Corporate taxes in the U.S., contrary to the constant protestations of conservatives, are at a 40 year low, with many of the most profitable companies paying nothing at all. CTJ noted that “had these 30 companies paid the full 35 percent corporate tax rate over the 2008-11 period, they would have paid $78.3 billion more in federal income taxes.”
This is why this argument is so stupid. The only companies that get away with paying far less in corporate income tax are the majors that are politically connected and have the means to hire the army of lawyers and tax accountants to make it possible. Nonetheless, even if these companies were to be taxed at the FULL 35 PERCENT it would only generate an extra 26.1 billion dollars per year in revenue. We are currently adding around 4 billion dollars in new debt PER DAY! Yes, that is per day. So that means that if the Left got their way and were permitted to tax companies at the fullest extent, it would cover a mere 6.5 days of government spending.
It's the same thing with the Buffett Rule. It would generate 40 some billion dollars in revenue over a DECADE! Yes, one day of debt per year, lol.
These ideas coming out of the Left are so dumb, ineffective, and not even worth the time of day that anyone supporting this should be tattooed with the word dunce on their forehead.
We need real solutions not rhetoric that panders to the moreons in this nation that can't see the writing on the wall. You won't address the budget issues or the debt without tackling entitlements which are our biggest cost drivers today and are expected to be even bigger moving forward. Democrats do not want to touch these and would rather keep their head buried up their as s and send this nation into bankruptcy.