@ISIDEWITHQuestionseconomy11yrs ago

Should the government raise or lower the tax rate for corporations?

Should Korea raise or lower the tax rate for corporations?

The U.S. currently levies a 21% 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.

Answer Overview

Response rates from 2.3k South Korea voters.

53%
Raise
31%
Lower
43%
Raise
25%
Lower
10%
Keep current rates but eliminate deductions and loop holes
4%
Lower, but eliminate deductions and loop holes
2%
Remove taxes on corporations and tax shareholder dividends instead

Historical Support

Trend of support over time for each answer from 2.3k South Korea voters.

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Trend of how important this issue is for 2.3k South Korea voters.

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 @ISIDEWITH submitted…10mos10MO

IRS Targets Wealthy and Major Corporations for Increased Audits, Aims to Correct Racial Disparities

The Internal Revenue Service (IRS) has announced a significant shift in its audit strategy, focusing on increasing audits for wealthy individuals and major corporations while simultaneously addressing racial disparities in its audit practices. This move comes as the IRS plans to expand its workforce and leverage new resources to crack down on tax evasion and ensure a more equitable tax compliance environment.According to the IRS, audits will intensify for Americans earning $400,000 or more and for businesses with substantial assets, aiming to ensure that high earners and large corporations pay their fair share of taxes. This initiative is part of a broader effort to enhance tax compliance and revenue collection, with the IRS indicating that audit rates for individuals earning over $10 million will increase from 11% to 16.5% by 2026. Similarly, audit rates for businesses with assets over $250 million will triple, and partnerships with assets over $10 million will see a tenfold increase in audits.In addition to targeting high-income earners and corporations, the IRS is taking steps to address the longstanding issue of racial disparities in its audit practices. Recent data revealed that Black taxpayers were audited at rates up to 4.7 times higher than non-Black taxpayers, a disparity attributed to the agency's data-driven algorithms. In response, IRS Commissioner Daniel Werfel announced an overhaul of compliance practices to ensure a more equitable approach to tax audits.The IRS's commitment to reducing the disproportionate audit rates for Black taxpayers represents a significant step towards fairness in tax administration. By revising its algorithms and compliance strategies, the agency aims to eliminate biases that have historically affected audit selection processes.As the IRS embarks on this dual mission of increasing audits for the wealthy and corporations while correcting racial disparities, it signals a transformative period in tax enforcement. These measures are expected to not only enhance revenue collection but also restore public trust in the tax system by promoting fairness and equity.

 @ISIDEWITH submitted…9mos9MO

Russia Raises Income Tax on Rich to Pay for Ukraine War

Russia launched plans to sharply raise taxes on high earners and companies to fill state coffers and fund what it sees as a long war in Ukraine.A government commission on Wednesday approved a Finance Ministry plan to introduce a new progressive income tax as well as raise corporate tax rates. The proposed amendments, which would come into force from next year, are expected to bring an additional 2.6 trillion rubles, or around $29 billion.The amendments, which represent the biggest overhaul of the Russian tax system in years, are a sign of President Vladimir Putin’s bet on a protracted and costly war and his continuing efforts to align both society and the economy with the military effort.Russia currently has a flat tax of 13% for most people, with some higher earners paying a 15% rate, a significantly lower tax burden than in the U.S. or Europe. According to the proposed changes, new rates would range from the current 13% for those earning up to the equivalent of $27,000 a year to as high as 22% for those exceeding $560,000. Per capita household income is around $7,100, according to data provider CEIC.Russia’s military expenditures are already running at over 6% of gross domestic product, approaching levels reached by the Soviet Union at the height of the Cold War in the 1980s. Earlier this month, Putin appointed a macroeconomist, Andrei Belousov, as minister of defense, highlighting the extent to which the war has become central to Russia’s economic paradigm.

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 @ISIDEWITH submitted…4mos4MO

House Democrats Filibuster Flip-Flop: Keep It When the GOP’s in Charge, Kill It When We Are

Filibuster for me, but not for thee. Rep. Pramila Jayapal (D-Wash.), an outspoken critic of the Senate filibuster, indicated Monday that she will not support axing the procedural hurdle as long as Republicans control the White House and both houses of Congress. “Am I championing getting rid of the filibuster now when the Senate has the trifecta? No,” the chairwoman of the Congressional Progressive Caucus said at a press conference on Capitol Hill. “But had we had the trifecta, I would have been, because we have to show that government can deliver,” Jayapal added. The Senate filibuster rule, which requires a 60-vote threshold to end debate and pass most types of legislation in the upper chamber, is seen as the best chance Democrats have at blocking the adoption of President-elect Donald Trump agenda – with Republicans taking a 53-47 seat advantage in the Senate and expected to retain a slim majority in the House. Jayapal, as recently as September, was pushing to “abolish” what she called the “Jim Crow filibuster.” “The filibuster was originally created *by mistake* in 1806,” she wrote on X. “Every day we don’t abolish it is just as big a mistake.”The Washington Democrat dislikes that the procedural tool makes it difficult for progressives to ram their agenda through Congress. “It’s the filibuster OR an assault weapons ban. It’s the filibuster OR codified abortion access. It’s the filibuster OR raising the minimum wage. It’s the filibuster OR protecting voting rights. The choice is clear. Abolish the Jim Crow filibuster,” Jayapal tweeted. The progressive rep argued Monday that passing a liberal agenda would’ve “built some trust with the American people.”“If we had had control of the trifecta and gotten rid of the filibuster to pass minimum wage, to pass paid sick leave, to pass many of these things that are passing – abortion access – that are passing on ballot measures that are so popular … then I think we would have built some trust with the American people,” Jayapal argued.

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