S class corporations are often times exempt from paying both state and federal income tax’s. Henceforth, subchapter S of chapter 1 of the Internal Revenue Code should be reformed to close this loophole.
Multinationals whom operate in high-tax foreign countries automatically receive tax credits, and benefit from a loophole dealing with inventory property sales. Henceforth, subchapter N of chapter 1 of the Internal Revenue Code should be reformed to close this loophole.
High-income investors and corporations are often exempt from paying tax’s on the interest rate of state and local bonds. Henceforth section 103 of the Internal Revenue Code should be reformed to close this loophole.
Pharmaceutical companies, and large Agricultural conglomerates benefit from a 20% tax credit, they don’t need. Henceforth, section 41 of the Internal Revenue Code should be reformed to no longer include this tax break to large companies.
Food and Agriculture conglomerates often benefit from an alcohol fuel credit. Henceforth, subchapter B of chapter 65 should be reformed.
Multinational companies often avoid paying taxes because of the “Deferral of income from controlled foreign corporations rule”. Henceforth, subchapter N of chapter 1 should have the language of subpart F reformed in order to close this loophole.
Finally, conservatives like to point out that the United States has the highest corporate tax rate in the world. This is indeed correct, but often time’s corporations pay very little in taxes because of the various loopholes that benefit them.