Thank you! Don't forget to confirm subscription in your email.
You don't get gushers of revenue by raising tax rates. You get it through expansion.
Tax rates should never be raised in some brackets without being raised in all brackets.
Corporate tax reform is nice in theory but tough in practice. It most likely requires lower tax rates and the closing of loopholes, which many companies are sure to fight. And whatever new, lower tax rate is determined, there will probably be another country willing to lower its rate further, creating a sad race to zero.
Barack Obama is not Harry Truman, who dropped the A-bomb on Japan to stop World War II. Barack Obama is not John F. Kennedy, who lowered marginal tax rates to get economic growth and job creation. Barack Obama and the far left, they are a completely different ball of wax.
I like Ronald Reagan, who didn't play crass politics, and he just articulated and delivered on broad themes that were needed. Free markets meant free markets. Deregulation. Lower tax rates. Strong national defense. And he was credible and believable.
Broaden the tax base, close loopholes and flatten the tax rates - all of which would bring more revenue stability and certitude to projections as well as make filing a comparable breeze.
We are all are equal, but some pay higher tax rates than others.
In a perfect world we would bring corporate tax rates down to 25% or less so we can get competitive in the world economy. Ultimately, I would love to see a flat tax.
The real goal should be reduced government spending, rather than balanced budgets achieved by ever rising tax rates to cover ever rising spending.
I really do believe most people understand raising tax rates is bad for the economy, it costs jobs. It actually in the long term undermines revenue.