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Richmans' Trade and Taxes Blog
Palin calls for elimination of corporate income tax
In her speech in Iowa on September 3, which you can watch above, Governor Sarah Palin called for the complete elimination of the U.S. corporate income tax as a way to create jobs. She correctly pointed out that the corporate income tax sends American jobs abroad and that eliminating the tax would cause investment in America to surge.
At the same time that she would eliminate the corporate income tax, she would end corporate bailouts, corporate welfare and tax loopholes. She would do so partly as an anti-corruption measure. She argues that Obama is growing a corrupt system of "crony capitalism" in the United States.
She is correct about the self-destructive nature of the corporate income tax. We summarized the disadvantages of that tax with the following four points in our 2008 book Trading Away Our Future:
Three other changes would need to be made in the tax code when the corporate income tax is eliminated:
When concluding our case for the elimination of the corporate income tax at the end of Chapter 7 of our book, we wrote:
Palin continues to show more economic common sense than any other potential candidate who has a chance to be president. She has a three-fold plan which would grow the American economy: (1) encouraging the drilling for our energy resources, (2) eliminating the corporate income tax, and (3) balancing trade.
Comment by Bill Patterson, 9/8/2011:
Ceaseless vetting, Books and ‘fact finders’, 24,000 emails forced open, fighting Obama since even before ‘Death Panels’ and long before a campaign . . .
I’m not sure when it happened, but I actually trust a politician. Never thought I’d say that. I hope I don't have a fever.
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