I found Joachim Klement’s analysis of the pragmatic effects of the Trump era Tax Cuts and Jobs Act of 2017 on business tax rates distressing, to say the least. The short version is that the effects were to increase taxes on many more companies, mostly small companies, than it decreased them for:
In the end, companies that are barely profitable and often have years when they make a loss were the big losers of the tax reform. Large corporations did just fine while small business owners got to pick up the bill.
I have made no secret of my opinion of corporate income taxes: I think they should be abolished. Increase the personal income tax to make up the difference in revenue if you will. Better yet abolish the income tax entirely in favor of a prebated value-added tax, prebated at different rates based on income to assure progressivity. Corporate income taxes are too inefficient and, as Mr. Klement’s analysis supports, can be used as a weapon by big companies against their smaller competitors.
Agree on abolishing corporate taxes but its not just the inefficencey it’s also the outright corruption. The big corporations make sure the politicians are well rewarded for writing tax laws they favor.
Steve