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I recently read my local legislators newsletter and he makes references to some of the current bills and money saving strategies. One of them is this idea of elminating corporate income tax. I'm not an economist. So can somebody explain to me how cutting revenue will help the bottom line of the state?
I would be of the opinion that when corporate income tax is done away with it will only result in the revenue enhancement of the corporate owners or shareholders. Where is the leverage that says this windfall of asset will be reinvested to create new jobs? What says that this money won't be converted to a new Cobalt boat or a trip to the Caymans? Corporate welfare is truly the march of folly.