A Quote by T.R. Reid
If you get rid of all these giveaways and loopholes and deductions and credits, then you can sharply lower the rates.
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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.
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.
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.
Get rid of the preferences and the special deductions and the loopholes... and invest in getting the tax rate to a competitive level so we stop seeing companies move off shore.
Why I've advocated a proportional tax system. You make $10 billion, you pay a billion. You make $10, you pay one. And everybody gets treated the same way. And you get rid of the deductions, you get rid of all the loopholes.
Now, the president would like to do tax reform, which would obviously lower rates for most people in America and make the tax code fair and get rid of loopholes and special treatment. But absent tax reform, the president believes the right way to get our fiscal house in order is ask the wealthy to pay their fair share.
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.
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.
I think we can have some tax reform, but that doesn't mean tax increases. We ought to make the, the rates flatter. We ought to get rid of a bunch of those loopholes.
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.
Many tax experts say a key element to any fundamental overhaul is getting rid of certain deductions for businesses - the 'special-interest giveaways that are masked as tax breaks,' as House Republicans describe many of them in their own proposal.
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.
Fannie and Freddie made two-thirds of all subprime mortgages. That is not a free market institution. That entity, along with the Fed printing too much money back in '03 and '04, caused the housing collapse. So we need to take free markets seriously. That means we have to put an end to all these tax credits and tax deductions and loopholes.
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.
Close loopholes, close the special interest Washington carve outs and that means more incomes subject to taxation so we`re going to lower the rates on our businesses and be fair.
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.
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