FCTA News‎ > ‎

John Taylor: Eliminate Virginia corporate income tax

posted Feb 13, 2010, 6:22 PM by Arthur Purves   [ updated Feb 13, 2010, 6:25 PM ]
1) Corporations don't pay taxes, they collect them.  The taxes they pay are collected from their consumers.
2) There are many states (California, Oregon, Michigan, New York, Rhode Island, New Jersey just to name a few) that are losing their business base as fast as companies can relocate their headquarters.  Apparently, the politicians in those states do not understand the well-chronicled history of people and businesses voting with their feet by leaving high-tax jurisdictions for low-tax jurisdictions. Virginia should be contacting Google, Cisco Systems, Apple, etc. with the good news that we just eliminated our corporate income tax and that Virginia is a business friendly place to bring jobs.
3) The U.S. has the second highest corporate tax rate in the world among the developed countries .  As long as we do, we will continue to watch our jobs go overseas.  This is the inevitable and foreseeable consequence of really stupid tax policy.  If we continue the insanity of taxing productive activity and organizations that provide jobs, we will continue to see less of both.
John Taylor