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The solution is just not that complicated: 1. For individuals, simple tax code which does not distinguish where your income came from, but does keep income bra
by jazzyk 9y ago
The solution is just not that complicated:
1. For individuals, simple tax code which does not distinguish where your income came from, but does keep income brackets (not flat tax).
2. For businesses, distinguish between:
- "US-based" company which would pay 10% corporate tax. A US-based company would need to have at least 66% of employees based in the US and/or at least 50% of the products/services produced in the US.
- "international" company would pay 35% corporate tax, if they want to do business in the US.
- crispyambulance 9y agoA simple tax code would be beautiful thing. Unfortunately, its never going to happen. It will be phone-book-sized for the foreseeable future. Even loopholes which, by common sense, should be closed are fought against with ferocity. For example, the corporate jet loophole-- effectively a "gift" for millionaires and their corporations... https://qz.com/196369/why-buying-a-corporate-jet-pays-for-itself/ https://qz.com/196369/why-buying-a-corporate-jet-pays-for-it...
- jazzyk 9y agoAgree - we would need to introduce term limits in D.C. and a bunch of other changes. Not going to happen until the SHTF.
- icebraining 9y agoA corporate tax on what? Income, profit, dividends, expatriation?
- jazzyk 9y agoCould be tax on profit or % of revenue, if there is no profit.
- charlesdm 9y agoThat clearly doesn't work since that ends up being negative for capital heavy businesses (airlines, manufacturing companies, car dealerships). Some businesses generate massive amounts of revenue, but have very low margins + not much profit. There's a reason why things are the way they are. Redrawing the playing field is complicated and can't be done easily without (business) casualties. The wealthy pay a decent amount for the resources of society they generally consume, which is fine.