Monday, October 21

Tackling Corruption and the Tax Code

 As I was reading an article on Breitbart by Wynton Hall regarding the 60 Minutes report detailing the widespread corruption in Political Action Committees (PAC) I started to think about how we can combat against these ongoing abuses.  The first common abuse which came to my mind after reading the article was crony capitalism and corporate lobbying.  This  is a topic I have put a good deal of though into over the past few months and I have come to the conclusion corporate abuses are due largely to are gargantuan tax code.  In order to ameliorate these problems I suggest that we eliminate taxes on corporations.  Lobbying centers largely around the tax code in order for corporations, usually large corporations, to get special tax breaks and incentives.   These changes in the tax code are almost always far more favorable to big business leaving smaller corporations with higher compliance costs as a percentage of the expenses.

Eliminating the corporate tax would be a great equalizer leveling the playing field for small businesses to compete against the big boys.  Along with eliminating the corporate tax we would then tax dividends at the rate of regular income.  Some conservatives may scoff at this, but this would a great selling point to liberals because it would make our tax system much more progressive and no longer allows people like Mitt Romney or Warren Buffet to pay a lower tax rate than their secretaries.  

The elimination of corporate taxes could be a great vehicle for the Republican party in future elections, because it could be sold as bipartisan compromise.  This would allow the Republicans to run as both pro-business and pro-"little guy."  The savings companies would receive from paying no taxes would then be used either to pay shareholders and employees more or it could be used for more investment which would grow economy at a pace we have not seen in decades.  I believe that this reform would be both pro-growth and fiscally responsible, because it would stimulate our economy and even though the federal government would lose around $400 billion in revenues it would surely make it up from the increase in individual income tax receipts. 

As for stopping abuses of power on Capitol Hill, I believe the more we shame them in the media and on socials sites (we have to hope the media starts holding politicians accountable) the faster they will change.  These abuses simply cannot continue, if these same actions had been taken in the private sector these politicians would have been prosecuted for among other things embezzlement and fraud.  Violations like these cannot be allowed to continue, so please when you have the time please contact your congressman to let them know that behavior like this will no longer be tolerated! 

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