diberry - 3:06 pm on May 21, 2013 (gmt 0)
Apple HAD been reputed to be the only big company that didn't do this. Maybe finally everyone will join me in my bastion of complete impenetrable cynicism. Bwahahaha! ;)
Some are going to cry that increasing taxes will slow down business growth.
Only on small businesses who, like the middle class, don't have a lot of avoidance schemes available to them. According to 2012 estimates, Google already pays about 7% (effective tax rate) and GE pays nothing in taxes. Small businesses typically pay between 13% (sole proprietors) and 26%. Now, if we can afford tax rates like those, surely Google and GE can pony up a bit more? And you can imagine how much just a few percent more from every company that profitable would add to the tax coffers. Right now, that corporate income tax is going to individuals, most of whom are also wealthy enough to avoid paying what they should on their taxes. Some loopholes for wealthy individuals also need to be stitched up.
Disclaimer: I'm an independent and this is my own thinking. I'm disgusted with both major US parties, so if either of them are proposing this, that's just a coincidence and does not imply that I support their other loony tunes positions.