A Quote by Jim Ratcliffe
America's got quite reasonable tax rates from an employee point of view.
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From a high-tech point of view, an agriculture point of view, a goods-and-services point of view, a great deal of [committee Democrats] have no choice except to support allowing America access to these markets.
Well, I think the reality is that as you study - when President Kennedy cut marginal tax rates, when Ronald Reagan cut marginal tax rates, when President Bush imposed those tax cuts, they actually generated economic growth. They expanded the economy. They expand tax revenues.
We need to consider a financial transactions tax. And we need to ask whether the top marginal tax rates are really appropriate, given that the effective tax rates paid by the wealthy are often actually lower than those paid by the rest of us.
High tax rates that people don't actually pay do not bring the government as much revenue as lower tax rates that they do pay.
Donald Trump wants to dramatically reduce America's corporate tax rate (to 15%) and thereby unleash economic growth. Hillary Clinton hasn't said a word about lowering corporate tax rates. Being a Fedzillacrat, you don't need to be an economic soothsayer to know that she supports taxing the producers and further strangling America's anemic economy.
A study by Treasury economists estimated that a country with a tax rate one percentage point lower than another country's attracts 3 percent more capital. It's not surprising then, that average OECD corporate tax rates have trended steadily downward.
Tax rates aren't everything with regard to incentives to work. I would probably work at a 100% tax rate next to a nude modeling studio. I'm joking, but you know what I'm saying. There's a lot more to it than just tax rates. It's economics that I do; I don't do nude modeling studio economics. People do respond to taxes.
The orthodoxy of America is as rigid as that of Soviet Russia. There is one point of view allowed. If you start a conversation from another point of view, the words dry in your mouth.
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.
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.
Local tax increases can cause high-net-worth individuals to move, tax experts said; tax avoidance and tax arbitrage are multitrillion-dollar affairs, and rich people are sensitive to tax rates. But many of the people who move when their home state raises taxes are close to retirement anyway.
If you have to change the law to get more money, that's a tax increase, and Americans for Tax Reform supports all efforts of tax reform, getting rid of deductions or credits, or something that's misclassified, as long as you at the same time reduce rates so that it's not a hidden tax.
The other thing that's really important in tax reform is making sure that we don't tax American businesses at much higher tax rates than our foreign competitors tax theirs. It is costing us jobs. It's one of the reasons all these American companies are moving overseas.
The tax code is very inefficient. Both the personal tax code and the corporate tax code. By closing loopholes and lowering rates, you could increase the efficiency of the tax code and create more incentives for people to invest.
My show is not all about the cerebral palsy, but it definitely comes from that point of view. I tried to do my show from a Southern belle point of view, but that didn't work quite right.
Now, the president would like to do tax reform, which would obviously lower rates for most people in America and make the tax code fair and get rid of loopholes and special treatment. But absent tax reform, the president believes the right way to get our fiscal house in order is ask the wealthy to pay their fair share.
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