A Quote by Anurag Thakur
Corporate tax rate cut is a big decision and giving tax exemption of up to Rs 1.45 lakh crore in a year is not a small thing, it is a big deal.
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The marginal tax rate for high income earners is going up. Small businesses are no longer enjoying some of the exemption from payroll tax. Now there will be carbon taxes.
Whenever I'm asked if the Trump tax cut is for the rich, I say yes. It is a tax cut for the rich. It is a tax cut for the middle class. It is a tax cut for small businesses. It is a tax cut for the Fortune 100.
Instead of giving corporations a big tax cut, let's give the middle class a real, permanent tax cut.
You got to remember, S corporations pay one layer of tax, corporations pay two layers of tax. So we basically see equivalent, but here`s the point. The rest of the world, they tax their businesses at an average rate in the industrialized world of 23 percent. Our corporate is 35. Our top S corporate, small business rate is 44.6 effectively. This is killing us.
High tax rates distort economic decision making, and our corporate income tax rate is one of the highest in the world.
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.
We need to lower tax rates for everybody, starting with the top corporate tax rate. We need to simplify the tax code. The ultimate answer, in my opinion, is the fair tax, which is a fair tax for everybody, because as long as we still have this messed-up tax code, the politicians are going to use it to reward winners and losers.
The data does not support that high-income tax cuts are the main drivers of growth, so I don't think that uncertainty over what the tax rate will be for someone that makes a million dollars a year has that big an impact on the economic growth rate in the country.
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.
I would favor three policies: raising the minimum wage to $12, closing the tax loophole where persons only pay a 15% income tax on long term capital gains (tax it at the full tax rate), and institute a progressive tax moving the highest tax rate from 39.6% to 45%. I would favor implementing these three policies in that order, starting with raising the minimum wage, but not stopping there.
North Carolina needs to revamp the tax code completely. We have some of the highest tax rates, like the corporate tax rate, in the country.
It's not coincidence that the U.S. is in last place in the world in terms of corporate tax rate. It's because our system is set up to block tax reform.
We never extrapolate: In 1988, my net worth was Rs 1 crore and 1993, it was Rs 200 crore, this does not mean that in 2000, it is going to be Rs 800 crore. In 2002 also, my net worth was Rs 250 crore. We cannot extrapolate things. You take success with paranoia and it is always transient and temporary.
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.
Corporate tax reform is nice in theory but tough in practice. It most likely requires lower tax rates and the closing of loopholes, which many companies are sure to fight. And whatever new, lower tax rate is determined, there will probably be another country willing to lower its rate further, creating a sad race to zero.
If you look at the performance of the zero-income-tax-rate states and the highest-income-tax-rate states, I believe a large amount of their difference is due to taxes. Not only is it true of the last decade, but I took these numbers back 50 years. And, there's not one year in the last 50 where the zero-income-tax-rate states have not outperformed the highest-income-tax-rate states.
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