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I'm alright with cutting corporate taxes, which are somewhat high. We need to get that in line with other countries so our companies can be competitive without having to waste resources strategizing around those taxes.
That part should be separated out.
I'm open to discussing streamlining deductions.
Otherwise I don't see much merit on the tax plan. I'll be interested to see the CBO score. If it explodes the deficit, which seems quite likely, I won't be in support. If we're going to increase the deficit & debt, it needs to be worth it, not just so the rich can save more money.
I feel that the politicians should tackle these issues separately and one at a time: the corporate tax the estate tax, the big deductions.
You can't have corporate tax reform until you fix the individuals/structures that they're passing their income to first.
As i have been saying, those with incomes above $75k are hardly wealthy
You asked why the Obama tax cuts were so successful. I told you why. Your personal and phony political sob-stories are not of any relevance in that at all.
Tax reform should be an ongoing exercise as the structure and performance of the economy change over time. Raping other people in order to hand more and more money to mega-corporations and the uber-wealthy should never occur, no matter how slick their propagandists are.
Today individuals with the top 1% of income pay 39% of all income taxes.
Considering they own more wealth than the bottom 90% of the country, that seems okay. Plus I doubt they actually pay them with all the loopholes that have. Look at Trump, he all but admitted he hasn't paid taxes in 20 years, except for the year he had to when he was trying to get Melania citizenship.
I love how they make out like getting rid of the estate taxes is "for the farmers".
As it stands now and is written now, those between $50,000 and $99,000 annual income will get a tax increase, and the bottom gets an increase. And we will all pay for it in increased property taxes when they start starving the states for money to try to pay for it. So I will end up paying more in at least 2 ways.
It's not fraud or tax evasion when Congress gives you choices about how to treat depreciation for tax purposes. The tax department is surely full of intelligent, sophisticated, and hard-working people. Their job is not merely compliance, but also tax strategy.
Which is precisely why we should completely eliminate the Corporate Federal Income Tax. Zero it out. Then all of those intelligent, sophisticated hard-working people you reference can be laid off, as well as the IRS employees who audit them.
Then, to make up the $300 Billion or so in revenue currently collected from corporations, just raise personal income tax rates on the affluent such as me. Make the rates as progressive as you like.
Net-net everyone is better off: corporations don't need to jump through expensive & extensive hoops planning their tax affairs, and the future unemployed tax professionals can find ways to actually contribute to GDP.
Which is precisely why we should completely eliminate the Corporate Federal Income Tax. Zero it out. Then all of those intelligent, sophisticated hard-working people you reference can be laid off, as well as the IRS employees who audit them.
Then, to make up the $300 Billion or so in revenue currently collected from corporations, just raise personal income tax rates on the affluent such as me. Make the rates as progressive as you like.
Net-net everyone is better off: corporations don't need to jump through expensive & extensive hoops planning their tax affairs, and the future unemployed tax professionals can find ways to actually contribute to GDP.
The corporations would love to withhold dividends and hold profits tax free to grow. People think the wealthy and large multinationals have it good now? Your...."plan" would be an unending party. I'm rich already? Let me create a shell corporation to hold the profits indefinitely and reinvest it while pushing my wealth to the stratosphere.
Two thirds of corporate profits passed on through dividends go out into tax exempt organizations or tax deferred retirement accounts. You think raising the personal income tax will account for that? I didn't think so. Unless you want to tax the minority personal investment into the ground, which seems like an awful idea.
No sane congressman would touch that idea with a 10,000 foot pole.
Oh, and tax services count towards the goods and services in GDP. Driving compliance, maintaining a fair tax system, and allocating a companies resources efficiently creates tremendous value.
Which is precisely why we should completely eliminate the Corporate Federal Income Tax. Zero it out. Then all of those intelligent, sophisticated hard-working people you reference can be laid off, as well as the IRS employees who audit them.
Then, to make up the $300 Billion or so in revenue currently collected from corporations, just raise personal income tax rates on the affluent such as me. Make the rates as progressive as you like.
Net-net everyone is better off: corporations don't need to jump through expensive & extensive hoops planning their tax affairs, and the future unemployed tax professionals can find ways to actually contribute to GDP.
You would still need the IRS to avoid people using their business as a check book. The number of people I know who have yachts cars and homes owned by their business to avoid taxes is already staggering I could only imagine what 0 corporate tax would do.
Lets see I run a midsize business do i want to pay income tax and buy a car or pay no tax and have my company buy me a car?
You asked why the Obama tax cuts were so successful. I told you why. Your personal and phony political sob-stories are not of any relevance in that at all.
i wish they were phony, and what brings your comments such truth? you quoted nothing except your opinion on the success of the obama tax cuts, and now you are resorting to derogatory comments to make your point, which btw is not a good debate strategy. obama’s tax cuts could hardly be called that as the majority of those making less than $75k are not paying much tax to begin with so i dont see how that “tax cuts” could have much impact to the economy. could you provide some actual data? and so nice of you to snark on our family’s financial struggles.
Which is precisely why we should completely eliminate the Corporate Federal Income Tax. Zero it out. Then all of those intelligent, sophisticated hard-working people you reference can be laid off, as well as the IRS employees who audit them.
Then, to make up the $300 Billion or so in revenue currently collected from corporations, just raise personal income tax rates on the affluent such as me. Make the rates as progressive as you like.
Net-net everyone is better off: corporations don't need to jump through expensive & extensive hoops planning their tax affairs, and the future unemployed tax professionals can find ways to actually contribute to GDP.
And how do you propose taxing personal income to make up for corporate income? US has worldwide taxation on corporations. The closest analog would be raising capital gains taxes and (probably) setting a heightened tax on dividends. And guess what result? Corporations decrease dividend payments and management gains even greater autonomy from shareholders than it already has. Oh yeah, and you invite high net worth individuals to relocate on paper to untaxed jurisdictions, from where those capital gains and dividend taxes are unreached.
Quote:
Originally Posted by Thatsright19
The corporations would love to withhold dividends and hold profits tax free to grow. People think the wealthy and large multinationals have it good now? Your...."plan" would be an unending party. I'm rich already? Let me create a shell corporation to hold the profits indefinitely and reinvest it while pushing my wealth to the stratosphere.
Two thirds of corporate profits passed on through dividends go out into tax exempt organizations or tax deferred retirement accounts. You think raising the personal income tax will account for that? I didn't think so. Unless you want to tax the minority personal investment into the ground, which seems like an awful idea.
No sane congressman would touch that idea with a 10,000 foot pole.
Oh, and tax services count towards the goods and services in GDP. Driving compliance, maintaining a fair tax system, and allocating a companies resources efficiently creates tremendous value.
Yeah, seriously.
Quote:
Originally Posted by East of the River
You would still need the IRS to avoid people using their business as a check book. The number of people I know who have yachts cars and homes owned by their business to avoid taxes is already staggering I could only imagine what 0 corporate tax would do.
Lets see I run a midsize business do i want to pay income tax and buy a car or pay no tax and have my company buy me a car?
i dont think it cuts taxes enough for the rich......we soak the upper middle and upper classes too much with taxes.
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