Well I agree there should be no income taxation on individual people. Even the wealthiest like Bill Gates shouldn’t pay a single dime out of their income to taxes. But I most definitely believe there should be a corporate income tax on corporate entities. Maybe this is me being a piss-poor libertarian, but incorporation is a legal privilege bestowed upon firms by the state. If a firm is going to take advantage of that privilege, then there should necessarily be a price that they pay in order to have that privilege.
Not every business is a corporation, and if that’s the case I don’t think there should be any kind of tax on that sort of business. But corporations? Absolutely there should be a corporate income tax. Not only is it ethically justifiable, but its also a great way to fund the government and pay down the national debt. I’m not opposed to corporations, but if corporations are going to exist as an artifically imposed legal entity by the state, then their existence should somehow benefit the public.
Though why not end the legal definition of corporations? These companies, more often than not, obstruct the free-market from running it’s course by obtaining a right of limited liability, leaving way for companies (like BP as we have seen recently) to be reckless.
It’s not the fact that, as artificially created entities, they should contribute to the public; it’s the fact that they are artificially created entities in the first place. Why not remove that right for all businesses or just plain and simple allow all businesses to, automatically, have the right to legal personality? It would level the playing field across the board and get rid of an unnecessary legal process.
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