A Plan Democrats Should Endorse

Discussion in 'Economy' started by PoliticalChic, Aug 13, 2012.

  1. PoliticalChic
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    PoliticalChic Diamond Member

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    1. Cut corporate taxes. Currently, we have the first or second highest business tax rate in the world, with a federal of 35% plus a state that brings it to 40%-45%. Funny how much of the world outside of the US has learned from Reaganomics. “As of Apr. 1, we now have the highest corporate tax rate of all the industrialized nations in the world.” We need a lower corporate tax rate | The Great Debate nnb


    2. Democrats propose increasing capital gains tax rates by 66%...rather, we should match China, and abolish capital gains taxes altogether, both for individuals and for corporations. With the current double-taxing of capital income, we discourage the venture capital that feeds start-ups and creates jobs. “Most developed countries provide relief from the double tax on corporate profits because it distorts important economic decisions that waste economic resources and adversely affect economic performance…” http://www.theasi.org/assets/EY_ASI...nternational_Comparison_Report_2012-02-03.pdf

    a. Just these two measures alone would make America the most desirable country in the world in which to invest and start a business.




    3. Next, cut federal payroll taxes by 50% for a period of not less than two years, and follow with a permanent personal account option for a portion of younger worker’s payroll taxes. Workers opting for the personal accounts must be guaranteed that they will get at least as much as Social Security promises today….so they cannot lose by choosing the option.


    4. Abolish the death tax, admitting that workers already pay considerable taxes on money saved over their lifetime.

    5. There should be immediate expensing for 100% of new equipment purchases by businesses. Such a write-off would lead to massive investment in new machinery.




    6. End the regressive energy tax policies endorsed by Democrats, allowing the production of low-cost, reliable energy supplies from American sources.


    7. And, we must always remember that entrepreneurship is the audacity, perseverance, and competence that turn an individual into a creator, whether of wealth, science, technology, or military success….and we must honor it.
    Covered in chapter 12 of Gingrich's "To Save America."




    BTW....today is the anniversary of FDR's signing of the Social Security Act....1935.
    Time for a reformation.
     
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  2. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    I can't see Liberals agreeing to any of that. Even danging the carrot stick of "China is doing it" won't help.
     
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  3. Zander
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    Zander Platinum Member

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    I'd like to see a spending freeze for 5 years. No cuts required - just a freeze. No increases to any government spending program for 5 years. And if we eliminate unneeded programs we could allow COLA adjustments for Social Security recipients.

    We need to allow the economy catch up to the massive Obama spending. We are collecting 16% of GDP in taxes and spending about 24% - it is unsustainable.
     
  4. Moonglow
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    Moonglow Diamond Member

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    http://www.nytimes.com/2011/05/03/business/economy/03rates.html
     
  5. Moonglow
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    Moonglow Diamond Member

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  6. Moonglow
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    Moonglow Diamond Member

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    Focus: US corporate tax | The Economist
     
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  7. Moonglow
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    Moonglow Diamond Member

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    I am all for cutting taxes, but first let us stop deductions that let companies avoid paying taxes.
     
  8. AmyNation
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    AmyNation Road Warrior Supporting Member

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    I wouldnt be opposed to tax cuts if you also cut tax loopholes.
     
  9. Mad Scientist
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    I think you guys are missing something. Corporations WRITE the tax codes that Congress passes so naturally there are loopholes and exemptions for themselves. Don't believe me? Just look at where Obama's Cabinet Members come from.

    Just like the Insurance Industry wrote ObamaCare.
     
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  10. PoliticalChic
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    PoliticalChic Diamond Member

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    I must say, drop-draws that you always bring something to the table!

    Bravo!


    Corporate tax is imposed in the United States at the Federal, most state, and some local levels on the income of entities treated for tax purposes as corporations. Federal tax rates on corporate taxable income vary from 15% to 35%. State and local taxes and rules vary by jurisdiction, though many are based on Federal concepts and definitions. Taxable income may differ from book income both as to timing of income and tax deductions and as to what is taxable. Corporations are also subject to a Federal Alternative Minimum Tax and alternative state taxes….Wyoming has no corporate tax, and several states go up to almost 10%/ (Iowa is 12%) Corporate tax in the United States - Wikipedia, the free encyclopedia
     

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