@ISIDEWITHQuestionseconomyStarted 11yrs agoActive 4 days ago

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

Should Australia raise or lower the tax rate for corporations?

Australia’s corporate tax rate is currently 30%. Due to loopholes and offshore headquarters many companies in Australia pay significantly less with 1/3rd of major corporations paying no taxes at all. Some economists argue that the tax should be abolished in place of higher taxes on certain high earning individuals and stock market transactions.

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Answer Overview

Response rates from 1.6k Arts Party voters.

70%
Raise
16%
Lower
58%
Raise
11%
Lower
12%
Keep current rates but eliminate deductions and loop holes
4%
Lower, but eliminate deductions and loop holes
1%
Remove taxes on corporations and tax shareholder dividends instead

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Other Popular Answers

Unique answers from Arts Party voters whose views went beyond the provided options.

 @9ZR2LN5answered…4 days4D

Increase it for private companies but abolish it for state businesses because according to Fascist doctrine, theoretically, state businesses naturally give the government more money

 @9TQ5HHDanswered…2mos2MO

Regardless, this should be decided by a CTA (Comprehensive Tax Audit) at the end of every year, inspecting the budget and everything and deciding where to reduce spending, where to increase spending, where to reduce or increase taxes, where to privatise, where to publicise, etc. And the multinational corporations should be subjected to special taxes in this regard, depending on how much service/s they contribute.

 @9M8CT84answered…7mos7MO

Yes, Australia should raise the tax rate for corporations, but only for large corporations with 3 to 5 corporate buildings, not small businesses.

 @9HM6Y6Danswered…12mos12MO

Put more focus on taxing capital gains than corporate taxes, but in general keep corporate taxes the same rate but eliminate loop holes.

 @9HKY377answered…12mos12MO

Not lower across the board, but proportional on a case-by-case (or industry) basis judging the pre-tax benefit to the economy this business has

 @96FVK5Janswered…2yrs2Y

Lower, and set a flat tax at 20%

 @93YB4MPanswered…2yrs2Y

Depends how much money said corporation has

 @93T2S8Wanswered…2yrs2Y

Keep things they are, raising tax might make things more expensive

Latest News

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

 @ISIDEWITH submitted…7mos7MO

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…6mos6MO

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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