Originally Posted by raymor

There are certainly way too many tax credits and special deals whereby politicians reward their friends. A far simpler and more fair tax structure is needed. We're still giving people and corporations tax credits to not produce crops in an effort to keep food prices higher. That may have made since in tbe first year or two of the great depression, but these days it's ridiculous to pay people tax credits to not produce.

Two things about the numbers really jumped out at me. Yes, there's a little math here, but also a very interesting point. According to that source, getting rid of all of the credits and tax deductions that politicians have given corporations would double their taxes to about $473 billion over three years. That's a difference of $230 billion over three years, or $76 billion per year.

$76 billion by doubling business taxes. Obama's deficit is $1,000 billion. If we're overspending by $1,000 billion, and doubling their taxes would bring in only $76 billion, someone is barking up the wrong tree.

EDIT: As far as double taxation... don't you think that applies to employee income as well? The logical fallacy in that argument is that monies paid to shareholders and employees are business costs. Those dollars don't get taxed because they are deducted.
It's also worth noting that all of that income is actually double taxed. The 18.5% is only tne first tax. It's taxed again at an additional 15% - 39% as it's distributed to the owners of the business, the stockholders.