A Quote by Theresa May
Labour ministers often look puzzled when reports show that Britain has one of the lowest levels of social mobility in the developed world. They just don't get it. They see poverty, inequality, fairness, as all about income. For the past 12 years, they have relied on tax credits to solve this. But tax credits do not solve poverty: they mask it.
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Effective tax credits are used to create jobs and grow our economy. But tax credits that aren't delivering for Missourians must be retooled and reformed.
You look at Rand Paul's bill. He's got refundable tax credits. So many other bills that are out there have had this. Dr. Tom Price, who is secretary of HHS under President Trump, he had an Obamacare repeal-and-replace bill that had tax credits.
Business is about problem-solving, but it does not always have to be about maximizing profit. When I went into business, my interest was to figure out how to solve problems I see in front of me. That's why I looked at the poverty issue. I got involved in lots of things to address it, and one of them was money lending with loans and credits and savings accounts, and in the process I created Grameen Bank. So you can also have social objectives. Ask yourself these questions: Who are you? What kind of world do you want?
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.
Accounting for the unpaid care economy can drive progressive policies such as paid family leave, social security credits for early childcare, tax credits, and quality early childhood education.
Most of them benefit businesses, things like research and development tax credits. But people will also benefit, too, from things like - the earned income tax credit and the child tax credit have been made permanent. They predominantly help lower-income families.
Tax credits are designed to help people who work hard but who, through no fault of their own, don't earn enough to keep their families out of poverty.
I favor the abolition of all Social Security, Medicare and estate taxes. In their place, we should create a simple income tax system that has no deductions or credits at all.
Buying pollution credits is folly; it doesn't help the environment. Instead of using tax dollars to buy credits overseas, we'll use them at home.
No one has ever taken a serious stab at reducing fraud and cheating in Social Security, Medicare, food stamps, earned income tax credits, and so on. Trump will.
Tax credits do not help people get better jobs; in fact, they can create poverty traps that actually disincentivise people from working more hours or finding a better paid job.
Tax reductions are usually simpler and less distortive. I'm certainly willing to look at getting rid of tax deductions/credits, and go to dramatically reduced rates.
It has to have a payroll tax that's dedicated to Social Security. The Social Security tax has been very successful over the years in raising almost all of our elderly citizens out of poverty.
The Labour perspective is often very preoccupied with either the super-rich or those who don't have work - but doesn't have nearly enough to say to those who do have work, on incomes that may not mean they get benefits or tax credits, but are not well off people.
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.
Speaking of tax fairness, it was Senator Kerry who voted to increase the income tax on senior citizens on Social Security, earning as little as $32,000 a year.
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