The results may surprise you.
If nothing else, the statistic that “…only about 8 percent of corporate tax expenditure benefits are targeted to specific industries such as renewable energy, insurance, oil and gas, and coal” is worth adding to your mental quiver, just in case you’re having a discussion about corporate tax loopholes at a party or something.
Read the research here.
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It is not mental quiver…at least not for myself.
The tax benefits given to new technologies and industries are to help them along so that they can flourish and develop into profitable wealth creating companies.
When those companies become profitable and stand on their own two fiscal feet; there should be no tax breaks or benefits.
Also if funds are not repatriated, as they have stayed domiciled off shore for decades, then there should be a tax to sell to the largest consumer culture in the world.
Cronk, fine, then lower the corporate tax rate so it is comparable with other developed countries.
Did you see that the largest loophole is the one that allows the break for off shore earnings?
What most interested me was that the loopholes that served special interests were such a small part (8%) of all the breaks.
That was a rather interesting fact;(8%.)
I’m all for lowering the tax rate that is competitive with other countries; IF and only IF we could not persuade those other countries to bring their tax rates up.
However if you investigate structural adjustment policies you’ll find that some of those tax rates were determined as per our, the imf, and world banks request.