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Understanding Corporate Taxes in the U.S.: History, Perspectives, and Reforms

Corporate taxes in the United States are levied based on a company's income, with higher earnings resulting in higher tax obligations. This article traces the history of corporate taxes, starting from the first federal income tax in 1861 to recent reforms like the Tax Reform Act of 1986. It presents differing viewpoints on tax rates, discussing the flat tax vs. graduated tax debates and key figures like Huntsman, Gingrich, and Cain. The issue remains contentious, as opinions vary on whether corporations should pay more to support the economy.

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Understanding Corporate Taxes in the U.S.: History, Perspectives, and Reforms

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  1. Max Schultz Corporate Taxes

  2. What are Corporate Taxes? In the United States, companies have to pay tax to the government based on their income. Currently, the more money you earn, the more tax you have to pay. However, not everyone feels this should be the case.

  3. How it all began… • 1861 – first federal income tax (expired in ‘71) • 1894 – first corporate income tax enacted, but outlawed soon after creation • 1909 – excise tax on corporations based on income • 1918 – IRS becomes legitimate and enforces taxes laws for government • 1986 – Tax Reform Act of 1986 passed (Internal Revenue Code) • Income tax, Payroll tax, Estate tax, Gift tax, Excise tax

  4. Currently

  5. Opposing Views • Support Low / Flat Tax: • Everyone should pay equal • More money for company means more employees • Support High Tax: • Big corporations make a lot of money, so they should pay more • Give back to government to support economy

  6. Republican View • People shouldn’t have to pay more tax because they made more money • Discourages entrepreneurship • Some believe in a flat tax where all individuals and corporations are taxed at the same rate

  7. Democratic View • If you make more money, you should have to pay more money to support your country

  8. Huntsman • Plans to eliminate “all tax expenditures, all loopholes, all deductions, all subsidies” on a revenue-neutral basis.

  9. Gingrich • Approves of “loopholes” • Allows companies to have more power • Lower tax rates to something comfortable • Companies will comply, rather than dodge

  10. Cain • 9-9-9 plan • 9% corporate tax • 9% personal tax • 9% sales tax

  11. Bibliography • Donmoyer, Ryan, and Peter Cohn. "Obama Backs Corporate Rate Cut Along With Tax      Simplification." Bloomberg.com 26 Jan. 2011: n. pag. bloomberg.com. Web. 15      Sept. 2011. <http://www.bloomberg.com/news/2011-01-26/      obama-backs-cut-in-u-s-corporate-tax-rate-only-if-it-won-t-affect-deficit.html>.   • Loftin, Britton. "Herman Cain Offers his ’9-9-9′ Tax Plan in GOP      Presidential Debate ." Politic 365 8 Sept. 2011: n. pag. politic365.com.      Web. 15 Sept. 2011. <http://politic365.com/2011/09/08/      herman-cain-offers-his-9-9-9-tax-plan-in-gop-presidential-debate/>. • Keyes, Scott. "Gingrich’s Solution To Corporate Tax Dodging: Let Corporations      Decide What Rate They Want To Pay ." ThinkProgress 14 July 2011: n. pag.      thinkprogress.org. Web. 15 Sept. 2011. <http://thinkprogress.org/      economy/2011/07/14/269435/      gingrich-corporate-tax-doding-let-corporations-decide/>. • Goozner, Merrill. "How Huntsman Would Reform Corporate Taxes." The Fiscal Times      1 Sept. 2011: n. pag. thefiscaltimes.com. Web. 16 Sept. 2011.      <http://www.thefiscaltimes.com/Articles/2011/09/01/      How-Huntsman-Would-Reform-Corporate-Taxes.aspx#page1>. • "Corporate Tax in the United States." Wikipedia. N.p., 15 Sept. 2011. Web. 15      Sept. 2011. <http://en.wikipedia.org/wiki/      Corporate_tax_in_the_United_States>. • United States. Internal Revenue Service. Instructions for Form 1120. IRS.      Internal Revenue Service, 2010. Web. 15 Sept. 2011. <http://www.irs.gov/      pub/irs-pdf/i1120.pdf>.   • "What Is the Internal Revenue Code of 1986? ." WiseGeek. N.p., n.d. Web. 15      Sept. 2011. <http://www.wisegeek.com/      what-is-the-internal-revenue-code-of-1986.htm>.  

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