The Citizen’s United ruling is one of, if not the most, disastrous ruling handed down in the history of the Supreme Court. Corporate person-hood, the equivocation of money and speech and how these dogmas have created the codified selling of the government to the biggest contributors will, if unchecked, be the downfall of our constitutional government.
Over the last week, my wandering brain has been toying with ways to use this ruling against the perpetrators. As my wife works for the IRS, tax law inequality is a subject I have learned enough about to actually devise ways to fix the tax code to help the country. My preferred fix would be to shred the current tax code and institute an APT taxation system. This diary is not about APT but I highly recommend checking out that link.
My fix is easy. If corporations are people then tax them like people. End the corporate tax code and subject corps to exactly the same rules as individuals and family’s. I mean exactly the same, right down to the 1040. Not to say that the wealthy don’t game the individual tax code, but at least it would give all of us access to the same benefits. I would love to see corporations subject to the AMT.
No more depreciation expense, no more payroll expense, no more utility expense. Just pay the same marginal tax rates as the rest of us on all earned income (gross sales). We could let them deduct their health care costs and contributions to employee retirement plans pretax just like we can. We can let them deduct the interest paid on real estate but too bad if corps borrow operating capital. I could go on but you get the gist.
As Willard so eloquently put it recently, Corporations are People.