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Corporate tax cut vs Increase in National Debt

Opening Argument

WhyTrumpWhyTrump 161 PtsPremium Member
Trump seeks 15 percent corporate tax rate, even if it swells the national debt
https://www.washingtonpost.com/business/economy/trump-seeks-15-percent-corporate-tax-rate-even-if-it-swells-the-national-debt/2017/04/24/0c78a35c-2923-11e7-be51-b3fc6ff7faee_story.html?hpid=hp_hp-top-table-main_trumptax-130pm%3Ahomepage%2Fstory&utm_term=.3d37155aaa25

President Trump is pursuing a drastic cut in the corporate tax rate, a move that is likely to grow the national debt and breach a long-held Republican goal of curbing federal borrowing.

The president has instructed advisers to propose cutting the corporate tax rate from 35 percent to 15 percent, according to White House officials who said they were not authorized to speak publicly about the plan. The rate reduction — which independent budget experts say could cost the federal government $2.4 trillion over a decade — is larger than what House Republicans had proposed in their own plan.

  1. Corporate tax cut vs Increase in National Debt

    8 votes
    1. I support Corporate tax cut
      62.50%
    2. I would rather not increase National Debt
      37.50%
WhyTrump - a good question

Status: Open Debate

Arguments

  • WhyTrumpWhyTrump 161 PtsPremium Member
    Premium Member
    Our national debt is already hugh.  Whe Obama came to office some criticixed him for increasing the debt by the massive bailout.  But Trump would increase the debt by cutting corporate taxes
    WhyTrump - a good question
  • I'm a democrat, and frankly Trump's tax cut to businesses doesn't sound good to me. This can greatly increase the national debt, and fast as well. What Trump is doing with his tax plan is unbelievable. How about he releases his taxes first, that could be a very good idea.
  • PinoPino 67 Pts
    Narrow minded accountants and the loonie left mistakenly think that raising corporation tax will produce more tax revenue.
    This is misguided and cockeyed perception of economics overlooks the fact that there are usually more brains on the board of directors of the average business than that of the combined total of all the politicians in any administration.
    Once the multinationals decide that the tax rate is too high, in any country, they simply relocate a sufficient volume of their business to another nation with a lower tax band and claim that their centre of operations is in that tax haven.
    These nations, such as  the Republic of Ireland and Luxembourg enjoy massive tax revenue from companies whose commercial activities within their borders is minimal. 
    President Trump, as a businessman, is taking the ''sure bet'' that a reduction in corporation tax, ( a tax on profit) will see the return of many American firms who have, for tax reasons, relocated to foreign countries and, by reducing corporation tax will have the added advantage of attracting foreign investment.
    With the return of American corporations we will enjoy greater overall tax revenue as well as higher employment and the income-tax from the increased national workforce.
    President Trump will reinforce his industrial/fiscal strategy by applying a massive import levy on goods manufactured outside the U.S.A.
    Whilst this will require some negotiation with our trading partners the U.S, has sufficient clout to enable us to call most of the shots and secure the best deal for America.
    If corporations want to enjoy the enormous profits by marketing their products in the U.S.A. they will have to manufacture here and pay their taxes.
    .

  • I am not in support of corporate tax cuts due to its negative affects on the US economy. I disagree with @Pino  and agree with @WhyTrump .

    The national debt is huge, as said by whytrump. This is a great point and a huge point on this debate. By cutting corporate taxes, the debt will just grown. More corporate tax, more money for the US. It's as simple as that. Some republicans and others could think that this would encourage businesses to stay in the US and possibly increase the amount of corporations and businesses. I disagree with this, because businesses could have invested money previously off-shore and would not want to retract this. Also, by moving back to the US, they could get a cut in their taxes, but costs could go up either short term, long term, or both due to jobs and other factors.
  • thereptherep 55 Pts
    I disagree with @WhyTrump , but instead agree with @pino . increasing corporate taxes will drive business off-shore. This will slow and worsen the US economy. Also, this could increase the national debt which is the center of this debate. If their happens to be a coprorate tax cut, businesses will invest heavily or more into on-shoe and come back to the US. This would help the economy while decreasing the national debt due to more businesses moving newly or back to the United States. His cold be very attractive for businesses of all type.
  • PinoPino 67 Pts
    @therep;- it's good to note that there are people who can see the ''big picture''.
    One well known example of a multinational corporation relocating;- Ralph Lauren had the sports clothing for the United States Olympic athletic team  ''MADE IN CHINA''
    Tax revenue to the Government;==ZERO, NIL, the big O. 
    Smart government tax laws?????
    Domestic companies don't have the same options as the multinationals and have to, theoretically, 'toe the line' when it comes to all government taxes.
    I use the term theoretically because if a small to medium businesses decide that they are being milked by the government they will use their ingenuity to develop ways, illegal ways, to reduce their declared profit.
    The methods which these companies could, and most certainly do use is to allocate the personal expenditure of directors, i,e, social evenings,= promotional client entertainment, personal vehicle costs= charging personal fuel usage to the company, holidays,=business travel, the list of potential loopholes is endless.
    Few companies become involved in the skullduggery of tax evasion, but as company owners are human they kick when they feel they're being taken for suckers, which Obama did so they fight back.
    The morons in all walks of life arrive at the wonderful idea that all they have to do to solve a shortfall in revenue/profit is to apply an increased % to their products/services/taxes, and, hey presto, problem solved.
    Wrong, people will simply stop buying from that source and go elsewhere to more competitively priced outlets and companies will work their way around extortionate tax hikes.

    aarong
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