@ISIDEWITHQuestionseconomyStarted 11yrs agoActive 4 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.

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Answer Overview

Response rates from 12.1k Ottawa Centre voters.

69%
Raise
16%
Lower
58%
Raise
14%
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 Support

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Other Popular Answers

Unique answers from Ottawa Centre voters whose views went beyond the provided options.

 @B3HJK9Rfrom Manitoba  answered…4 days4D

Maintain tax rates for corporations who create jobs for Canadians. Corporations who outsource work to other countries for cheap labour should pay higher taxes since there aren't as many jobs stimulating the economy

 @B3FQ8ZYfrom Ontario  answered…6 days6D

Lower taxes for small businesses while keeping taxes, the same for larger corporations and closing deductions and loopholes

 @B2VNVNWfrom British Columbia  answered…4wks4W

Raise taxes on corporations, tax shareholders, aggressively donate tax evaders, eliminate tax loopholes, deductions are not a guarantee, workers wages and programs and job protection factor into deductions and breaks.

 @B2R667Bfrom Ontario  answered…1mo1MO

Both ways. Penalize companies for outsourcing labour to foreign countries over hiring Canadians through higher taxes, lower them for companies who hire Canadians.

 @B2L42TMfrom Ontario  answered…1mo1MO

Lower for corporations that create jobs in Canada and raise for corporations that export Canadian jobs to reduce costs

 @B2BMK7Bfrom Alberta  answered…2mos2MO

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

 @B29K2FS  from Pennsylvania  answered…2mos2MO

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

 @9QZCYDNfrom Ontario  answered…8mos8MO

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

Latest News

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 @ISIDEWITH submitted…10mos10MO

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…9mos9MO

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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Active 7 days ago

 @ISIDEWITH submitted…4mos4MO

Trump's Deportation Storm: America Braces for Mass Exodus of Immigrants

For months, immigration advocates have been planning for the possibility of Donald Trump’s return to the White House. Now, their worst fears have arrived.Immigrants’ rights groups have spent the last year preparing for a second Trump term and an overhaul of the nation’s immigration system, analyzing Trump’s proposals, drafting legal briefs, coordinating messaging and organizing aid for immigrants and asylum seekers. They responded to Trump’s victory with alarm and vowed to put up a fight, setting the stage for four more years of contentious court battles with his administration.Some are already preparing to push current leadership at the Department of Homeland Security to take steps to stymie the incoming Trump team, particularly on immigrant detention and the use of AI in enforcement.“We should expect to see the devastation of immigrant communities all over the country. We should expect to see family separation,” said Kica Matos, the president of the National Immigration Law Center. “It is entirely possible that he will try to use the military to carry out deportations, so that means that Americans all over the country will see the military engaging in enforcement against civilian populations, which is horrifying.”Trump, after winning a historic victory on a platform of turbo-charged immigration enforcement, has said he will conduct mass deportations at a scale never before seen. Immigrant advocates have warned this would be expensive and inhumane, separating families and wrecking communities. The president-elect has also vowed to build huge detention camps, hire thousands more border agents, funnel military spending toward border security and invoke the Alien Enemies Act of 1798 to expel suspected members of drug cartels and criminal gangs without court hearings.He has also said he would end “catch-and-release” — allowing migrants to remain free, often with monitoring, while they await immigration court hearings — and restore a policy from his first term requiring asylum seekers to remain in Mexico while their cases are processed. And he has dodged questions about whether he would try to bring back family separation.

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