I'm using the word "modern" loosely so that I don't get the retort back that "There was a time where farmers weren't taxed and lived off what they made or could trade for! Society consisted of meeting each other once a month at a local market!"
I say lower corporate tax to keep our companies globally competitive. With lower corporate taxes, salaries across the board (hopefully) would be higher or more jobs can be paid for...with more jobs and higher incomes, personal income tax revenue will be higher. I don't see how lowering personal income tax helps create jobs.
Compnaies don't hire people because they have money to spend. They hire people because there is demand for their products that they can't meet.
The demand still existed. New products are introduced, when the company perceives there is a demand for that type of product that is not being satisfied by current product offerings.
They made it because they believed there would be demand for it - because people had money to buy it. They didn't build it because they had money to spend. Corporations currently have record profits and record amounts of cash on hand. They aren't spending it because there is no need. Giving them more record amounts of cash isn't going to change that.
The tax code has helped create this problem. Lax tax policies on corporations the last 30 years but yet we have no money for teachers or social services in a down economy. Hooray for da lobbyin.
Wealth, and it's not even close. You want to tax things that contribute the least to the economy the most. Spending and income are things you want to encourage. Hoarding and wealth inequality are things you want to discourage. Pretty simple.
The notion that saving your money is something to be discouraged is interesting... Sha La La La live for today
There are times where you do not want to encourage spending. Not taxing income destroys our ability to do fiscal policy.
You want to discourage spending to prevent rampant demand pull inflation. An economy that is too hot is just as bad as an economy that is too cold.
Is there a difference between consumer hoarding and corporate hoarding? Not very thought out, but to me it would seem like consumer hoarding leads to less demand for products while corporate hoarding means less employment. If you discouraged corporate hoarding (ie. Apple), wouldn't it only cause inflation on salaries?