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Ryan Pool Economics Journal 1/28/2011 New York Times: Business Corporate Taxes: More Winners and Losers This article discussed corporate taxes and how they are affecting different sectors of the economy. Different corporations are given different tax cuts depending on their specific business and profits. Corporate taxes have become an increasingly large issue for the reason of double taxation. Corporate taxes are the fourth-largest source of federal revenue. Every corporation is taxed on its profits and then the individuals who receive payment from these profits are taxed once again on their income. Corporate taxes range everywhere from 15% of the profits up to 35% of the profits, and when added to personal income taxes, it becomes very obvious that people paid by corporations and their dividends are being severely over-taxed. In our struggling economy, corporate taxes have become an item of great interest; by lowering corporate taxes, corporations would keep more of their profits. By being more profitable, corporations would be able to grow more
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Unformatted text preview: rapidly, provide more jobs, and pay higher salaries. Lowering corporate taxes would significantly boost the economy by lowering unemployment, and promoting more spending by individuals. The deficit between the amounts paid by corporations in different sectors of the economy is astounding. Corporations based in drugs, biotechnology, and Internet average corporate taxes of less than 6%, meanwhile trucking corporations face a tax of almost 31% and corporations in petroleum and electricity both face taxes of more than 33%. As a result of these corporate taxes, the economy is not reaching its full potential. These taxes also work to inhibit the growth and formation of new corporations in a difficult economy. If the corporate taxes were reduced, the government would lose some revenue directly from corporate taxes, but it will more than gain back what is lost through an increase in economic growth....
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