For my last proposal, I looked at the government side of the issue. Corporate taxation is a highly important issue in politics right now, especially because it will play a part in any upcoming budget changes. The Bush Era Tax Cuts are set to expire at the end of the year, and as the fiscal cliff looms closer, corporate tax reform (CTR) will certainly be up for debate.
I found this image of protesters in Bushwick, a Brooklyn neighborhood, who were raising awareness for the current state of the corporate tax code. The picture is from a website called The Epoch Times in an article called Low Tax Rates for Corporations, Wealthy Protested.
For my “White Paper” I plan on looking at Corporate Taxation in the United States. Corporate taxation is the process of taxing business entities that are classified as a corporation. The United States, with a corporate tax rate of 35%, taxes corporations more than almost every other country. In the United States, corporate taxation has come under fire for being inefficient and detrimental to the growth of business. On the other side of the argument, corporate tax has drawn criticism because of how avoidable it is. Deductions and loopholes results in a much lower tax rate paid by US corporations that is nowhere near 35%
I’ll never forget the feeling of disappointment when I received my first paycheck– “Who is FICA and what are they doing with my money?” I was 14 years old, working for a local shop, and had all of $17.00 taken away. I wanted to know exactly where my money was going, what it was being used for, and who it was helping. Continue reading