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An Idea for Virginia Republicans: Abolish the Commonwealth's Corporate Income Tax

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Over 35% of the stimulus bill was tax breaks, with his signature on that bill, Obama signed into law the largest tax cut in US history. The canard that "government tax revenues increase when taxes are cut" has never been proven and, in many instances, has been thoroughly disproven.
"I hope we shall crush in its birth the aristocracy of our monied corporations which dare already to challenge our government to a trial by strength, and bid defiance to the laws of our country." -- Thomas Jefferson
"Under a separation of state and economics, especially with laissez-faire capitalism [Free Trade], the state no longer has a role to play in protecting the people and assuring their happiness. Laissez-faire means capitalism is outside the regulatory control of the state and that the people are entirely at the mercy of the capitalists."
-- Thomas JeffersonSee More

Walt of IL 6:14AM November 23, 2010

It may be just my obsevation, but the progressives and the socialists always seem to think of everything in terms of government control, by regulation or subsidizing their favorite enterprises. The government does not create wealth. It does not produce anything. It takes from those who do produce and create wealth and give to those who don't. The government does not need to subsidize corporations, it needs to let them grow wealth and jobs. Whatever you choose to think, taxes to business cause higher deadweight losses resulting in loss of jobs, scarcity of products and higher prices in the marketplace. This hurts the rich, the middle class, and it sure hurts the poor.

Tomato Cain of NM 4:48PM April 05, 2010

Go ahead and tax profits before you can invest in jobs and plant and equipment. Not a very bright idea if you live in a capitalist society. Seems you do not understand that this tax comes out at the end of the income statement for a business and the implications thereof. With this tax you have corporations moving overseas because the money simply isn't here to hire anyone, union or otherwise. zero this tax out and you also significantly reduce corporate lobbying for state and federal handouts. Go ahead and look at the unbiased academic research from any simple internet search on the subject or college library and you will find it supports that this is a good idea, it's not a democrat, republican or left, right discussion. It's really about discussion on double taxation of workers and investors and how best to tax in a capitalist society. By letting business achieve as much profit as possible before we tax to fund government we increase treasury revenues. The fact is that government tax revenues actually increased in areas that cut this tax, funny how that works.

Econ Student of MD 9:52AM August 07, 2009

These kind of foolhardy ideas are why the GOP is so in decline. We can not take them serious any more, especially as they prove themselves to be so fiscally irresponsible, not to mention selling out to corporate lobbyists lock stock and barrel.

Pablo of TN 5:09PM August 03, 2009

Ireland went into the global recession with one of the highest GDP's in Europe rather than the lowest. How would you want to have been positioned? Ireland socialists got giddy with the windfall and never cut or froze spending either leaving their budgets and fancy spending programs suspect to the ebb and flow of the economy.

Robert of VA 8:45AM July 30, 2009