Wednesday, March 2, 2011

Corporate income tax assumptions.

Too often, reporters and the churn that read them overlook a fundamental flaw in their assumptions visa vis Corporations.  Most Corporations are mom and pop shops fixing our cars, raking our leaves, washing our windows, cleaning our toilets, welding our pipelines, growing our food, discovering new medicines, manning our restaurants, and so on.  The failed assumption is that "corporations" are big international things like banks and mining companies, grocery chains, and Canadian Tire.  Businesses like Banks and oil companies should have their heat held to the fire perhaps.  But Corporate taxes mean if I take a profit, make 60,000.00 per year, that money is taxed twice: once at 17% and once at almost 50% with provincial income taxes included.

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