Corporation - Do they pay their own Way?
Paul Young
Experience Senior Financial Planning, Analysis and Reporting SME seeking P/T or F/T job.
Allot is written that corporations do not pay their share of taxes. The argument has always been made by either unions or people that support socialism principles.
The bottom line is Corporation pay many time of taxes like the following:
- Property Taxes (support areas like education, waste management, public safety)
- Payroll taxes (social security, WSIB, unemployment insurance)
- Consumption Taxes
- Corporate Tax
- Custom and Excise Taxes
- Environmental Regulatory mandates (cost to be in compliance with environmental standards.
What does government do? Government establishes the tax code that allows for deduction like capital cost allowance, R&D, Meals and Entertainment (50%), etc.
It should also be noted the role of government is set policies that encourage economic growth.