305. In K–12 public schools, per pupil spending exploded from $8,751 to $13,377.California taxpayers might ask: “What did we get?” Taxpayers in that ten-year span saw state spending double. Did the state see greater educational attainment? More housing and fewer homeless? Less crime? Anything?Rather than go down that rabbit hole, consider what’s happened since Newsom and his acolytes envisioned such a bright financial future. As columnist and long-time Sacramento observer Dan Walters wrote last October, “within weeks of the budget’s adoption in June 2022, revenues started to fall below Newsom’s rosy assumptions and he was vetoing spending bills that the Legislature had passed in reaction.” Indeed, the governor “presented a 2023–24 budget that dealt with a projected $31.5 billion deficit. Since its passage in June, revenues have continued to fall below estimates.”Revenues have indeed fallen. To cover its expenses, California relies heavily on personal income taxes. Since the technology sector, which dominates the state’s economy and provides much of the state’s income-tax receipts, is subject to frequent bubbles and corrections, tax revenue often takes a downturn alongside the tech sector. When tax revenue from all sources—individual income tax, corporate tax, sales tax—goes down, surpluses vanish.The State Office of Legislative Analyst’s latest report projects a $73 billion dollar deficit for the next fiscal year. It won’t be easy to paper over this debt, but the state may use its opaque accounting system to hide the ball.
@RepublicFox7mos7MO
Although the 2017 GOP tax law proved unpopular, the former president is eyeing deeper cuts to the corporate rateStrong interest in further lowering corporate rateGOP's 2017 tax law lowered it from 35% to 21%Democrats see corporate tax cuts as Trump political kryptonite
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