Friday, September 9, 2011

Corporate Tax Elimination Cost Less Than Payroll Tax Cut And Is A Stronger Economic Boost

From The Tax Foundation, "Doubling Down on the Payroll Tax Holiday is a Bad Bet" by William McBride:

Source: Tax Foundation

The chart also reveals that corporate income tax revenues are a relatively small share of total revenues. In fact, the corporate income tax could be eliminated for less than the cost of this payroll tax holiday. Now that would add jobs. According to the OECD, the most harmful tax to economic growth is the corporate tax. Gordon and Lee estimate that lowering the corporate rate by 10 percentage points adds 1 to 2 percentage points to growth.

Eliminating the corporate tax would create an unprecedented economic boom. I'm afraid this president has missed a golden opportunity....
Read the complete article post here.


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