This is his solution: He said all we need to do is take your tax dollars, send them to Washington, have Washington take out its cut, having Washington then send it back to the states, have the states then go out and hire public employees. Does that make sense to you? Is that how to get the economy moving?
People really have to believe in their tax system. They have to believe that there is an equitable distribution of the burden, but there is also an important investment based upon the potentialachievements that come from us paying our taxes.
Our best days are in front of us. We can reform those entitlements, we can change that corporate tax code and lower it. We can put America back on track on a growth level and a growth rate that we’ve never seen in the history of this country.
I hope people understand that when you tax corporations that the concrete and the steel and the plastic don’t pay. People pay. And so when you tax corporations, either the employees are going to pay or the shareholders are going to pay or the customers are going to pay. And so corporations are people.
Listen, I think what’s best for the economy and to create jobs is to extend all of the current tax rates – for all Americans. It – it begins to reduce the uncertainty. And for small businesspeople, they can look up and begin to plan.
I mean I get loads of money, all from different sources. You give it to your accountant. They manage it. But you pay corporation tax. If you’re then taking it out and spending it on yourself, you have to pay more.
President Obama has repeatedly urged Congress to let the Bush tax cuts expire for those earning more than $250,000 a year. Increasing rates on top earners is an obvious way to raise revenue from those who can afford it most.
My healthcare plan puts more money into average families’ pockets than the Bush tax cuts… He’s got a lousy tax cut. It’s only good for the super wealthy. I’ve got a tax cut that will helpordinary people.
There are three legs of the stool; spending, entitlements and making the tax code fair and equitable. That’s the three legs of the stool. If we do all of those in a responsible, bipartisan way, I think the American people would all be very, very happy.
There are severalreasons to oppose tax increases. First, every dollar of tax increase is a dollar you didn’t get in spending restraint. Two, if you walk into the Democrats’ Andrews-Air-Force-Base, Lucy-with-the-Football trick for the third time in a row – they don’t have have a saying for being fooled three times!
You’ve got to either say you’re going to cut taxes and find some spending cuts. I think we ought to reform long-termentitlement spending in the country, but you can’t out of one side of your mouth say, ‘Yes, we’re for tax cuts, we’re for spending discipline, and we’re for bringing down the debt.’
But let me perfectly clear, because I know you’ll hear the same old claims that rolling back these tax breaks means a massive tax increase on the American people: if your family earns less than $250,000 a year, you will not see your taxes increased a singledime. I repeat: not one single dime.
What we need to do is replace the entire tax code. I do not think it makes sense to say, ‘Let’s just grab money from, quote, the wealthy’… The issue is the tax code’s rotten and we should start truly over with a simple code that is fair and transparent.
Eastern Washington families and businesses should be able to deduct every penny of state and local sales tax they pay throughout the year from their federal tax bill, especially when people in most states are deducting their state income taxes.
Tea Partiers hate government more than they hate the national debt. They refuse to reduce that debt with tax increases, even with tax increases on the wealthy, because a tax increase doesn’t reduce the size of government.
We need an equal opportunity society, one in which government does not see its job as pickingwinners and losers. Where do you go if you want special favors? Government. Where do you go if you want a tax break? Government. Where do you go if you want a handout? Government. This must stop.
If someone knows of a job creatoranywhere in the world that’s looking for a high, complex tax environment or looking for a high regulatory environment, I would like to meet them because I have yet to meet a job creator that’s looking for that, and that’s what we have.
When I look at Washington today, we need to bring us together. We need to solve problems, we need to rebuild our military so we can stand up to radicalIslam, we need to get our economy growing much faster by throwing out the corrupt tax code and lowering the rates.
I bought an insurance policy covering the inheritance tax my kids will have to pay when we die, which I thought was a good bit of forward thinking. And I always know I’m going to have enough for tax because I make sure I keep it back in my business account.
The 9-9-9 plan would resuscitate this economy because it replaces the outdated tax code that allows politicians to pick winners and losers, and to provide favors in the form of tax breaks, special exemptions and loopholes. It simplifies the code dramatically: 9% business flat tax, 9% personal flat tax, 9% sales tax.
The Business Profits Tax, which is imposed on in-state businesses, we need to impose the same thing on out-of-state businesses, because the way the Business Profits Tax is calculated, it is highly dependent on how much sales and profits are generated in-state.
The reality is that during the Reagan years, for instance, we doubled the amount of revenue that we were sending to Washington, D.C. after the tax cuts took effect.
These kids understood what is not immediately obvious; that they were going to pay the bills for tax cuts that had been passed today or in the last 4 years, and for the war in Iraq, because essentially we are borrowing money to do those things.
I can understand where the oil company wants to deduct the cost of drilling a well. That’s one of the tax breaks for oil companies – the subsidies – they get to deduct the cost of the well the year you drill.
I think, definitely, this country needs a lower corporate tax rate and tax reform so that we can get our profits that we’ve made overseas back into the country without heavypenalties. And if that happens, I think that would be very good for the market and all of that.
No sane person enjoys paying tax… money, after all, is a very nice thing to have. But it’s the price we all pay for so many vital things in this country – and those of us lucky enough to have a bit more should be proud to be paying a little bit more as well.
We all want a simpler code, but tax reform is about much more. It is about ensuring that everyone pays their fair share. The tax code is also used to promote behavior that we as a nation support, such as home ownership or charitable contributions.
All economies are structureddifferently – the tax systems, the regulatory systems, the federal systems – and that is as true of Australia and the United States as it is of Australia and Germany and the U.K.
Spending and tax cut decisions must be both fiscally responsible and fair to our working families. I believe that fiscal responsibility is the way to create prosperity for America and secure the retirement of America’s seniors.
In the Europeancontext tax rates are high and government expenditure is focused on current expenditure. A ‘good’ consolidation is one where taxes are lower and the lower government expenditure is on infrastructures and other investments.
Accounting for the unpaid care economy can drive progressive policies such as paid family leave, social security credits for early childcare, tax credits, and quality early childhood education.
Reconciliation is a special budget procedure to change entitlement and tax laws. It cannot be filibustered and requires only a simple majority in the Senate to be passed. It is primarily intended for deficit and mandatory spending reduction.
Demographicsshow that we are entering a battle between young and old. I call it the ‘Age War.’ The young want to hangonto their money to grow their families, businesses, and wealth. The old want the tax and investment dollars of the young to sustain their old age.
In these times of the ‘Great Recession’, we shouldn’t be trying to shift the benefits of wealth behind some curtain. We should be celebrating and encouraging people to make as much money as they can. Profits equal tax money. While some people might find it distasteful to pay taxes, I don’t. I find it patriotic.
Tax reform is taking the taxes off things that have been taxed in the past and putting taxes on things that haven‘t been taxed before.
If you have a debt issue or credit card issue, start dealing with it. If you have a tax issue, don’t just say, ‘I’m not going to file.’ There are ways to deal with these things, but you must communicate with your creditors, whether it’s a credit card company or tax department.
The move to tax Internet sales, clothed as a ‘fairness’ issue, is the typical ‘wolf-in-sheep’s-clothing’ ploy so often used by governments unwilling to cut expenditures to match revenues. It matters not whether its proponents have a ‘D’ or an ‘R’ after their name. It is a tax increase in either case.
Research and development needs permanent tax credits to build the technology that spurs our growth. But no government programs alone can get America’s students to study more science and math; parents must push and help their children to meet this goal.
If a lobbyist sets up shop, or a lawyer, in which they’re receiving income through what is something like a tax loophole so that it’s not counting as corporate income, that is what this is counting as a small business.
Balance the federal budget now, not 15 years from now, not 20 years from now, but now. And throw out the entire federal tax system, replace it with a fair tax, a consumption tax, that by all measurements is just that. It’s fair.
A consumption tax, a national sales tax makes some sense. But I think that if we move towards a Fair Tax, if we move towards a national sales tax, we have to make sure that we do away with the income tax.
Why would we want to keep a tax cut that’s failed? Why would we not want to go back to the Clinton tax code? And why would we not want to help every family more with a health-care plan like mine? Let’s help average people. Let’s be Democrats.
Fair tax does not mean we don’t want to encourage wealth creation. Wealth creation is how we raise the money to pay for world class schools and hospitals, for proper care of the weak, and dignity for the elderly.
Our tax policies, the tax relief and reform we passed in 2003 and 2005, helped get government out of the way of America’s entrepreneurs, and our unemployment rate is now lower than it was in the 1970s, the 1980s, and the 1990s.
Tax incentives might spurhiring in the short run, but how lasting are those gains if the jobs expire with the tax credits and they come at the expense of investing in the new technologies of the future?
How we fund transportation in this country is broken. You all pay a gasoline tax, right? Well, cars go farther, we get electric cars, and so on. And then we do more with the money than just build roads. We do bike lanes and mass transit.
Because what happens is, as the economy suffers, tax revenues go down. But unlike businesses, where at least your variable costs go down, in government your variable costs go up: unemployment insurance, workmen’s compensation, health care benefits, welfare, you name it.
If Warren Buffett made his money from ordinary income rather than capital gains, his tax rate would be a lot higher than his secretary‘s. In fact a very small percentage of people in this country pay a big chunk of the taxes.
Life may unfold chronologically for the body and for bureaucracies that keep track of such things as births, marriages, deaths, visas, tax returns, expulsions, and identitycards, but memory does not play this game in quite the same way, always manages to confound the desire for tidiness.
Everything depends on a good job – strong families, strong communities, the pursuit of the American dream, and a tax base to support schools for our kids and services for our seniors.
I think people have a legitimate right to minimise their tax obligations if they can, but they should pay their fair whack. I do think it’s important to be transparent.
In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans. But we cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society. We can’t afford it. And I refuse to renew them again.
Corn is already the most subsidized crop in America, raking in a total of $51 billion in federal handouts between 1995 and 2005 – twice as much as wheat subsidies and four times as much as soybeans. Ethanol itself is propped up by hefty subsidies, including a fifty-one-cent-per-gallon tax allowance for refiners.
When giant companies wanted more tax loopholes, Washington got it done. When huge energy companies wanted to tear up our environment, Washington got it done. When enormousWall Streetbanks wanted new regulatory loopholes, Washington got it done. No gridlock there!
Will some reporter, or some Republican on the Sundayshows, please ask why tax cuts raid the non-existent Social Security Trust Fund but all the Democrats’ new spending doesn’t? Will someone please ask that?
I’m a conservative. I believe in the idea of freedom and liberty, but more importantly, look at my votingbackground. I voted against bailing out Wall Street. I voted against, never voted for, a tax increase.
Did you know that they introduced the 15 percent flat tax on individual and corporate income in Iraq? Something that some politicians very much wanted to push in the United States without success but in Iraq they do it.
I think we should have basically the same tax policy that Germany, Japan, the U.K., everybody else has, which is a tax rate in the mid-20s and no loopholes. Zero. The U.S. has the most antiquated tax system. And that means some people are going to pay more taxes, and some people are going to pay less.
Obama wants to take the individual small business tax to 44 percent, and the corporate rate – he says – down to 28 percent or whatever. But that really damages the small businesses. And it doesn’t make us competitive. You got to take them both down to 20, because state and local corporate taxes are 5 percent.
The world is likely to view any temporary extension of the income tax cuts for the top two percent as a prelude to a long-term or permanent extension, and that would hurt economic recovery as well by undermining confidence that we’re prepared to make a commitment today to bring down our future deficits.
Everyone else is parsing it in terms of lowering the corporate income tax. Eliminate it. It’s not that big of a generator of income, and it’s a double tax. Get rid of it, and you would have an explosion of hiring.
I really do believe most people understand raising tax rates is bad for the economy, it costs jobs. It actually in the long term undermines revenue.
A balanced program for tax reform based upon the common sense idea of lowering taxes out of surplus revenues.
When Mitt Romney says he wants to reform the tax code, hold on to your wallets. We know Mitt Romney never met a tax haven he didn’t like. But his new favorite tax haven is actually not the Cayman Islands – its Paul Ryan’s budget.
The dirty little secret is that the pool man, who’s making $30,000 a year, is subsidizing the million-dollar mortgage for the family whose pool he cleans. No wonder people want to get rid of tax breaks for corporate jets.
Why do tax havens exist? Because rich countries allow them to. If the U.S. came down on tax havens in the same way they come down on countries that trade with Iran and Cuba, we’d have no tax havens in the world.
While restoring a sense of fiscal discipline to Congress is a top priority, infrastructure spending is an important and necessarytask of government. Our nation’s long-term debt requires us to prioritize and economize with every tax dollar.
Tax increases slow economic growth. Why would you raise taxes? We need to reform spending, the tens of trillions of unfunded liabilities can never be funded by tax increases, that can only be fixed by reducing spending.
We have come to expectcampaigns to be mean and stupid and politicians to be unresponsive, self-seeking and for sale to the highestbidder. We make jokes about our vice president, and all we ask of a president is that he be likeable. We seem to have given up on the Pentagon‘s corrupt use of our tax dollars.
Texas has no income tax, which is a big draw for corporate executives who do business there. But it’s hardly tax-free. The property taxes are high for a Southern state. The sales taxes are high. One study found that the bottom 20 percent of the Texas population pays 12 percent of its income in state and local taxes.
‘Obama and Biden want to raise taxes by a trillion dollars.’ Guess what? Yes, we do in one regard: We want to let that trillion dollar tax cut expire so the middle class doesn’t have to bear the burden of all that money going to the super-wealthy. That’s not a tax raise. That’s called fairness where I come from.
Where is the politician who has not promised to fight to the death for lower taxes- and who has not proceeded to vote for the very spending projects that make tax cuts impossible?
I had hoped to let the one-half cent sales tax sunset this year, but we do not believe revenues will grow as fast as we hoped for the rest of the year.
Michael F. Easley
Green policy is about triggering a shift to a cleaner way of doing things. To be effective, it needs to incentivise the right behaviour, for example through tax breaks, and that needs to be paid for by disincentives on polluting behaviour.
In my view, until the U.S. tax policy is revised, not just tax extenders but the reform of tax policy, it makes it very attractive for us to invest on acquisition overseas.
Louis R. Chenevert
What we’re discussingprivately and publicly, is a budget which is a blueprint for the future which creates jobs, which educates our children, which provides healthcare for all Americans, which takes our deficit down, which gives a tax cut for 95% of the American people.
I have issues with inheritance tax, particularly coming from a migrant family. My dad has worked incredibly hard all his life, so it seems odd to me that someone who has gone through that experience and has managed to save then gets taxed for dying.
Once again, the Republicans in the Senate have rejected an increase in the minimum wage. They support tax breaks for multi-millionaires, but they oppose helping the working poor to earn a decent income.
Americans sometimes ask what the government does and where their tax money goes. Among other things, it pays for all kinds of invisible but essential safety nets and life belts and guardrails that are useless right up until the day they are priceless.
We not only heard it before 20 years ago, before George Bush in 2001 passed his tax relief, before in 2003 the tax relief were past, we were told they were dead. Before we providedprescription drugs for Medicare, we were told it wasn’t going to happen.
Well, you know, we’ve got a lot of stimulus in the economy already from the tax cut, from the lowered interest rates, and also from the refinancing of mortgages.
If we completely repealed the estate tax, it would provide an estimated $32 billion tax break for the Walton family – the founders of Wal-Mart.
It’s really a question of fairness and what kind of country we’re going to live in. There are 22,000 people making over $1 million. They’re paying an effective tax rate in the teens. As Warren Buffett said, he pays less in taxes effectively than his secretary does. That’s not right.
President Obama likes to talk about the Buffett Rule. Well, here’s a Buffett Rule that all Americans should be able to support: mom and pop businesses should not pay a higher tax rate than Fortune 500 corporations like Warren Buffett’s.
Food redistribution is one of the best win-win solutions for food waste avoidance. Food companies can often save money by donating food rather than paying the £80 or so per tonne in landfill tax and disposal costs.
I’m a registeredindependent. I don’t really believe in political parties. Bottom line: Mitt Romney’s tax policy helps me. But I can’t stomachseeing somebody go hungry or somebody not being able to get an education because I want more. So, I’m supporting Barack Obama.
The Bush tax cuts should be extended permanently for families with annual incomes of less than $250,000 and should be phased out slowly for those making more than that. Raising taxes on anyone now, when the economic recovery is so fragile, would be a mistake.
My salary is converted to bitcoin, and taxes are taken out. You have to do all the tax computations in dollars because the IRS does not deal in bitcoins.
Look, I’m very much in favor of tax cuts, but not with borrowed money. And the problem that we’ve gotten into in recent years is spending programs with borrowed money, tax cuts with borrowed money, and at the end of the day that provesdisastrous. And my view is I don’t think we can play subtle policy here.
I’ve never supported a wage tax and I’ve never supported a payroll tax.
The tax issue is the most powerful issue in American politics going back to the Tea Party. People say, ‘Oh, Grover Norquist has power.’ No. Grover Norquist and Americans for Tax Reform focus on the tax issue. The tax issue is a powerful issue.
I think the average citizen is going to see no less than a $1,500 or more increase in what it’s going to cost for basic living next year,… Taking sales tax off food isn’t going to take care of all of that, but I think it’s a way that we can help.
America’s corporate and political elites now form a regime of their own and they’re privatizing democracy. All the benefits – the tax cuts, policies and rewards flow in one direction: up.
Many Republicans have what I call a ‘tax-cut syndrome‘ where they have never seen a tax cut they didn’t really like and didn’t see a tax increase they didn’t hate and do everything they could to block.
Peter George Peterson
I used to be a retailer, and I find it discouraging when somebody comes in and they pick something up and they say, ‘Now if you’ll sell it to me without the sales tax, I’ll buy it.’
We should try to ensure that everyone has a fair opportunity to find a great life. It’s a quest that will require political will and ingenious policies. President Obama’s proposedexpansion of the earned-income tax credit goes in this direction, but we need more.
Barack Obama is not Harry Truman, who dropped the A-bomb on Japan to stop World War II. Barack Obama is not John F. Kennedy, who lowered marginal tax rates to get economic growth and job creation. Barack Obama and the far left, they are a completely different ball of wax.
The clearest way to cut some of this fiscal drag would be to extend the current payroll tax holiday and increase it – as proposed by President Barack Obama. This would cut the fiscal drag by almost half.
Telephones are a virtualnecessity – not a luxury – and the revenues collected by this tax flow into the general fund. But this once temporary tax remains and costs American taxpayers, our small businesses and families almost $6 billion dollars a year.
I want to live a good life and pay my taxes. ‘The Killing’ was a blessing. It was two wonderful years. But I had reached a point in my life, especially with a young son, that I was no longer willing to compromise my life for the sake of a paycheque. I was no longer willing to move where the tax credits are strong.
What I’ve seen around the world is if the regulatory desires are combined with things that affect consumer behavior – such as in Europe, they tax gasoline very heavily – you do get people to move to very fuel efficient cars; trade off bigger vs. smaller cars.
Out of one pocket we pay billions of our tax dollars to support the production of expensive, disease-causing foods. Out of the other pocket, we pay medical bills that are too high because our overweight population consumes too much of these rich, disease-causing foods.
We shall tax and tax, and spend and spend, and elect and elect.
Conservatives have long been suspicious that Romney isn’t truly one of them. The release of his tax returns should settle the matter once and for all: He’s not only to be accepted, but admired and emulated – and by liberals as well as conservatives.
If you increase taxes now on – at any level, it’s going to make it harder to create jobs And we’ve lost 2 1/2 million jobs since the stimulus package passed. We’re at 9.6 unemployment. So I don’t think we tax too little, I think we spend too much.
The corporate right fires up the religious right against gay marriage and abortion and uses their votes to push their deregulation and tax cuts for the rich. It’s an old trick. The House of Saud has the same arrangement with the Mullahs in Saudi Arabia.
Government spending is being restrained, the economy is making progress and moving forward, and the pro-growth, tax cutting policies put in place have allowed businesses to grow, which has brought in additional tax revenue to help pay off the debt.
Anything to do with any new form of tax, like consumption tax in Japan, carbon tax in Australia, these are big issues that cannot be easilydecided.
Many people do not understand that business investment is a critical prosperity-booster, leading to more jobs, higher wages, and stronger family income. Put another way, rising tax and regulatory burdens that penalize investors and businesses also punish middle-income wage earners.
If you’re opposed to the budget I submitted to the General Assembly, you’re for a tax increase.
Philanthropists today want input into how their monies are being deployed. The big question is, can governments use this insight to sell the rich the idea of paying more tax rather than spend more on charitable giving?
I am the candidate of tax cuts, repealing Obamacare, repealing Dodd-Frank, letting the markets work, coming up with patient-and-doctor-centered healthcare solutions instead of more big government – and just generally getting government off the backs of small businesses.
The stimulus legislation, technicallyknown as the American Recovery and Reinvestment Act of 2009, was a mixture of tax cuts for families and businesses; increased transfer payments, like unemployment insurance; and increased direct government spending, like infrastructure investment.
History shows that tax increases during a recession are a recipe for greater unemployment and economic loss.
All those predictions about how much economic growth will be created by this, all of those new jobs, would be created by the things we wanted – the extension of unemployment insurance and middle class tax cuts. An estate tax for millionaires adds exactly zero jobs. A tax cut for billionaires – virtually none.
What I heard was that Bush is now positioned to have victory after victory. He’ll have Social Security reform passed, that he’ll have tax reform passed, that he’ll have conservative judges on the courts.
I think we need a very, very serious effort, primarily through tax policy to provide incentives and encouragement for people to save and invest and expand their businesses and to create more jobs. The kind of thing we did in the early Reagan years, 30 years ago. I think that’s essential.
We spend millions of dollars every year just for the right to pay our taxes, but once again, do we really need to do that? Why don’t we simplify it? And I’ve certainly looked at fair tax, I’ve looked at flat tax, and if I get to the U.S. Senate, I’d like to review that.
It is easy to talk about tax simplification, and we all know it is very difficult to accomplish; but for the last three Congresses, I have offered a tax simplification bill that would include a paid-for repeal of alternative minimum tax.
It is all very well and it sounds very seductive to say we are going to have harmonisation of regulations, but for example the way that funds are distributed around the states these days, you are positively penalised if you actually want to have say a lower payroll tax or sort of conditions.
We already have an annual wealth tax on homes, the major asset of the middle class. It’s called the property tax. Why not a small annual tax on the value of stocks and bonds, the major assets of the wealthy?
You eventually have to figure out how to balance the books. So that’s the reason I gave up my day job to come do this was to go fight to create the space where spending matches America’s capacity to tax, and that means economic growth and a smaller, humbler federal government.
Expeditions are escapism. The stuff that we’re normally concerned about just doesn’t matter out there. Tax returns, gas bill, none of it. Life becomes very simple, it’s about moving in a certain direction – north if you’re going north – stayingwarm and not getting eaten. That’s it.
I would like to electrocute everyone who uses the word ‘fair’ in connection with income tax policies.
When the federal government spends more each year than it collects in tax revenues, it has three choices: It can raise taxes, print money, or borrow money. While these actions may benefit politicians, all three options are bad for average Americans.
Reports also suggest that Ernst and Young and other large tax preparation firms are sending tax returns overseas for processing. But the IRS has no control over tax information once it’s been sent to India or another country.
Effective tax credits are used to create jobs and grow our economy. But tax credits that aren’t delivering for Missourians must be retooled and reformed.
Many states rely on sales tax as their principle source of revenue and do not have a State income tax.
William L. Jenkins
Now, I do think when we move into 2012 and ’13 when, presumably, the economy is on firmer ground, I would allow the tax rates for upper-income individuals to revert back to where they were before the cuts in the 1990s. I think at that point it makes perfect sense.
The tax incentives in place for ‘House of Cards’ in Maryland have resulted in hundreds and hundreds of jobs and not just for actors, but for carpenters and waitresses and hotel workers. The amount of hotel nights and meals that the production of a television series brings to a state is staggering.
The U.S. have printed money; they intend to tax the rich in order to avoid the fiscal cliff. These are things that sees anyone who dares to propose them in Greece and Europe labeled an extremist, when at the same time, it’s what Obama does.
We talked about many issues, like welfare, is it the way of life or hand up? Talked about size of government, how much should it tax families and small businesses? And when we left that lunch, we got in the car and I looked over at Chuck and said, ‘I’ll be damned. we’re Republicans.’
Sadly, this is the same old Republican story of Robin Hood in reverse – tax cuts for the rich while programs for average and low income Americans suffer.
Schools alone are not to blame for underachievement. The breakdown of the family, poverty, and decaying cities with eroding tax bases have made a good public school education nearly impossible in many parts of the country.
Society has to get a grip and put a tax on carbon. Of course, there is much that flows from that, and it is a complex situation. The small details of something such as climate change are political and social, and they are a lot about fairness and how we rebalance towards a fairer society.
To focus capital and entrepreneurship into empowering innovation, we should change is the capital gains tax rate. We would be better served by a regressive tax rate, that would become progressively smaller the longer the investment is held.
Additionally, this tax forces family businesses to invest in Uncle Sam rather than the economy. When families are forced to repurchase businesses because of the death tax, that means less money is being invested in new jobs and capital expansion.
It is day after day in this institution, borrow money, run up the debt, run up the deficits and then with a straight face say, we are going to repeal a tax that affects 1 percent of the American people, just 1 percent of the American people.
For those who aspire to live in a high cost, high tax, big government place, our nation and the world offersplenty of options. Vermont, Canada and Venezuela all offer you the opportunity to live in the socialist, big government paradise you long for.