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
president
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