Word: taxed
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Encouraged by the triumph of dogma over economic reason on the health care front, the Republicans are taking the battle to taxation. These days, anything goes when you’re cutting taxes, but tax increases are virtually taboo. Even reversing recent cuts is portrayed as supporting high taxes. As Bush told Congress in his State of the Union speech, “The tax reductions you passed are set to expire...Unless you act, Americans face a tax increase.” In the face of the $4 trillion of deficits the Congressional Budget Office projects for the decade...
Sure, it’s better to give tax cuts to people who can use them than to the ultra-rich. But our bipartisan mania for tax-slashing has real costs. In order to rein in the deficit and cut taxes simultaneously, Kerry is proposing a total spending cap on discretionary spending outside of defense and education (about 20 percent of the federal budget), instead of allowing government expenditure to remain at a stable proportion of GDP, growing at the same rate as the economy. But rising production and consumption place rising demands on our national infrastructure, which needs...
This is unlikely to happen. First of all, most people abhor the idea of removing taxes on corporations. After all, in the mind of anti-globalization leftists, they are the engine of all the world’s ills. Even Kerry seems somewhat muddled: in a comment in the Wall Street Journal a spokesperson for Kerry said he “wants to make America more fair, so that average Americans don’t have to pick up the tab for corporate-America profits.” What politicians fail to remember is that people own companies, and many...
...problem largely rests in America’s indecision as to whether it wants to tax rich people as highly as other countries do. Some parts of the tax code, like the estate tax (or “death tax,” if you’re talking to a Republican) and corporate taxes, imply that Americans would, on the whole, like to tax the rich. Others, like the various incentives for saving and investment, inevitably favor those who can and do save—the wealthy. Some might argue that this is just a function...
Corporate taxes have been the least funny joke in the absurd tax code for some time now, and it is time for the laughing to stop. The United States spends an absurd amount on both ineffective spending and revenue-raising programs—and this is one of the worst, with well over half of firms taking the federal government for a ride. Instead of trying to beat corporations at their own game, the U.S. would be much better off going after the real target of corporate taxes. The wealthy tend to own more equity and should be taxed directly...