8% of the current income tax revenue goes to the military. And another 2% to corporate welfare. So I am unsure how you’ll have the govt pay for that with your proposal.
Congress is talking about. ( not Trump) raising the tax on 1%ers..
Trump does not have a problem if they do.. if it is raised from 37 to 39%. ( on our richest.) includes him..
However, President Trump also said that the democrats, (have always wanted to raise taxes on the very rich,) would run around with their hair on fire yelling. Trump said he would never raise taxes..
True. Even when/if Trump does something democrats like or agree with they have to find something wrong with it. Their latest kick is ‘the process’, as in “we agree in principle but hate the way you’re going about it”. 100% pushback on absolutely everything. It’s really getting old.
Not really, because they are in a position to reduce their income to naught, all the while hoarding enormous wealth. We’d need to restructure income tax somehow, to make the schemes they frequently use ineffective.
“Everyone should be charged a certain percentage and that percentage should be the same number for everybody. The rich will still end up paying more!”
That would work better than what we have now. The super rich use tax loopholes that they bought. The super rich pay less than 10% effective tax on their actual income. My effective tax rate is nearly 3 times that %.
Reducing spending is not enough either, if the super rich are allowed to keep hoarding wealth exponentially, while also reducing their income tax exposure to naught. Both fronts should be tackled simultaneously.
What one person identifies as hoarding, another identifies as earning. There is no logical reason to give a crack head more money. They will only buy crack, pissing away every dime given. Tax rates should be reduced annually across the board until we get as close to zero as possible. Regardless of being rich or poor, no one has a right to confiscate your money.
We need to increase corporate income taxes for mid to large size companies as well. Do this and you stop stock buybacks and you increase corporate investment in their company and employees. Low corporate taxes don't increase economic activity
You know what’s another tax corporations face that is passed onto the consumer? Tariffs.
Also, worth noting that companies saying “don’t tax us or we’ll raise prices” is extortion. So… if companies are willing to play that game, maybe the gov should step in and prevent them from gauging prices in response.
It never works for the government to step in. It always goes the opposite way you want it to go. So some tariffs are being paid by the foreign countries. China paid the tariffs before and are picking up most of it now. But their banks are collapsing. Dozens in the last two weeks. It’s killing them.
Y'all don't understand how this works. Allowing mid to large corporations to have low taxes gives them a lower incentive to reinvest their excess revenue into growth. The profits are used to buy back stock, or pay large dividends. By taxing excess revenue, corporations have an incentive to use that excess revenue to grow their company, or take better care of their employees. Doing this lowers their taxable income.
Studies have shown that higher corporate taxes does not dramatically increase tax revenue. That money is spent elsewhere. Think about it, if you are a large company, would you rather send your excess revenue to the government or spend it improving your company and taking better care of your employees?
Yes, small family run companies should have a lower tax rate.
It looks like a conscience. He talks about what a company can do with his profits and then talks about extortion using taxation.
Here is the crux. It'd be so nice if Corporation would use their excess profits to invest in the companies and improve employees lives.
IF YOU DON'T DO WHAT WE WANT WE WILL EXTORT YOU THROUGH TAXATION USING THE GOVERNMENT !!!!
What he's doing is a typical leftist approach.
He sees something that he would like corporations to do and the leftist methodology is to use government to force it.
Yeah, neither him or AOC smuggled weapons to Iran to fund Nicaraguan paramilitary groups. Also, Trump is deporting illegal immigrants instead of giving them amnesty like Reagan did, which turned California forever blue. Thank GOD Trump is nothing like Reagan!
Trump poisoned conservatism. Now we have two anti free market parties. As terrible as conservatives were with social issues, atleast they had the better ideas with business.
Remember that during his first term he took away the ability for the wealthy to write off their taxes in high tax states. Plus he removed the ability to write off their taxes mortgage interest on more than $10,000 a year. That means that the wealthy paid way more in taxes than the average schmo. The leftists won’t admit that. They keep claiming that he only cares about his rich friends. But it’s not true. He made a lot of enemies with that legislation. Biden reversed it for his rich friends.
Show of Hands
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