I believe that there is a very easy fix to the question of whether or not corporations are individual persons or not. If a corporation is truly a person living and doing business with in the United States as all other citizens of this great land do, then shouldn’t they also be required to pay the same income tax of 39.6 percent on any income above $432,201 like all other American citizens in that same income tax bracket do? Which of course would also include capital gains taxes at roughly the same amount.
This would be like killing two birds with one stone. They would be able to spend unlimited amounts of money, tax deductible of course, on any political event that they wished to, and the country would reap a huge tax windfall to help pay for the repair of our dilapidated highway and electrical infrastructure that sorely needs to be funded. And we probably wouldn’t need to raise any other taxes on anyone else in the process. As an example, Monsanto reported profits of $1.48 billion in 2013 so their tax contribution would have been roughly $570 million at the highest rate of 39.6 percent, and double that after capital gains.
Now, do we have any lawyers who are game enough to give this shot? It could be one heck of a payday! And can you imagine what a problem this would create for the Supreme Court?
Please sign the petition to get Initiative 735 on the ballet!