Re: [Salon] a different perspective on our BOP deficit (i.e. capital inflow)

Dear Warren, 

You have much deeper insights. I agree with you that corporate income tax is : "virtually impossible to administer fairly in our globalized world (from which we and the rest of the world have benefited ENORMOUSLY) "

It seems to me US has given latitude to corporate earnings abroad, at least since Panama was created.  Given the control that corporations have through their donations, I doubt there will be major change.  Due to the demographic change underway,  mulinational corporations will likely earn more abroad. 

Mayraj



On Monday, February 20, 2023 at 10:49:14 PM GMT+5, Warren Coats <wcoats@gmail.com> wrote:


Dear Mayraj,

Thanks for these. Replying without deep research (a bit dangerous), I think the criticisms made in these articles reflect the effort of the Ryan-Brady Tax Plan to twist the corporate income tax into something more like a consumption tax. The corporate income tax is a double tax on income and should be simple abolished. More over its is virtually impossible to administer fairly in our globalized world (from which we and the rest of the world have benefited ENORMOUSLY)  All consumption should be taxed at the same rate wherever and by whomever it is produced. There is nothing protectionist about that. But I would go further and abolish all income taxes (i.e., personal and corporate income), replacing them with a flat consumption tax (VAT). I would also replace all or most all of our social safety net programs with a Universal Basic Income. Combining a VAT with a UBI results in progressive taxation relative to income:  https://wcoats.blog/2020/08/20/replacing-social-security-with-a-universal-basic-income/ 

Warren Coats
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