raise personal income tax, lower corporate tax

Discussion in 'Economy' started by mbilodeau21, Aug 29, 2012.

  1. mbilodeau21
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    mbilodeau21 Rookie

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    I'm just curious as to why we can't work out a non-partisan solution to the deficit. I feel like the most fair thing would be to add more brackets to the current progressive individual income tax. Thinking something like 45% for people making over 1MM, and maybe 50% for people making over 10MM?

    At the same time, we could reduce the corporate tax rate from top level of 35% to something more competitive like Romney's 25% or maybe even lower depending on what true blue economists think.

    I just think that this solution would make both political parties at least somewhat happy, it would help reduce the deficit by increasing growth, the lowered corporate tax rate would reduce corporations leaving the US, and the reduced tax companies would have more income to spend on jobs and investments.

    The only people that would really stand to not benefit from this are the extremely wealthy, and even they would be benefiting from the lowered corporate tax as it would likely increase their salaries. I just say better to tax the individual than the corporation, because individuals rarely create jobs, corporations do all of the time.

    Anyone have any ideas on why this is a bad idea? I don't pretend to know if it is a good one or not, just seems logical to me.
     
  2. uscitizen
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    uscitizen Senior Member

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    A better soloution.
    A pure flat rate personla income tax with no deductions.
    A flat rate corporate tax as well.
     
  3. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    An even better solution: CUT THE FUCKING SPENDING!

    Jesus H. Christ, we're having deficits in excess of a trillion dollars a year and the liberals want to try for an extra 70 billion in more revenue.
     
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  4. Warrior102
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    Warrior102 Gold Member

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    All you Libberhoids screaming for higher taxes ---

    Put your money where your dicksucker is.

    Whip out the checkbook and stroke the IRS a fucking check.

    $5,000 would be a good start.

    Lead by example, for once. Your Commander-In-Chump sure as hell isn't.

    Get cracking, asswipes.
     
  5. uscitizen
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    uscitizen Senior Member

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    I figure a pure flat personal income tax would be about 15%. And would be on ALL earned income.
    There would be none on inheritance nor gifts from immediate family.
    There would also be no deductions.

    Australia has a flat 20% corporate income tax that seems to work pretty well.
     
  6. Warrior102
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    Warrior102 Gold Member

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    Hey stupid...

    Income tax is levied upon 3 sources of income for individual taxpayers: personal earnings (such as salary and wages), business income and capital gains. Collectively these three sources of income tax account for 66% of federal government revenue and 57% of total revenue across the three tiers of government.[citation needed]

    Income received by individuals is taxed at progressive rates, while income derived by companies is taxed at a flat rate of 30%. Generally, capital gains are only subject to tax at the time the gain is realised. Income tax is collected by the Australian Taxation Office for the Government of Australia.

    In Australia the financial year runs from 1 July to 30 June of the following year.

    Income tax is applied to the taxable income of a taxable entity. Taxable income is calculated, in a broad sense, by applying allowable deductions against the income of a taxable entity.
     
  7. uscitizen
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    uscitizen Senior Member

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    Personal income is personal income regardless of the source and shoul all be taxed the same. Unless it is a Veterans pension, SS or somesuch.
     
  8. uscitizen
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    uscitizen Senior Member

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    Also with a pure flat personal income tax with no deductions you could get smaller govt, around 80% less personnel in the IRS.
     
  9. mbilodeau21
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    mbilodeau21 Rookie

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    Well, this forum was a mistake. Warrior102 (really tough name), next time try improving your argument instead of resorting to calling people who actually pose an interesting theory, like uscitizen, names. You sir are everything that is wrong with America, instead of creating an original idea or using facts, you instead rely on the partisan political bs that every uneducated buffoon uses to try to sound like the have an idea of what they're talking about.

    For the record, the corporate income tax is 35% not 30%, next time maybe use a google search before you pretend to know what you're talking about. Also, sweet tats dude, I'm sure you're in one of the high tax-brackets that keep this country running yourself.

    Get a life.
     
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  10. mbilodeau21
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    mbilodeau21 Rookie

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    like seriously, why on earth did you feel the need to include when the fiscal year in Australia runs? What on earth does that have to do with anything being discussed?
     

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