Sounds like both parties agree on this one:
The nation's tax laws are packed with breaks for people at every income level. There are breaks for having children, paying a mortgage, going to college, and even for paying other taxes.
The sheer volume of credits, deductions and exemptions has both Democrats and Republicans calling for tax laws to be overhauled. House Republicans want to eliminate breaks to pay for lower overall rates, reducing the top tax rate from 35 percent to 25 percent.
President Barack Obama said last week he wants to do away with tax breaks to lower the rates and to reduce government borrowing.
Let's get 'er done.
Did I spot you in this video Genpop?
http://www.theblaze.com/stories/cont...a-party-rally/
Don't ya just love how the big-government-loving-libs cry like babies when people, businesses, organizations, whatever, simply follow the tax code and take advantage of "loopholes" or however you care to classify it?
Let's see....a rich guy reads the tax code, follows the law....as written by the federal gov...and gets deductions...then! OMG! some moronic libs come along and scream: "Not fair! that rich dude is adhering to tax laws!" Someone do something!
I lean toward a simple, flat tax, with an exemption on the first $20K of income, or $30K, or wherever the line can be drawn. That way, some folks won't pay anything, some not much... The rate? Again, not sure what it should be. Would have to do an analysis. But, I've heard 10% most often used.
For businesses, and those who invest in business, directly/indirectly. And yes! many current jobs are the result of people....not just the so-called "rich"...making investments.
Taxes are just one issue. Taxes can wreck an economy, if they become too high and instrusive. There will be no, or little, incentive to risk capital if the entrepreneur is gonna have the fruits of his venture confiscated thru high taxes. Or! that entrepreneur will go where the tax burden is reduced.
Right now, in this stagflated economy, lowering taxes WILL have a positive effect, but not sure how much of one. Some (most?) businessmen might take a tax reduction and put it into their war chest, a hedge against worse times to come. Can't say I can blame them. I am being way more conservative, shoring up savings, making less investments. I fear huge tax hikes and don't want to get caught trying to make a recent investment pan out in such an uncertain economic environment as this.
But, yes, a tax cut will pour more disposable income into the economy, helping to break up stagflation....from the demand side, which will drive supply side (eventually). Any tax increase of significance will hurt the very fragile "recovery" from the recent recession.
What our economy needs is "certainty." And that is the least likely thing to occur...anytime soon.
Now for the rest of the story - the top 400 taxpayers paid $4.6 billion in tax in 1992 and $14.4 billion in 2007. Lower capital gains and dividend rates are the primary reason.
http://www.taxpolicycenter.org/taxfa...60&Topic2id=48
What's also funny is these rich folks that are in favor of paying more tax. Nothing is stopping them from doing that now, they can pay as much as they want.
So... are the almost half of Americans that are paying no federal income tax paying their "fair share"? Seems like we are picking the wrong scapegoat here. The fact that the richest Americans are paying almost double the income tax rate as the average taxpayer is also criminal.
Jordan Mills on choosing Tech:
“It’s a great experience seeing them play. It was a good atmosphere. The fans stood up the whole game and never sat down. They have a great fan base.”
No one is going to risk investment with Obama declaring that he wants to increase the rate for families making over $250k. People look beyond the present year when they decide how to invest.
Jordan Mills on choosing Tech:
“It’s a great experience seeing them play. It was a good atmosphere. The fans stood up the whole game and never sat down. They have a great fan base.”