On shrinking U.S. corporate tax base, presidential candidates differ sharplyWASHINGTON (Reuters) - The corporate income tax is a major revenue source for the U.S. government, but it has been shrinking for decades and the three main presidential candidates could not differ more dramatically on what to do about it. Republican Donald Trump and Democrats Hillary Clinton and Bernie Sanders have starkly contrasting plans, some more detailed than others, for taxing corporations. The tax paid by companies on their profits accounted for 30 percent of the U.S. federal tax base in the 1950s; last year, it was only 11 percent, Internal Revenue Service data show.  The decline, experts say, has many causes: loopholes that cut corporations’ taxes; a lower corporate tax rate; rising overseas profits that are lightly taxed; and a shift away from incorporation toward partnerships and other business structures that pay no corporate tax. Despite the dwindling corporate tax base, Trump, the Republicans’ presumptive nominee for the Nov. 8 election, wants to ease the burden on companies by slashing the corporate tax rate to 15 percent from 35 percent. In this regard, he shares the same view as most Republicans. Trump, a real estate developer, has described his proposals as revenue neutral, saying reduced tax rates would be paid for by eliminating some tax breaks and repatriating corporate cash held overseas. However, the Tax Policy Center, a centrist tax research group in Washington, said that under Trump’s plan, corporate income tax revenues would fall $1.9 trillion from 2016 to 2026. A cut on that scale would hugely expand the federal budget deficit, unless severe budget cuts or alternative tax hikes were also made, the center said. Steven Rosenthal, a Tax Policy Center senior fellow, said Trump’s plan is a standard business-focused approach, but “the drafting is incomplete, so we can’t tell exactly what he’s thinking.”   A Trump campaign spokeswoman pointed to the proposals on the campaign website but declined to comment further. Republicans generally support corporate income tax cuts because, they say that would help corporations compete globally. In addition, some question the validity of the tax, which they say is passed on to consumers and investors. “Taxing businesses is the Democrats’ version of manna from heaven: someone else supposedly is paying for the government. But all citizens are hurt through lower growth, higher prices, lower wages,” said Grover Norquist, a Republican tax activist. “Taxes should be transparent. It should be clear who is paying them. The corporate income tax is designed to hide the tax burden,” said Norquist, president of Americans for Tax Reform, a small-government group that opposes tax increases. Democrats tend to view the corporate income tax as a fair levy on businesses that benefit from the security, services and infrastructure provided by government. Corporations have been taxed by Washington since 1909. Clinton, a former secretary of state and the front-runner for the Democratic nomination, has not promised a corporate tax cut. Like Trump, she has called for closing loopholes that corporations use to avoid taxes. But unlike Trump, her plan would raise corporate tax revenues by $136 billion over 10 years, the Tax Policy Center said. Clinton spokesman Jesse Ferguson said the candidate’s proposals “go further to prevent the erosion of the corporate tax base by ensuring corporations pay their fair share.” But the Clinton campaign has yet to release its full plan. Sanders, a U.S. senator from Vermont challenging Clinton for the Democratic nomination, would make more drastic changes and boost the corporate tax take by $1 trillion in the same decade, mostly by raising taxes on overseas profits, according to the Tax Policy Center. “Virtually all of the revenue raised by Senator Sanders’ corporate tax plan would come from large, multinational corporations that have shifted their profits offshore to avoid taxes,” said Sanders policy adviser Warren Gunnels.  The question of whether businesses pay their fair share of taxes strikes a chord with Americans on the campaign trail. An April Gallup poll found 67 percent of U.S. adults said corporations do not pay enough tax.    Since the mid-1950s, income tax receipts from individuals  have held steady at 40-50 percent of federal revenues, while payroll taxes, deducted from the paychecks of wage-earners, have soared to 34 percent last year from 5-10 percent in the 1950s. Meanwhile, Congress has steadily reduced the corporate tax rate, now 35 percent. That is down from 46 percent in 1986, and 52 percent in 1956. Over that period, corporations have also carved out various loopholes that let them avoid paying the full rate.  The corporate tax applies only to incorporated businesses, while other business structures have been gaining in popularity. In 2003, the share of U.S. business income generated by incorporated companies fell below the share made by partnerships and other kinds of companies that pay no corporate tax.  Whatever candidates may say on the campaign trail, no changes can occur without agreement by Congress. And despite years of talk about the importance of tax reform, neither President Barack Obama nor lawmakers on Capitol Hill have been able to agree on a reform agenda that many say is needed to boost the economy and bring sanity to a tax code of Byzantine complexity. politicsNews
on shrinking corporate tax base presidential candidates differ sharplywashington reuters the corporate income tax major revenue source government shrinking decades three main presidential candidates could differ dramatically republican donald trump democrats hillary clinton bernie sanders sharply contrasting plans detailed others taxing corporations the tax paid companies profits accounted percent federal tax base last year percent internal revenue service data show the decline experts say many causes loopholes cut corporations taxes lower corporate tax rate rising overseas profits lightly taxed shift away incorporation toward partnerships business structures pay corporate tax despite dwindling corporate tax base trump republicans presumptive nominee election wants ease burden companies slashing corporate tax rate percent percent in regard shares view republicans trump real estate developer described proposals revenue neutral saying reduced tax rates would paid eliminating tax breaks repatriation corporate cash held overseas however tax policy center centrist tax research group washington said trump plan corporate income tax revenues would fall trillion a cut scale would hugely expand federal budget deficit unless severe budget cuts alternative tax hikes also made center said steven rosenthal tax policy center senior fellow said trump plan standard approach drafting incomplete tell exactly a trump campaign spokeswoman pointed proposals campaign website declined comment republicans generally support corporate income tax cuts say would help corporations compete globally in addition question validity tax say passed consumers investors taxing businesses democrats version manga heaven someone else supposedly paying government but citizens hurt lower growth higher prices lower wages said grove norquist republican tax activist taxes transparent it clear paying the corporate income tax designed hide tax burden said norquist president americans tax reform group opposes tax increases democrats tend view corporate income tax fair levy businesses benefit security services infrastructure provided government corporations taxed washington since clinton former secretary state democratic nomination promised corporate tax cut like trump called closing loopholes corporations use avoid taxes but unlike trump plan would raise corporate tax revenues billion years tax policy center said clinton spokesman jesse ferguson said candidate proposals go prevent erosion corporate tax base ensuring corporations pay fair but clinton campaign yet release full plan sanders senator vermont challenging clinton democratic nomination would make drastic changes boost corporate tax take trillion decade mostly raising taxes overseas profits according tax policy center virtually revenue raised senator sanders corporate tax plan would come large multinational corporations shifted profits offshore avoid taxes said sanders policy adviser warren tunnels the question whether businesses pay fair share taxes strikes chord americans campaign trail an april gallon poll found percent adults said corporations pay enough tax since income tax receipts individuals held steady percent federal revenues payroll taxes deducted paychecks soared percent last year percent meanwhile congress steadily reduced corporate tax rate percent that percent percent over period corporations also carved various loopholes let avoid paying full rate the corporate tax applies incorporated businesses business structures gaining popularity in share business income generated incorporated companies fell share made partnerships kinds companies pay corporate tax whatever candidates may say campaign trail changes occur without agreement congress and despite years talk importance tax reform neither president barack obama lawmakers capitol hill able agree reform agenda many say needed boost economy bring sanity tax code byzantine complexity politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: On shrinking U.S. corporate tax base, presidential candidates differ sharplyWASHINGTON (Reuters) - The corporate income tax is a major revenue source for the U.S. government, but it has been shrinking for decades and the three main presidential candidates could not differ more dramatically on what to do about it. Republican Donald Trump and Democrats Hillary Clinton and Bernie Sanders have starkly contrasting plans, some more detailed than others, for taxing corporations. The tax paid by companies on their profits accounted for 30 percent of the U.S. federal tax base in the 1950s; last year, it was only 11 percent, Internal Revenue Service data show.  The decline, experts say, has many causes: loopholes that cut corporations’ taxes; a lower corporate tax rate; rising overseas profits that are lightly taxed; and a shift away from incorporation toward partnerships and other business structures that pay no corporate tax. Despite the dwindling corporate tax base, Trump, the Republicans’ presumptive nominee for the Nov. 8 election, wants to ease the burden on companies by slashing the corporate tax rate to 15 percent from 35 percent. In this regard, he shares the same view as most Republicans. Trump, a real estate developer, has described his proposals as revenue neutral, saying reduced tax rates would be paid for by eliminating some tax breaks and repatriating corporate cash held overseas. However, the Tax Policy Center, a centrist tax research group in Washington, said that under Trump’s plan, corporate income tax revenues would fall $1.9 trillion from 2016 to 2026. A cut on that scale would hugely expand the federal budget deficit, unless severe budget cuts or alternative tax hikes were also made, the center said. Steven Rosenthal, a Tax Policy Center senior fellow, said Trump’s plan is a standard business-focused approach, but “the drafting is incomplete, so we can’t tell exactly what he’s thinking.”   A Trump campaign spokeswoman pointed to the proposals on the campaign website but declined to comment further. Republicans generally support corporate income tax cuts because, they say that would help corporations compete globally. In addition, some question the validity of the tax, which they say is passed on to consumers and investors. “Taxing businesses is the Democrats’ version of manna from heaven: someone else supposedly is paying for the government. But all citizens are hurt through lower growth, higher prices, lower wages,” said Grover Norquist, a Republican tax activist. “Taxes should be transparent. It should be clear who is paying them. The corporate income tax is designed to hide the tax burden,” said Norquist, president of Americans for Tax Reform, a small-government group that opposes tax increases. Democrats tend to view the corporate income tax as a fair levy on businesses that benefit from the security, services and infrastructure provided by government. Corporations have been taxed by Washington since 1909. Clinton, a former secretary of state and the front-runner for the Democratic nomination, has not promised a corporate tax cut. Like Trump, she has called for closing loopholes that corporations use to avoid taxes. But unlike Trump, her plan would raise corporate tax revenues by $136 billion over 10 years, the Tax Policy Center said. Clinton spokesman Jesse Ferguson said the candidate’s proposals “go further to prevent the erosion of the corporate tax base by ensuring corporations pay their fair share.” But the Clinton campaign has yet to release its full plan. Sanders, a U.S. senator from Vermont challenging Clinton for the Democratic nomination, would make more drastic changes and boost the corporate tax take by $1 trillion in the same decade, mostly by raising taxes on overseas profits, according to the Tax Policy Center. “Virtually all of the revenue raised by Senator Sanders’ corporate tax plan would come from large, multinational corporations that have shifted their profits offshore to avoid taxes,” said Sanders policy adviser Warren Gunnels.  The question of whether businesses pay their fair share of taxes strikes a chord with Americans on the campaign trail. An April Gallup poll found 67 percent of U.S. adults said corporations do not pay enough tax.    Since the mid-1950s, income tax receipts from individuals  have held steady at 40-50 percent of federal revenues, while payroll taxes, deducted from the paychecks of wage-earners, have soared to 34 percent last year from 5-10 percent in the 1950s. Meanwhile, Congress has steadily reduced the corporate tax rate, now 35 percent. That is down from 46 percent in 1986, and 52 percent in 1956. Over that period, corporations have also carved out various loopholes that let them avoid paying the full rate.  The corporate tax applies only to incorporated businesses, while other business structures have been gaining in popularity. In 2003, the share of U.S. business income generated by incorporated companies fell below the share made by partnerships and other kinds of companies that pay no corporate tax.  Whatever candidates may say on the campaign trail, no changes can occur without agreement by Congress. And despite years of talk about the importance of tax reform, neither President Barack Obama nor lawmakers on Capitol Hill have been able to agree on a reform agenda that many say is needed to boost the economy and bring sanity to a tax code of Byzantine complexity. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: on shrinking corporate tax base presidential candidates differ sharplywashington reuters the corporate income tax major revenue source government shrinking decades three main presidential candidates could differ dramatically republican donald trump democrats hillary clinton bernie sanders sharply contrasting plans detailed others taxing corporations the tax paid companies profits accounted percent federal tax base last year percent internal revenue service data show the decline experts say many causes loopholes cut corporations taxes lower corporate tax rate rising overseas profits lightly taxed shift away incorporation toward partnerships business structures pay corporate tax despite dwindling corporate tax base trump republicans presumptive nominee election wants ease burden companies slashing corporate tax rate percent percent in regard shares view republicans trump real estate developer described proposals revenue neutral saying reduced tax rates would paid eliminating tax breaks repatriation corporate cash held overseas however tax policy center centrist tax research group washington said trump plan corporate income tax revenues would fall trillion a cut scale would hugely expand federal budget deficit unless severe budget cuts alternative tax hikes also made center said steven rosenthal tax policy center senior fellow said trump plan standard approach drafting incomplete tell exactly a trump campaign spokeswoman pointed proposals campaign website declined comment republicans generally support corporate income tax cuts say would help corporations compete globally in addition question validity tax say passed consumers investors taxing businesses democrats version manga heaven someone else supposedly paying government but citizens hurt lower growth higher prices lower wages said grove norquist republican tax activist taxes transparent it clear paying the corporate income tax designed hide tax burden said norquist president americans tax reform group opposes tax increases democrats tend view corporate income tax fair levy businesses benefit security services infrastructure provided government corporations taxed washington since clinton former secretary state democratic nomination promised corporate tax cut like trump called closing loopholes corporations use avoid taxes but unlike trump plan would raise corporate tax revenues billion years tax policy center said clinton spokesman jesse ferguson said candidate proposals go prevent erosion corporate tax base ensuring corporations pay fair but clinton campaign yet release full plan sanders senator vermont challenging clinton democratic nomination would make drastic changes boost corporate tax take trillion decade mostly raising taxes overseas profits according tax policy center virtually revenue raised senator sanders corporate tax plan would come large multinational corporations shifted profits offshore avoid taxes said sanders policy adviser warren tunnels the question whether businesses pay fair share taxes strikes chord americans campaign trail an april gallon poll found percent adults said corporations pay enough tax since income tax receipts individuals held steady percent federal revenues payroll taxes deducted paychecks soared percent last year percent meanwhile congress steadily reduced corporate tax rate percent that percent percent over period corporations also carved various loopholes let avoid paying full rate the corporate tax applies incorporated businesses business structures gaining popularity in share business income generated incorporated companies fell share made partnerships kinds companies pay corporate tax whatever candidates may say campaign trail changes occur without agreement congress and despite years talk importance tax reform neither president barack obama lawmakers capitol hill able agree reform agenda many say needed boost economy bring sanity tax code byzantine complexity politicsnews