April 4th, 2012, 4:50 pm #1Honored Guest
- Join Date
- Apr 2006
Just on Liz on Fox, Geithner argued for Buffet tax that would tax investors at 54.5%
Department of the Treasury Secretary Timothy F. Geithner claimed to be arguing for fairness in taxes to pay for the pork that the government hands out at the government trough.
He argued for elimination of special tax exemption for companies. He argue for rich to pay the same tax rate as other people.
WASHINGTON, March 30 (Reuters) - The United States will hold the dubious distinction starting on Sunday of having the developed world's highest corporate tax rate after Japan's drops to 38.01 percent, setting the stage for much political posturing but probably little tax reform.
Japan and the United States have been tied for the top combined, statutory corporate rate, with levies of 39.5 percent and 39.2 percent, respectively. These rates include central government, regional and local taxes.
The USA corporate tax rate is the highest in the world. That high tax rates make it good for companies to move to other countries. There is no fairness to drive corporations to other countries. It does lower the tax rate for investors.
The USA corporate tax rate is:
The tax on qualified dividends is
39.5% plus 15% equals 54.5% combined tax on qualified dividends.
The rate is higher on non-qualified dividends.
When a company goes over seas, the corporate tax rate is lower. A lower corporate tax rate gives a lower combined dividend tax. It is not fair to give a tax break for investors income from companies in other countries.
A solution is to eliminate all corporate income tax. Then tax the company once when it pays dividends.
Tax all individual income at the same rate in the various income brackets.
April 4th, 2012, 11:47 pm #2Honored Guest
- Join Date
- Jul 2010
Did anyone notice that states that do not have a state income tax are doing better financially than those who have a state income tax. I left Minnesota and moved to South Dakota and my annual take home pay went up nearly $15000. Should I have been forced to still pay taxes to Minnesota because I left because of their high state income, property, sales, and auto licensing taxes? Maybe this will answer why corporations go to other countries.
April 5th, 2012, 5:34 am #3
I like my idea better.
Individuals. Income is all income -- earned or unerned. Wages, interest, dividends, royalties, inheritence, gifts -- if I've missed something it would be included. ALL income period. One tax payer, one tax form. One tax form one single deduction set at 90% of what a person working 40 hrs per week earning minimum wage would earn in a year. (by this I mean if 40 hrs per week x minimum x 52 was 10,000, then the single deduction would be 9,000. Leaving even minimum wage arners taxed on 1,000 of their income). single Tax rate would be set revenue neutral (hopefully as close to 10% as possible).
Business/corporation. Income is ALL income. Interest, dividends, royalties, sales . . . ALL income. Businesses would deduct anything taxed on the individual level (wages, royalties, interst, dividends) and anything that would be taxable income to another business/corportation. After deductions would be net income. Businesses then take a 25% of net deduction for adjusted net income. That net income taxed at a single rate that is revenue neutral.DISPATCHERS SAVE SECONDS.................SECONDS SAVE LIVES