A Quote by Subramanian Swamy
As an economist, the only advice I can give the Modi government is to take some steps that will raise the morale of the consumer and investor. That means income tax abolition and reducing the annual interest rate to nine per cent.
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Here's the truth. The proposed top rate of income tax is not 50 per cent. It is 50 per cent plus 1.5 per cent national insurance paid by employees plus 13.3 per cent paid by employers. That's not 50 per cent. Two years from now, Britain will have the highest tax rate on earned income of any developed country.
To reduce repossessions caused by unemployment, Gordon Brown needs to look at cutting the rate of corporation tax for small companies to 20 per cent and the main rate to 25 per cent, while reducing the rate of employers' national insurance by 1% for the smallest companies.
Let's take the nine states that have no income tax and compare them with the nine states with the highest income tax rates in the nation. If you look at the economic metrics over the last decade for both groups, the zero-income-tax-rate states outperform the highest-income-tax-rate states by a fairly sizable amount.
We've been prepared to make the arguments for lowering corporation tax, which is all about encouraging risk takers, encouraging entrepreneurs, and I observe that for the vast majority of the Labour government we had a top rate of 40 per cent income tax. It's now higher, and I think we should look to get to a simpler, lower tax system.
Putting, say, an 85 per cent income tax rate is unlikely to bring in much revenue.
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.
Our royalty statement has been minimal and menial. Really. We don't collect more than a per cent of a per cent of a per cent of a per cent of a per cent of a per cent of a per cent. We get maybe the seventh of 1 percent.
The top 10 per cent of the US population appropriated 91 per cent of income growth between 1989 and 2006, while the top 1 per cent took 59 per cent.
In 2010 the U.S. will have a payroll tax rate increase, an estate tax increase, and income tax increases. There's also a tax increase coming in 2010 on carried interest. This rate will rise from its current level of 15 percent to 35 percent, and then it will rise again in 2011.
Our fifty principal cities contain 39.3 per cent of our entire German population, and 45.8 per cent of the Irish. Our ten larger cities only nine per cent of the entire population, but 23 per cent of the foreign.
I will promote savings and investment by maintaining the 15% rate on capital gains and dividends. I will eliminate the tax entirely for those with annual income below $200,000.
Theoretically, there is nothing that can stop the government from taxing 100 per cent of income so long as the people get benefits from the government commensurate with their income which is taxed.
We will attract more people to Kentucky by lowering our income tax rate. In fact, lowering the income tax rate is the single most important thing we can do to create opportunity.
If you walk along the street you will encounter a number of scientific problems. Of these, about 80 per cent are insoluble, while 19½ per cent are trivial. There is then perhaps half a per cent where skill, persistence, courage, creativity and originality can make a difference. It is always the task of the academic to swim in that half a per cent, asking the questions through which some progress can be made.
The zero-income-tax-rate states have far faster growth in tax revenues than did the states with highest income tax rate over this period.
Once we realize that government doesn't work, we'll know that the only way to improve government is by reducing its size - by doing away with laws, by getting rid of programs, by making government spend and tax less, by reducing government as far as we can.
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