@ISIDEWITHQuestionseconomyStarted 11yrs agoActive 2mos ago

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

Should the U.K. raise or lower the tax rate for corporations?

On 23 September 2022, the government announced that the increase in the Corporation Tax main rate to 25% and the introduction of a small profits rate of tax from 1 April 2023. The U.S. currently taxes corporations at 21%, France at 26.5% and Germany at 15%.

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Answer Overview

Response rates from 1.7k Milton Keynes voters.

58%
Raise
19%
Lower
42%
Raise
14%
Lower
17%
Keep current rates but eliminate deductions and loop holes
4%
Lower, but eliminate deductions and loop holes
0%
Remove taxes on corporations and tax shareholder dividends instead

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Other Popular Answers

Unique answers from Milton Keynes voters whose views went beyond the provided options.

 @9WQKFWKanswered…2mos2MO

Provide lower tax rate for small businesses but offer lower taxes for corporations that reduce their profit margins and make goods more affordable.

 @9W9QX3Vanswered…2mos2MO

Raise foe large multinational corporations and elliminate tax deduction loop holes for all, but lower for small businesses.

 @9QNG6JRanswered…6mos6MO

lower tax on big ethical corporations but not companies like McDonalds or non renewable companies that negatively impact society

 @9PMMP3Canswered…6mos6MO

Raise, but relative to profit. More brackets are required like in the past where we had 90%. It encourages investment.

 @9PFZYV9answered…6mos6MO

Keep the same, but eliminate deductions and loop holes as well as prosecuting repeated large corporations not paying their corporation tax

 @9PDXN5Panswered…6mos6MO

Lower for smaller businesses. Maintain current rates or lower if possible to attract business to the UK. Remove loop holes when possible and simplify the process for clarity.

 @9P6LYBDanswered…6mos6MO

Any entity, whether company or person, should pay tax on any money earned from this country. For companies, deductions are allowed, but only if the money is being spent to improve infrastructure of the country AND the money is not spend abroad.

 @9N86YSYanswered…7mos7MO

Maintain in line with comparable countries and allow for targeting windfall or other special taxes, such as those where an industry has substantial externalities.

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

 @ISIDEWITH submitted…8mos8MO

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…7mos7MO

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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