@ISIDEWITHQuestionseconomyStarted 11yrs agoActive 1wk 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.

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Answer Overview

Response rates from 37.1k Nova Scotia voters.

71%
Raise
15%
Lower
61%
Raise
13%
Lower
9%
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 Support

Trend of support over time for each answer from 37.1k Nova Scotia voters.

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Trend of how important this issue is for 37.1k Nova Scotia voters.

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Other Popular Answers

Unique answers from Nova Scotia voters whose views went beyond the provided options.

 @B2BMK7Bfrom Alberta  answered…1wk1W

Eliminate all corporate tax exemptions but retain a 15% corporate tax rate, & eliminate corporate tax for small businesses.

 @B29K2FS  from Pennsylvania  answered…2wks2W

Lower, but eliminate deductions and loop holes and Increase for large multinational corporations but lower for small businesses

 @9ZRQ8ZPfrom Nova Scotia  answered…2mos2MO

Increase on large Canadian corporations, decrease for smaller Canadian corporations, and decrease for foreign corporations operating within Canada to promote local jobs. Foreign corporations have other, cheaper options than Canada and will take their business elsewhere, and then Canadians gain nothing at all. A small percentage of something is more than a large percentage of nothing. Just ensure all business operations are above board and safely regulated.

 @9VVXW3Cfrom British Columbia  answered…3mos3MO

Stop taxing us hard working people and tax the politicians and government they should pay for all this war that they have caused for payers for the taxes and fees and infatuation

 @9V4JT2Cfrom Alberta  answered…4mos4MO

Leave the same or slightly lower for large companies but get rid of loop holes etc. lower for small businesses

 @9RPPNG7from Ontario  answered…6mos6MO

Lower taxes for companies employing at least 75% of their employees from Canada and increase tariffs for businesses who do not meet this benchmark.

 @9QZCYDNfrom Ontario  answered…6mos6MO

Raise them for large corporations and lower them for smaller ones. Additionally, eliminate deductions and loopholes

 @9MBZN25from Ontario  answered…8mos8MO

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.

Latest News

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

 @ISIDEWITH submitted…9mos9MO

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…8mos8MO

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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