A Quote by John Redwood
A growth strategy requires tax rates that people are prepared to pay and cannot avoid or do not wish to avoid by going offshore or leaving the country.
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You cannot avoid war in life, you cannot avoid the fear of terrorism, you cannot avoid those things now, they are a part of everyday demeanor.
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.
As I worked to explain how to avoid bad strategy, I began to see that one cannot really evaluate or criticize a strategy unless there is a fairly clear statement of the problem the strategy is trying to solve.
Arthur Laffer's idea, that lowering taxes could increase revenues, was logically correct. If tax rates are high enough, then people will go to such lengths to avoid them that cutting taxes can increase revenues. What he was wrong about was in thinking that income tax rates were already so high in the 1970s that cutting them would raise revenues.
If you're a wealthy heir with a trust fund, and you sell stocks, make your 10% gains since Donald Trump, and then you buy other stocks, you can avoid paying taxes. And if your accountant registers your wealth offshore in a Panamanian fund, like Russian kleptocrats do - and as more and more Americans do - you don't have to pay any tax at all, because it's not American income, it's foreign income in an enclave without an income tax.
Can you avoid knowledge? You cannot! Can you avoid technology? You cannot! Things are going to go ahead in spite of ethics, in spite of your personal beliefs, in spite of everything.
We need real tax reform which makes the rich and profitable corporations begin to pay their fair share of taxes. We need a tax system which is fair and progressive. Children should not go hungry in this country while profitable corporations and the wealthy avoid their tax responsibilities by stashing their money in the Cayman Islands.
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.
Let's not kid ourselves about just how cheap offshore labor really is. We not only pay substantially less per hour: we also avoid the costs we would incur if these workers immigrated here. We don't pay for their medical expenses when they show up in the emergency room without insurance.
It is not fair that people who are born in the UK to parents who are domiciled here, can later in life claim to be non-doms and live here, it is not fair that non-doms with residential property here in the UK can put it in an offshore company and avoid inheritance tax.
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.
Start by scrapping the tax code. Don't fiddle with it. Junk it. Throw it out. Bury it. Replace it with a pro-growth, pro-family tax cut that lowers tax rates to 17% across the board and expands exemptions for individuals and children so that a family of four would pay no taxes on the first $36,000 of income.
I hope people understand that when you tax corporations that the concrete and the steel and the plastic don't pay. People pay. And so when you tax corporations, either the employees are going to pay or the shareholders are going to pay or the customers are going to pay. And so corporations are people.
A lot of people out there working hard and finally building up to getting a pretty good income. Higher tax rates on them, you know, the income rates going up, the dividend rates are going up, the capital gains rates all going up before health care kicks in.
To avoid pain, they avoid pleasure. To avoid death, they avoid life.
If companies try to leave our country to avoid paying their fair share, if they try to outsource jobs, they're going to have to give back every tax break they ever received in our country.
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