A Quote by Barry Gardiner
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.
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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.
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.
The unpopularity of raising corporate or personal income tax has been a straight jacket constraining Labour's thinking on how best to invest and grow the economy.
Well, certainly the Democrats have been arguing to raise the capital gains tax on all Americans. Obama says he wants to do that. That would slow down economic growth. It's not necessarily helpful to the economy. Every time we've cut the capital gains tax, the economy has grown. Whenever we raise the capital gains tax, it's been damaged.
Higher projected corporate and personal income tax receipts and lower public debt charges.
Why do we fully tax some kinds of income from capital, like interest and dividends; partially tax other kinds like capital gains; defer tax on other kinds, like IRAs; and impose no tax at all on still other types of capital income, like interest on municipal bonds? This simply is not rational. These distinctions don't have any inherent logic.
Lower rates of taxation will stimulate economic activity and so raise the levels of personal and corporate income as to yield within a few years an increased - not a reduced - flow of revenues to the federal government.
It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation or pays no income tax during years of 5 percent inflation. Either way, she is 'taxed' in a manner that leaves her no real income whatsoever. Any money she spends comes right out of capital. She would find outrageous a 100 percent income tax but doesn't seem to notice that 5 percent inflation is the economic equivalent.
Withdraw from the Canada Pension Plan... Collect our own revenue from personal income tax... Resume provincial responsibility for health-care policy. If Ottawa objects to provincial policy, fight in the courts... [E]ach province should raise its own revenue for health... It is imperative to take the initiative, to build firewalls around Alberta.
It is preferable to regard labour, including, of course, the personal services of the entrepreneur, and his assistants, as the sole factor of production, operating in a given environment of technique, natural resources, capital equipment and effective demand. This is why we have been able to take labour as the sole physical unit which we require in our economic system, apart from units of money and of time.
No one making less than $250,000 under Barack Obama's plan will see one single penny of their tax raised, whether it's their capital gains tax, their income tax, investment tax, any tax.
The final and best means of strengthening demand among consumers and business is to reduce the burden on private income and the deterrence to private initiative which are imposed by our present tax system, and this administration pledged itself last summer to an across-the-board, top-to-bottom cut in personal and corporate income taxes to be enacted and become effective in 1963.
Textbooks don't teach people how to avoid paying any income tax. But that's what an army of tax lawyers and corporate tax accountants do.
You know, gentlemen, that I do not owe any personal income tax. But nevertheless, I send a small check, now and then, to the Internal Revenue Service out of the kindness of my heart.
We don't live with the community of yesteryear. And we don't enjoy the public services Europeans do. So we turn to the market. Once we do, we find that service providers raise the standards of personal life, so that we come to feel we need them to live our 'best' personal lives.
The biggest revenue target is the preferential rate for long-term capital gains, which raises a perennial question: Why should capital income be taxed at a much lower rate than ordinary income? Capital assets are owned overwhelmingly by the rich.
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