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Corporate Taxes

If corporations are given lower taxes or end up paying none it should yield more stable jobs and livable wages. It's time we enforce this trade off and work together to achieve this. Additionally, we need to develop up-to-date tax treaties with foreign countries and agree on principles that better reflect today's multinational and digital world.

I will start by stating this: not paying taxes is un-American. I’ll take it a step further by stating that anyone who introduces legislation that takes away from our tax base, grows our deficit, and makes it harder to fund public programs is also un-American. In some way, shape or form, from the very founding of this nation, as a country, we have always imposed a charge (ex. tariffs) on businesses and commerce for the good of the American people. The 16th Amendment to the United States Constitution grants Congress the power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration. I operate by the same strong fundamental belief that we should render to the government what belongs to the government.

Everyone, especially corporations, should pay their fair share in taxes and be required to pay some minimum amount of tax to help fund the government. Tax is essential to help the government provide protections to citizens, build better roads and bridges, institutions and create better infrastructure. Tax is a burden we must all live with, rather rich or poor, rather we like it or not, as it continues to play a crucial role toward the progress of humanity. Taxes are used to fund various social welfare packages, such as social security and homeless programs. Taxes are the life source of a nation. In order to keep the nation functioning, we should be patriotic to this life source. 

It’s been said that America’s corporate tax rate is the highest among developed countries. This is an argument often fueled by politicians who support cutting business taxes. However, what companies actually pay varies according to profit, exemptions and deductions, and credits. Now, under the Tax Cuts and Jobs Act (TCJA) corporations’ tax rate dropped from 35% to 21%. This gift was supposed to be in exchange for more jobs and better wages. However, many companies didn’t even pay the 21% due to loopholes, and those who did made no changes for their workforce at all. When we have multi-billion dollar companies paying little to no taxes on their income, while those with a single filing status are getting more than 25% taken from their earnings per paycheck with more money owed during tax season, this is a problem. I don’t think Americans should be paying more for running the federal government than huge American corporations that make billions. We need to fix our corporate tax code now. My opponent, Senator Todd Young supports legislation which has only led to a huge drop in the amount of taxes we collect from corporations. This is unpatriotic, irresponsible and downright dangerous to the public services we find most vital, which include our national security.  

On November 3, 2011, I was the first person to publish a detailed account of the cry from the “99%” protesting on Wall Street during the Occupy Movement for more corporate accountability. As a United States Senator, I promise to do the following: 

  • Create and introduce legislation that makes it impossible for corporations to pay zero federal corporate income taxes on profits

  • Capital Gains Tax. Everyone must pay their fair share of taxes. I support legislation which taxes capital gains at the same rate as ordinary income because let’s just be real, it is income. Additionally, I support legislation which requires the tax be paid annually. 

  • Support legislation that prevents large American companies from receiving so many credits, exemptions, deductions, and passing through other loopholes that  makes it impossible for them to pay a single dime without providing livable wages to workers 

  • Develop up-to-date tax treaties and agreements between countries so that American companies doing business overseas must pay tax. As it stands, the profits corporations earn overseas should also be subject to tax (ex. 21% as of 5/6/20). However, subsidiaries of U.S. corporations are entitled to a tax deferral unless the income is repatriated to the U.S. Under these rules, America continues to lose trillions in tax revenue that could have otherwise been used for improving healthcare, education, transportation, and so much more. As a U.S. Senator I promise to work hard with corporations and fellow legislators to introduce legislation that will bring some of that tax/profit back home at little to no risk/cost to corporations. 

  • Work on legal maneuvers used by Fortune 500 corporations which purposefully minimize their tax bills (ex. Selling or licensing intangible assets to foreign subsidiaries or pretending to operate overseas when they are not)  

  • Create and support legislation that makes it impossible for corporations to underreport to the IRS while overreporting to investors

Paid for By Hoosiers for Haneefah 
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