Got to love the stupidity of these people. First problem, millionaires and millionaires are taxed. Second problem, millionaires and billionaires could be taxed at a 100% rate and it wouldn't fix the way the US government spends more than it takes in. http://act.credoaction.com/campaign/tax_millionaires/?r=7425&id=22146-2138596-IfkBsHx
There are two ways to close a deficit - cuts to spending, and extra revenue raising. Taxes on the rich need to increase. In much of Europe as well as the US.
The US has the heaviest tax rate in the world. The one thing that accomplished is "Made In China". The US government doesnt have a tax problem, it has a spending problem.
Obviously, the answer is to steal more, not to waste less. Of course, the more you steal, the less likely your victims are to stay where you can get at them. Oh -- unless, of course, you make it so they can't leave, take away any voice they could use to change the system and take away their weaponry so they can't, as a last resort, literally fight the system. Huh. Now what does that sound like? Here's a better idea: Government takes less, spends way less and remembers its fucking place.
The United States needs comprehensive fiscal reform to tackle its incredible deficits of the past decade. Raising taxes on the rich can and should be a good portion of this reform. Despite the incessant claims from Conservatives that the US has the highest tax burden in the world, making us uncompetitive, the opposite is true. We have a lot of room to raise taxes while still keeping them lower than almost every other major economy.
US corporate tax rate: Nominal, 35%. The average actually paid varies by industries, but is averages about 25%. http://reporting.sunlightfoundation.com/2011/comparing-national-corporate-tax-rates/ Of course, GE famously paid no income tax on $5.1 billion in profits. Once again, we see that the big companies with the best lobbyists, accountants and lawyers manipulate the system to their benefit - and the system is intentionally made so that can be done. http://articles.moneycentral.msn.com/Taxes/Advice/why-your-tax-bill-is-higher-than-ges.aspx US income tax: Near record lows: http://www.washingtonpost.com/wp-dyn/content/article/2009/04/15/AR2009041503371.html http://www.usatoday.com/money/perfi/taxes/2010-05-10-taxes_N.htm No VAT. Low sales tax. The US is not over taxed.. Indeed, our real tax rate is the lowest it's been in three quarters of a century. That didn't give us 'Made in China.' That gave us 'OWNED by China.' As far as the government spending too much money - damned right. But we are in such a big hole not only because of that, but because we have a system were some parties have significant advantages over others. It's pay for play, and it's just another form of graft and corruption.
That is my point. It doesn't what the tax rates are. As long as government spending exceeds revenues we will see the problems we have right now.
I wonder if the revolution would come sooner if we'd stop calling it a revolution and start calling it "open season on liberals." It's been "open season on the rich" for far too long.
So, ignoring the fact that the headline rate is much higher than the actual corporate tax rate, and that most US corporations have been paying no tax whatsoever, what has that got to do with income taxes for the rich (what this thread is about) or overall tax rates?
I love watching Demi worship the jackboot of government, while lamenting that they never seem to put it quite where he wants it. Because a government with no jackboots is simply out of the question, but those who seek to protect themselves from the jackboot are eeeevul.
Yeah, the rich are really suffering. Oh, it's the best environment to be rich since the 'Golden Age' of the 20s? Yeah, just another meaningless CPURick opinion based on hyperbole and rhetoric.
Sorry man, a meaningless stat. Yes, we have a high nominal tax rate. Problem is, that isn't the rate they actually pay. Very few countries have the number of loopholes we have. http://www.smartmoney.com/invest/markets/high-corporate-tax-rate-is-misleading-22463/ We don't have high corporate taxes. It's an intentional deceit.
There's a good point. The tax laws in this country are so complex, even the IRS doesnt understand them. Thus the need for tax havens. Also bribery IE lobbying should be illegal. Business' dont know what's comming down the pike with an administration that seems hostile to business in general. Corperations may be able to hire an army of lawyers to get around tax laws but smaller business', the backbone of the economy are faced with ever increasing regulation and uncertanty. That's why you have business' reluctant to hire and entrepeneurs unwilling to start any new business'. It's a visious circle. Yet, why should the job creators be punished for sucess when the government shows no fiscal responcibility whatsoever? Either a fair tax or a flat tax could be a good place to start.