A Quote by James B. Stewart
The Joint Committee on Taxation estimated that in 2016, the corporate income tax raised $300 billion in revenue, while what it called 'targeted subsidies' cost about $270 billion. In other words, Congress could eliminate the subsidies and cut the corporate rate nearly in half without any significant loss in revenue.
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The whole tax code should be looked at, all the way from farm subsidies to carried interest to - to corporate loopholes, because we really need to raise more revenue.
My plan has all that. It's energy independence. It will help our economy. It's a significant tax cut for corporations, including automatic expensing. It's bringing all those profits home from Europe without any taxation. It's lowering our corporate - or our personal rate to 28 percent, the same rate that Ronald Reagan had.
Corporations do not pay taxes, they collect them, passing the burden to consumers as a cost of production. And corporate taxation is a feast of rent-seeking - a cornucopia of credits, exemptions and other subsidies conferred by the political class on favored, and grateful, corporations.
I support both a Fair Tax and a Flat Tax plan that would dramatically streamline the tax system. A Fair Tax would replace all federal taxes on personal and corporate income with a single national tax on retail sales, while a Flat Tax would apply the same tax rate to all income with few if any deductions or exemptions.
A $1.7 billion average increase in electricity costs is estimated to result in a $1.3 billion decrease in personal income and a loss of 13,000 more jobs in the region.
Public demand for better services requires increased revenue, but international market competition for capital and labour drives down the ability of any one country to raise either corporate or personal income tax.
The biggest and most deadly 'tax' rate on the poor comes from a loss of various welfare state benefits - food stamps, housing subsidies and the like - if their income goes up.
If I could wave a magic wand, we would eliminate income tax; we would eliminate corporate tax. We would abolish the IRS, and we could replace all of it with one federal consumption tax.
If you can't figure out how to make money on three billion in revenue, when exactly will the profit magic be found? Ten billion? Fifty billion?
Using static scoring, tax cuts are broadly assumed to 'cost' a raw amount of reduced revenue. With dynamic scoring, the new revenue likely to flow from increased economic activity produced by a tax cut is considered, improving the accuracy of the projection.
Subsidies for the oil, gas and coal industries are projected to cost taxpayers more than $135 billion in the coming decade. At a time when scientists tell us we need to reduce carbon pollution to prevent catastrophic climate change, it is absurd to provide massive subsidies that pad fossil-fuel companies' already enormous profits.
I forget what the relevant American rate is, but I can tell you that our goal is to have a combined federal-provincial corporate tax rate of no more than 25 percent. We're on target to do that by 2012. We will have significantly - by a significant margin the lowest corporate tax rates in the G-7, and that's our - our government's objective.
A 2011 report produced by Forrester Research estimated that the revenue generated through the sales of smartphone and tablet applications will reach $38 billion annually by 2015. Think about that: An industry that did not exist in 2006 will be generating $38 billion in revenues within a decade. . . .
There are big winners in Paul Ryan's 'Roadmap,' and you can guess who they are. He would cut taxes for the wealthy, completely eliminate the corporate income tax, and create a value added tax.
The appropriation of public money always is perfectly lovely until some one is asked to pay the bill. If we are to have a billion dollars of navy, half a billion of farm relief, etc... the people will have to furnish more revenue by paying more taxes. It is for them, through their Congress, to decide how far they wish to go.
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.
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