@ISIDEWITHQuestionseconomyStarted 10yrs agoActive 3 days ago

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

Should Canada raise or lower the tax rate for corporations?

Canada currently levies a 15% - 26% tax on all businesses and each province levies an additional 11% - 16% tax rate. 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.

68%
Raise
17%
Lower
57%
Raise
15%
Lower
11%
Keep current rates but eliminate deductions and loop holes
2%
Lower, but eliminate deductions and loop holes
0%
Remove taxes on corporations and tax shareholder dividends instead

Historical Results

See how support for each position on “Corporate Tax” has changed over time for 1.2m Canada voters.

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See how importance of “Corporate Tax” has changed over time for 1.2m Canada voters.

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Other Popular Answers

Unique answers from Canada users whose views extended beyond the provided choices.

 @8SYCYBTfrom Ontario answered…3yrs3Y

Raise, and remove loop holes

 @9MBZN25from Ontario answered…3 days3D

Increase it to equal the top marginal income tax rate, but only after all investments are deducted, interest is no longer deducted, all capital gains are excluded from the income tax, and the tax on businesses are changed to a destination-based system.

 @9M4LF5Ffrom Alberta answered…1wk1W

Raise, and eliminate all loopholes and programs promoting exemptions for any large corporations while lowering taxes for small businesses and startups

 @9LJGNWT from British Columbia answered…4wks4W

Tricky, large multinationals already move income to low or zero taxation locations and simply break even or operate at a loss in the local country. Tax their GROSS REVENUE and ELIMINATE their ability to fund politicians. Political representatives should only be supported by human beings, not fictitious legal constructs.

 @9K3B4YZfrom Ontario answered…3mos3MO

I think for bigger corporations they should raise taxes and smaller corporations should have lower taxes.

 @8XMLGT4from British Columbia answered…2yrs2Y

Canadian corporate tax rates should be competitive with other countries that are our competitors.

Latest News

Stay up-to-date on the most recent “Corporate Tax” news articles, updated frequently.

 @ISIDEWITH submitted…1wk1W

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.

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