A Quote by T.R. Reid
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.
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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.
If you get rid of all these giveaways and loopholes and deductions and credits, then you can sharply lower the rates.
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.
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.'
Statistically, the United States rates number 39 in maternal mortality. This means that it is safer to be pregnant and to give birth in 38 other countries than the USA... and less expensive too.
To the extent that the Trump administration doesn't like a strong dollar, something has got to give, and just yelling at other countries for devaluing when you're raising rates and they're cutting rates is not going to work.
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.
Mortgage is one of the most popular deductions. It costs the Treasury about $103 billion a year. Now that's money we could use to treat wounded veterans or reduce the deficit or fill the border. Instead, we give it a subsidy to homeowners, and it goes mainly to the richest homeowners in America, because only one third of Americans itemize their deductions. It doesn't work. Many countries have gotten rid of the mortgage interest deduction. Almost all of them have higher homeownership rates than we do.
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.
Most criminologists today will acknowledge that crime rates and incarceration rates in the United States have had relatively little to do with each other.
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.
Multimillionaires cannot pay lower rates than their secretaries and other people working for them.
Millions of people are unable to vote due to felony convictions with the highest rates among black men. People in prison are denied the right to vote in 48 states, and while we accept that as normal in the United States, in other western democracies people in prison do have the right to vote.
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.
Well, the U.S. is running a current account deficit; we are creating lots of investment opportunities in the United States that exceed our own domestic savings rates, so the issue here is to encourage higher savings rates in the United States.
I'm here for a reason and I think it's to reach out to people - whether that's to give people a little bit of confidence if they're having a terrible day, or to give them advice, or just to make them laugh.
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