Corporate Tax Rate Reduction Proposals–Are Some “Persons” Better Than Others?
Roy Batty | 26.02.2012 22:07 | Social Struggles
If history holds true, corporations will continue to get their tax reductions and their write-offs. And "close the loopholes" hoopla can be saved for the next election.
I'm just starting to get used to the idea that corporations are people, entitled to express their political viewpoints and to spend as much money as they want communicating those viewpoints. I'm still a little shaky on the the concept. After all corporations cannot be prosecuted for murder. A corporation can't even get a parking ticket! That added to fact that shareholders (real people) enjoy limited or no liability for a corporation's debts or crimes.
But hell, this is the 21st century where anyone with the money and the guts can breathe life into a legal fiction.
See video, Stephen Colbert & his SuperPac
But last week, President Barack Obama proposed cutting the top corporate rate to 28 percent from 35 percent, addressing a long-standing gripe by U.S. corporations that the rate is too high.
Republican hopeful Mitt Romney also unveiled proposals of his own calling for capping the individual income tax rate at 28 percent, down from 35 percent, and slashing the corporate rate to 25 percent, among other steps.
Now I'm starting to feel queasy again.
Read more.
Roy Batty
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Comments
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Corporations can get parking tickets!
27.02.2012 09:30
Corporations can be convicted of any offence, except one with a mandatory sentence of imprisonment (ie murder, piracy on the high seas, high treason and causing a nuclear weapons explosion). It could be argued that if a corporation were to be convicted of one of the above offences, the shareholders should be imprisoned, however that goes against the idea of limited liability a bit, and and in any event the shareholders may well be corporations themselves.
I like the idea of corporate probation for some offences ie the directors and supervised by a court appointed officer until they mend their ways), and a corporate death penalty (ie dissolution) for extremely serious offences.
Mike
The comment is actually useful
27.02.2012 12:10
We need to understand the "creep" which led from the initial ruiling that corporations had a right to their "personality" (legal term, refers to their existence and being able to sue or be sued in their own name) toward accretion of other rights of persons.
In many ways the original ruling (Dartmouth vs New Hampshire) was an attempt to expand a RIGHT to personality (once in existence) for all corporations including business ones. Earlier (business) corporations were seen as special creations of the state, individually granted a charter which the state might later revoke. It should be noted that Dartmouth was another sort of corporate body and the court could have ruled more narrowly when it decided that New Hampshire could not seize* Dartmouth (could perhaps "condemn" the college's physical property but the school, it's name and right to confer degrees could pick up and move elsewhere). In other words, Dartmouth had a right to its "personality". Note however that at the time a university wasn't seen as a "business" but as a self governing freehold of its faculty. We should note that there other sorts of corporations besides business corporations, a town for example.
We need to be clear about this fight. It shouldn't be about stripping corporations of ALL the rights of personhood but instead be about eliminating the "creep" from just those elements which make sense for them to have instead of all the rights of persons.
*New Hampsire wanted a state university and rather than try to create one, decided it could just confiscate Dartmouth (originally a college for American Indians)
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