In light of the recent attention that has been brought to corporations finding creative ways of not paying taxes and the current hearings (read: grilling) that Tim Cooke is currently receiving in the Senate, I was wondering what everyone thought about this issue. I'm personally somewhat undecided, here's why:
If I'm being asked to pay my taxes fairly, I feel everyone else should as well. This includes corporations. Just because they have the means to find loopholes in the tax code, that doesn't mean they should be allowed to do whatever they want to avoid paying taxes.
However, if I'm running a successful business, profits are the bottom line (no pun intended) and I would do everything in my power to ensure my business is as profitable as possible. That being said, if there are completely legal ways to increase my bottom line, I'm all for them. These tax loopholes exist, but exploiting them is not illegal.
In my opinion we can do one of two things:
1. Reform the tax code to close these loopholes
2. Allow these corporations to keep exploiting these loopholes
If we chose option 2, we should stop trying to have these hearings and publicity campaigns to guilt companies into paying more taxes. What sense does it make to bring this issue up if they are doing nothing against the law. I understand that bad publicity could hurt these corporations but hurting the corporations isn't the way to go. Instead, if you are going to raise awareness like this, it should be directed at those that have the ability to change the tax code. Don't hold hearings with Tim Cooke, hold hearings with those that can influence the tax code and grill them on why these loopholes exist.
I'd love to know what my fellow Gizmodians think about this issue.