Everytime a country ANYWHERE has lowered taxes lower than it’s neighbor that country has seen businesses rush into it and the country in question has ended up with MORE revenue in the end.
We need a constitutional amendment to CAP ANY and EVERY TAX at 10% and make it so that the Number of different taxes is limited to one per inflow (federal income tax) and one per outflow (state sales tax) and eliminate the serval other forms of tax such as taxes on property that has already been paid ie. (estate tax) and other screwball taxes, also a limit on Property taxes as well with a ceiling of 2% to 5% the land value per year.
In order to limit government to a reasonable level we need to stop feeding the damn thing.
Also limit what can be borrowed to a percentage of the GDP.
“We need a constitutional amendment to CAP ANY and EVERY TAX at 10% “
The issue is NOT taxes, but spending. Economist Milton Friedman pointed out that government must get what it spends by borrowing, inflating or taxing. I would add that it could also sell assets, like some of the vast land holdings it owns west of the Mississippi River.
If government set the income tax rate at zero, but printed all the money it spent, it would get revenue by inflation and that would be a tax on the citizen just as surely as if government had a positive income tax rate.
This is why I support the National Debt Relief Amendment: “An increase in the federal debt requires approval from a majority of the legislatures of the separate States.” We can shut off a lot of government bloat and abuse by setting a ceiling on national debt. Political factors would limit the rate of taxation. The only other aspect is the Federal Reserve’s money creation which last year financed 77% of the federal government’s spending.