brando

Social Banking: How to Make Bank Shares Worthless

Instead of "investing" trillions of taxpayer dollars in specious shovel-ready projects and pork, the U.S. needs to make a bold move that sends a strong and proper message. We should immediately abolish the corporate income tax. Corporations don't pay taxes, their customers do. The tax is simply passed on in the cost of products or services. It makes our products and services less price competitive and it provides a cesspool of opportunity for lobbyists in search of corporate welfare. It also diverts billions of hard dollars and wasted man hours on the process of minimizing, avoiding and complying with the tax. And lastly, but most importantly, this move would play upon the competitive strength of the United States. We have the best Universities, the best intellectual property protection and the best infrastructure in the world. If we clearly had the best tax regime, corporations from around the world would have no alternative but to move headquarters and highly paid staff to the United States and U.S. corporations would stop moving to Bermuda, Switzerland and elsewhere. It would be the largest job creation legislation ever devised and it would create the kind of jobs we want and for which our people are trained.