Should corporate income tax be raised?

Luis (No)

While many believe corporate taxes should be raised to bring economic justice and prevent big companies from engaging in borderline corrupt activities, this measure should not be taken as it has some collateral damage that could affect the country's economy. After all, raising corporate taxes might discourage investment in new infrastructure, technology, or equipment that could eventually help the company grow and become a more competitive player in the market.

In addition, this measure will inevitably exacerbate job loss as collateral damage. As seen in different nations worldwide, when corporate taxes are raised, many companies decide to get out of the country and relocate to nations with lower taxes where they can operate in a less hostile fiscal environment.

Also, raising corporate taxes can quickly slow down the country's economic growth. After all, this measure reduces the amount of money companies and businesses have available to invest in innovation and expansion, which can sometimes lead to bankruptcy. Moreover, raising corporate taxes amounts to double taxation, considering that companies and businesses will have to pay more taxes on their profits, with shareholders having to pay taxes one more time on their capital gains or dividends. 

Finally, this measure represents a massive hit for small businesses as they don't have the same financial muscle as large corporations to resist the costs of higher taxes, which puts them in the unfair situation of being unable to compete. While every company should pay a fair amount of taxes, raising corporate taxes will do more harm than good.

Andrew (Yes)

The corporate tax rate dropped to its lowest rate since 1939 under former president Trump. Conservative politicians, from Reagan to Trump, have tried to convince average Americans that allowing corporations to do essentially whatever they please while paying virtually no tax would eventually 'trickle down' to the rest of us. The jury is in, however; as corporate tax rates have shriveled to historic lows, income inequality has hit its peak. The middle class has been hollowed out, and more Americans are living precariously than is acceptable, considering the levels of wealth generated in our nation. One thing is clear: offering low tax rates to generate better-paying jobs doesn't work. Corporations are more interested in stock buybacks and executive bonuses than investing in the communities where they extract their wealth. It's time they pay their fair share. Ironically, by hollowing out middle-class wealth, corporations are limiting their customers' buying power, ultimately jeopardizing future sustainability.

Corporate consolidation and net-driven monopolization have seen companies like Amazon and Walmart dominate many business sectors, using their size to bully local competitors out of business. If this process is to be allowed, we must receive something in exchange for allowing this type of corporate wealth to be generated. If mega-corporations continue to crush many small-town businesses, we must require them to provide a social safety net for the many regular middle-class jobs they will eliminate. Amazon, in particular, has a proven track record of displacing workforces by forcing small businesses to fold and then vacuuming up local workers to work in poor, underpaid conditions in their fulfillment centers. Higher corporate taxes are necessary, as they will offset extractive corporate greed.