A Quote by Will Rogers
There is a tremendous movement on to get lower taxes on earned incomes. Then will come the real problem, 'Who among us on salary are earning our income?'
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You've been telling us about how to secure peace, but come on, now, General-just among us Rotarians and Rotary Anns-'fess up! With your great experience, don't you honest, cross-your-heart, think that perhaps-just maybe-when a country has gone money-mad, like all our labor unions and workmen, with their propaganda to hoist income taxes, so that the thrifty and industrious have to pay for the shiftless ne'er-do-weels, then maybe, to save their lazy souls and get some iron into them, a war might be a good thing? Come on, now, tell your real middle name, Mong General!
The left does understand how raising taxes reduces economic activity. How about their desire for increasing cigarette taxes, soda taxes? What are they trying to do? Get you to buy less. They know. They know that higher taxes reduce activity. It's real simple: If you want more of an activity, lower taxes on it. If you want less of an activity, raise taxes. So if you want more jobs? It's very simple. You lower payroll taxes. If you don't want as many jobs, then you raise corporate taxes. It's that simple, folks.
Though the Income Tax Act obliges even non-residents to pay tax on incomes earned in India, many foreign institutional investors avoided paying taxes citing the Double Taxation Treaty with Mauritius.
For the three decades after WWII, incomes grew at about 3 percent a year for people up and down the income ladder, but since then most income growth has occurred among the top quintile. And among that group, most of the income growth has occurred among the top 5 percent. The pattern repeats itself all the way up. Most of the growth among the top 5 percent has been among the top 1 percent, and most of the growth among that group has been among the top one-tenth of one percent.
We don't make enough in our job to live the way that we would want to and to have the support that we would need. Most of our income doesn't even come from our salary from our employer and we have to find income from other places.
Lower-income immigrant families might receive more in benefits than they pay in taxes. But that mathematical equilibrium is temporary, and an artifact of the way the tax-and-transfer system is structured to help lower-income families and to support families with kids.
Though few hiring managers would deliberately choose to offer women less money than their male counterparts, when using salary history to determine compensation, they unintentionally preserve the status quo. Too often, women will have a lower salary history, and, therefore get a lower offer.
Real income inequality is what we used to call striving and working hard to get ahead. Striving, educating ourselves, getting up and going to work, preparing, using our ambition, and, in that process, some people earned more and earned it sooner than others.
Nothing is more calculated to make a demagogue popular than a constantly reiterated demand for heavy taxes on the rich. Capital levies and high income taxes on the larger incomes are extraordinarily popular with the masses, who do not have to pay them.
Between income taxes and employment taxes, capital gains taxes, estate taxes, corporate taxes, property taxes, Social Security taxes, we're being taxed to death.
We have a nation where the elite thinks it's OK to advocate a war and send the lower-income people to do the fighting. It's natural for such a people to think that the lower-income people should also have a worse health care experience. And the other countries are not there - I always say, not there yet. I tell the Germans and the Swiss, "You're not there yet, but if you're not very, very careful, if we Americans come over there and rearrange ... your health care system, you will be just like us."
When you say the tax system benefits the rich, there are a lot of people who respond, "That can't be true, look at the rate of tax. The people who are rich pay a higher rate than you or I." Well, yeah, but if you don't have to pay taxes on a lot of your income, then your real tax rate is a lot lower. And if you're allowed to pay your taxes thirty years from now instead of today then you're a lot better off. People need to have a sophisticated understanding of how the system works to appreciate that the posted tax rate really has very little to do with the taxes people pay.
There's no reason to raise taxes. Taxes should be lower... The problem we have is that government spends too much, not that taxes are too low.
Politicians like to talk about the income tax when they talk about overtaxing the rich, but the income tax is just one part of the total tax system. There are sales taxes, Medicare taxes, social security taxes, unemployment taxes, gasoline taxes, excise taxes - and when you add up all of those taxes [many of which are quite regressive], and then you look at how they affect the rich and the poor, you essentially end up with a system in which the best off 20 percent of Americans pay one percentage point more of their income than the worst off 20 percent of Americans.
From 2008 to 2016 all the growth in the American economy, all the growth in national income, was earned just by the wealthiest 5% of the population. So they got all the growth. 95% of the population didn't grow. If you can get a flat tax or other lower tax, as Trump is suggesting, then this richest 5% will be able to keep even more money. That means that the 95% will be even poorer than they were before, relative to the very top.
The income tax is a twentieth-century socialist experiment that has failed. Before the income tax was imposed on us just 80 years ago, government had no claim to our income. Only sales, excise, and tariff taxes were allowed.
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