A Quote by T.R. Reid
There's a tradeoff. Yeah, I lose the deduction that I really like, but my tax rate is going to go down, and I don't have to fill out that form anymore. It's much simpler, rates are lower, and that tradeoff has worked in many countries. Many countries have just cleaned house of all those exemptions in order to provide lower rates, and people buy it.
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Starting in the '80s or so, after the United States sharply cut its rates, other countries decided they better do it too, and here's how you do it: you just wipe out the exemptions, the deductions, the credits, the depreciation allowances. And people complain, "Oh my God, it's terrible," but you give them much lower rates and you give them an easier form to file, and people accept that tradeoff.
Corporate tax reform is nice in theory but tough in practice. It most likely requires lower tax rates and the closing of loopholes, which many companies are sure to fight. And whatever new, lower tax rate is determined, there will probably be another country willing to lower its rate further, creating a sad race to zero.
We cut tax exemptions in 1986, it was the most admired tax reform in U.S. history. Congress and the president worked together then to eliminate scores of loopholes and exemptions and deductions; this made taxes much simpler, and allowed a major cut in tax rates.
In Germany, many other countries, college tuition is free. Why isn`t free in America? Why do we have the highest rate of childhood poverty when other countries have rates much lower than we have? Why don`t we have pay equity for women workers? Why aren`t we leading the world in transforming our energy system in terms of climate change? We can do that. Are we dumb? Are we lazy? Not the case.
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.
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.
Students who are put in a university who aren't qualified tend to have lower graduation rates, they have lower grades, they have lower bar passage rates. You can demonstrate that. You are putting them in position where they are not set up to succeed.
If Republicans are correct that lower rates spur economic growth, then lower rates on all income - made possible in part by raising capital-gains rates - should bolster economic growth across the economy.
We had 90 percent rates, but nobody paid them. And so you had all these exemptions, exclusions, shelters, all this kind of stuff. And that's why most Americans are saying, 'Look, let's just be honest. Let's have lower rates, but everybody pays them.'
Education is the key to the future: You've heard it a million times, and it's not wrong. Educated people have higher wages and lower unemployment rates, and better-educated countries grow faster and innovate more than other countries. But going to college is not enough. You also have to study the right subjects.
It has been convincingly demonstrated that countries where there are high rates of poverty, or high rates of economic inequality, are the countries with the highest rates of religious beliefs.
Businesses and households react to lower rates by investing and spending more. Lower rates also support the prices of housing and financial assets such as stocks and bonds.
You are smart people. You know that the tax cuts have not fueled record revenues. You know what it takes to establish causality. You know that the first order effect of cutting taxes is to lower tax revenues. We all agree that the ultimate reduction in tax revenues can be less than this first order effect, because lower tax rates encourage greater economic activity and thus expand the tax base. No thoughtful person believes that this possible offset more than compensated for the first effect for these tax cuts. Not a single one.
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.
Outside of a Grand Slam, I don't think there's a tournament in the world that has this many top players representing their countries. It's really remarkable that we have this many No. 1's. And with so many countries being represented, it's going to give the fans from Las Vegas who are from those countries a chance to come out and root for their countrymen.
Where countries have been able to carry through on their reform commitments - as in Korea, Thailand and the Philippines - results are starting to come in the form of lower interest rates, new investment and increased growth.
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