A Quote by Michael Hudson
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.
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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.
I'm against an income tax because all the rich people hire lawyers and accountants to be sure that they don't pay income tax.
All the Congress, all the accountants and tax lawyers, all the judges, and a convention of wizards all cannot tell for sure what the income tax law says.
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.
Research has shown that middle-income wage earners would benefit most from a large reduction in corporate tax rates. The corporate tax is not a rich-man's tax. Corporations don't even pay it. They just pass the tax on in terms of lower wages and benefits, higher consumer prices, and less stockholder value.
Yes, the rich will find ways to avoid paying more taxes, courtesy of clever accountants and tax attorneys. But this has always been the case, regardless of where the tax rate is set.
I was shocked to see that some of the very wealthiest people in the country have organised their tax affairs, and to be fair it's within the tax laws, so that they were regularly paying virtually no income tax. And I don't think that's right.
The tax code is weighted toward the ultra-wealthy and ultra-wealthy corporations and has created an offshore aristocracy of people who can afford to hire an army of accountants and lawyers. This shifts the tax burden to small businesses, entrepreneurs, and others.
Let's abolish the IRS, let's eliminate income tax, let's eliminate corporate tax, let's balance the federal budget, and if we need a tax, it can be one federal consumption tax.
We must end the iniquitous multi-taxing of the same money. It is not right to tax people's incomes, then their savings on that income, to tax the movement of assets through capital gains tax, stamp duty and tax them again through inheritance tax if they have the audacity to die.
And my response is 70,000 people in the state of Maine that paid income tax in 2011 will not be paying income tax in 2012.
We were giving advice for the single-worst idea to come forward from a group that's been rife with them, it would be this: The idea is this: Let's make the tax code of America better for very rich people; let's give substantial tax relief to the richest people we can find. Forget about the person making $40,000 a year and paying Social Security payroll tax. Forget about all those other people paying income tax; we're here to give tax relief to the richest 2% of America.
I actually think the border tax - the concept of border tax is more of a trade issue than it is a - so when we talk about income coming in, I believe border tax in its form, if we use that, reciprocal tax is a tax that I really love because basically nobody can fight it.
If you're a full-time manager of your own property - and full-time, according to Congress, is 15 hours a week - you can take unlimited depreciation and use it to offset your income from other areas and pay little in tax. One of the biggest real estate tax lawyers in New York said to me, if you're a major real estate family and you're paying income taxes, you should sue your tax lawyer for malpractice.
I really like the idea of consumption tax, and most countries have a pretty serious consumption tax. It's called a value-added tax or a goods and services tax ... It's a sales tax. It doesn't tax labor, it doesn't tax savings or investment - it taxes consumption.
What you do by having an income tax rate reduction across the board, you really provide great incentives for people to work, produce, and increase output. So I would support a carbon tax in replacement for a progressive income tax.
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