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We all know that the higher taxes are, the less productive the wealthy will be. We also know that cutting taxes increases revenue. So if we're serious about this debt problem why not cut spending AND taxes? If we cut taxes, more economic activity will take place meaning more taxable income.
Eliminate corporate taxes (corporate shareholders already pay personal income taxes, so why should they be double taxed, not to mention the fact that most corporate taxes are simply passed onto consumers.)
Eliminate capital gains taxes (why should people be punished for taking a risk?)
Eliminate payroll taxes
Eliminate all loopholes and deductions.
Institute a flat 15% income tax for all individuals.
Cause the math doesn't work out. While austerity measures make the impossible math situation worse, some things do need to be cut such as the TSA, Homeland Security, the completely illegitimate IMF and stop trying to be an empire. Empires go to Afghanistan to die and it looks like the United States may be another one sadly.
If only tax cuts increase revenue then we should be rolling in the dough compared to even 40 years ago.
Oh wait, our deficit didn't start really raising till we started slashing taxes (especially for the wealthy) during the Reagan years with supply side economics. Now we are even lower, and revenues have decreased and we are spending into deficits just to keep the lights on.
If only tax cuts increase revenue then we should be rolling in the dough compared to even 40 years ago.
Oh wait, our deficit didn't start really raising till we started slashing taxes (especially for the wealthy) during the Reagan years with supply side economics. Now we are even lower, and revenues have decreased and we are spending into deficits just to keep the lights on.
The deficit rose because we started deficit spending on a regular basis in the 80's. In other words, we went crazy with credit both privately and in government. We started the bad habit of spending money we didn't have.
When dealing w/ debt - there are two parts, revenues and expenditures. Both play a part in the equation.
We all know that the higher taxes are, the less productive the wealthy will be. We also know that cutting taxes increases revenue. So if we're serious about this debt problem why not cut spending AND taxes? If we cut taxes, more economic activity will take place meaning more taxable income.
Eliminate corporate taxes (corporate shareholders already pay personal income taxes, so why should they be double taxed, not to mention the fact that most corporate taxes are simply passed onto consumers.)
Eliminate capital gains taxes (why should people be punished for taking a risk?)
Eliminate payroll taxes
Eliminate all loopholes and deductions.
Institute a flat 15% income tax for all individuals.
Nonsense. The wealthy are not less productive if taxes increase. Cutting taxes at a time like now only leads to fewer resources being controlled by a smaller minority - and continue to erode the middle class. Flat rate tax programs don't make sense either - the law of diminishing marginal utility states that the only 'fair' system is a progressive one. Loopholes should be closed for corporations so they pay too.
It would be great to pay lower taxes, but the reality at the moment is that they have to be raised in conjunction with spending cuts - in your country and mine.
Funny how the people who have the least to give expect the most from the most productive minority. Just ignore the fact that the wealthy already pay the lions share, create the most jobs (eww) and keep things rolling. Yes, lets keep looking to them to pay our debts, while at the same time demonizing them. It certainly must be bliss.
Because if you cut taxes to zero, there is NO guarantee that companies or rich people would spend more or hire people.
GE paid NO taxes last year, made a $15 billion profit. So under your theory they should create jobs or at least in some way put that $15 billion back into the economy.
They didn't GE cut its workforce by 5.5% and pocketed the $15 billion.
Your idea is great IF companies reinvest their profits. They AREN'T doing it, even with NO taxes.
Nonsense. The wealthy are not less productive if taxes increase. Cutting taxes at a time like now only leads to fewer resources being controlled by a smaller minority - and continue to erode the middle class. Flat rate tax programs don't make sense either - the law of diminishing marginal utility states that the only 'fair' system is a progressive one. Loopholes should be closed for corporations so they pay too.
It would be great to pay lower taxes, but the reality at the moment is that they have to be raised in conjunction with spending cuts - in your country and mine.
You and many others do not understand that taxation alone does not factor into where resources end up. Whether the rich are taxed at 28% to 70%, the only effects are the rich keeps their money, or the government takes the money. That's all taxes can effect.
If the rich keep their money, it will be spent on luxuries (benefiting the people involved in those products), or a business (benefiting employees), or put in a bank or invested (benefiting people who work in those institutions). And of course, they are looking to increase their own bottom line, which is fine.
The top 1% already pays 30%-40% of all tax revenues and 50% pay nothing. It's already unfair for them.
If the government gets their money, they are responsible for how it is distributed. So if the rich are getting richer, maybe it's how the government is distributing the tax revenues.
Because even the Laffer Curve points out that at a certain point, revenues actually decline with the tax rate. It might be better to raise tax rates, they can always be cut again later. But the law of diminishing returns kicks in once you cut them too much.
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