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Essay / Research Paper Abstract
A 3 page paper discussing the relative merits of corporate income taxation, both in its current form in the US and as it would be were the US to adopt a value-added tax (VAT) approach. The VAT is not compatible with other tax structures, and depending on the output of the specific organization, it ultimately rests with those least able to pay it when the corporation raises prices to pay its taxes. This is true regardless of tax structure, and it is a point that legislators must bear in mind when searching for additional funds for pubic services. Bibliography lists 4 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KStaxCorp.rtf
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the corporation can and is viewed as a "person" in that it can be held accountable for its actions and must obey laws specifically governing it. Corporations always are
attractive targets when legislators seek additional sources of funds. The Corporate Structure Only the corporate structure protects individuals from being personally liable for
debts and other liabilities incurred by the business. The corporation is chartered by the state in which it is located and is considered to be an entity separate from
those holding any form of ownership, which are the corporations shareholders. State charters require that the corporation maintain a board of directors and corporate officers. "The corporation has
a life of its own and does not dissolve when ownership changes" (Forms of Business Ownership, n.d.). Advantages are that owners are protected
from the liabilities that the corporation incurs, which makes it an attractive business form for business owners "who run a risk of being sued by customers or clients or piling
up a lot of business debt, or who have a lot of personal assets they want to protect from business creditors" (Henry, 2005; p. 72). The greatest disadvantage is
that the corporation is subject to greater regulation and may pay higher overall taxes (Forms of Business Ownership, n.d.). Corporate Taxation As President,
Ronald Reagan was castigated by the more liberal among us for proposing and pursuing an economic reform plan that included reduced taxation on businesses and the wealthy. At the
time, the country needed more jobs and it was Reagans purpose to encourage those with the means of founding or expanding businesses to do just that, to create the private-sector
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