Posted on 09/28/2004 11:12:08 AM PDT by phil_will1
tax reform bump
You mean moving the tax burden entirely from corporations to Joe Sixpack ?
If you would like to be added to this ping list let me know.
John Linder in the House & Saxby Chambliss Senate, offer a comprehensive bill to kill all income and payroll taxes outright, and provide a IRS free replacement in the form of a retail sales tax:
H.R.25, S.1493
A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national retail sales tax to be administered primarily by the States.Refer for additional information: http://www.fairtax.org & http://www.salestax.org
www.fairtax.org
get involved
Uh...cut spending?
[Pause for laughter.]
No, I'm serious.
[Pause for laughter.]
I'm really serious.
[Sound of crickets chirping.]
OK, never mind.
U.S. multinational corporations increasingly are shifting more of their global profits to such tax havens as Ireland, Bermuda and Luxembourg.
Yep, so lets reverse that trend and bring them here:
Chairman of the House Ways and Means Committee,
Rep. Bill Archer (R-TX)
August 12, 1996
- "A recent survey was done, in Europe and Japan, of the major corporations and I was astounded at the results. They were asked, 'If the US abolished its income tax and went to a sales tax, would that have any impact on your decisions?' Eighty percent of the corporations said they would build their factories in the United States of America. Twenty percent said they would move their international headquarters to the United States of America."
Corporations do not pay taxes. They merely collect them from their customers.
Economics 101: Learn it, Live it, Love it.
You mean moving the tax burden entirely from corporations to Joe Sixpack ?
Joe sixpack is paying those taxes everytime he buys anything at all. Where do you think the money comes from to pay business taxes, from under some mattress?
DO YOU PAY YOUR INCOME TAX
AT THE SUPERMARKET?
by D. Sherman Cox J.D. L.L.M. Taxation
Never thought of Ireland as a tax haven. Now I finally understand this.
"Clinton tees up his dream flat in Ireland
By Thomas Harding, Ireland Correspondent
(Filed: 11/07/2003)
Bill Clinton yesterday united his two loves, Ireland and golf, by buying a two-bedroom apartment that overlooks a Ryder Cup venue."
http://www.telegraph.co.uk/news/main.jhtml?xml=%2Fnews%2F2003%2F07%2F11%2Fnclin11.xml
Taxes are high because people want the gov't to do and provide more and more. I don't blame politicians anymore, I blame the voters.
I've got news for you, CORPORATIONS DO NOT PAY TAXES. The consumer's of their products pay the tax - it's just hidden in price. If you don't believe me, take an accounting class.
I had a discussion a long time ago that basicly said tax revenue for the federal government should be pegged to 1.5 times the current state retail sales tax.
It made for an interesting discussions for several hours about how California would either lower it's sales tax or that states would then compete against each other for business by lowering sales rates.
We even kicked around the possibility of one state eliminating the sales tax and only relying on property taxes and what that would do.
I must admit it was an interesting mental exercise.
Oh, I see. So if corporate taxes were abolished then prices across the board will come down because corporations no longer have to pay taxes ?
Like hell they would.
I had a discussion a long time ago that basicly said tax revenue for the federal government should be pegged to 1.5 times the current state retail sales tax.
In terms of total effective tax rates the current ratio of federal vs state looks to be about 1.8, after the Bush tax cuts:
|
Total Effective Tax Rates by Level of Government |
|||
| Year | Federal | State | Total |
| 2000 | 23.1% | 10.4% | 33.5% |
| 2001 | 22.2% | 10.5% | 33.7% |
| 2002 1 | 19.7% | 10.2% | 29.2% |
| 2003 2 | 18.5% | 10.1% | 28.6% |
| 2004 3 | 17.9% | 10.0% | 27.9% |
| 1 Economic Growth and Tax Reform Reconciliation Act of 2001 2 The Job Creation and Worker Assistance Act of 2002 3 Job Growth and Tax Relief Reconciliation Act of 2003 Sources: Office of Management and Budget; Internal Revenue Service; Congressional Research Service; National Bureau of Economic Research; Treasury Department; and Tax Foundation calculations. |
|||
Cutting the fat isn't enough. We have to cut the meat.
So if corporate taxes were abolished then prices across the board will come down because corporations no longer have to pay taxes ?
Like hell they would.
Corporations are interested in increasing profits, not prices.
The first business to lower prices to gather more marketshare from those that figure to gain a windfall will have embarassingly high profits.
Non-competitive prices just mean less profits for those holding out with the higher prices, not more.
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