A Quote by Leon Panetta
If we don't do something to simplify the tax system, we're going to end up with a national police force of internal revenue agents.
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In 1990, about 1 percent of American corporate profits were taken in tax havens like the Cayman Islands. By 2002, it was up to 17 percent, and it'll be up to 20-25 percent very quickly. It's a major problem. Fundamentally, we have a tax system designed for a national, industrial, wage economy, which is what we had in the early 1900s. We now live in a global, asset-based, services world. And we need to have a tax system that follows the economic order or it's going to interfere with economic growth, it's going to reduce people's incomes, and it's going to damage the US.
Individuals and businesses must participate in a national discussion about a simpler tax system, one that collects sufficient revenue to meet appropriate federal responsibilities, but one resting on a broader, fairer tax base without penalizing saving and investing, the backbone of a strong, decentralized and thriving economy.
I'm still one who says that we can get rid of the Internal Revenue Service if we would pass the fair tax, which is a tax on consumption rather than a tax on people's income, and move power back where the founders believed it should have been all along.
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.
I think we need to simplify our tax code, but not as a way of generating revenue, as a way of making our tax code more growth- friendly.
When I hear the president of the United States in a great little rhetorical flourish talk about the leavening hand of the government, everybody knows that leavening hand is attached to the long arm of the Internal Revenue Service. And no one mistakes the Internal Revenue Service with something called liberty.
No one in America fully understands the constantly changing Internal Revenue Code. Agents of the IRS do not, judges do not, congressmen do not, and most assuredly taxpayers do not.
Reflect how you are to govern a people who think they ought to be free, and think they are not. Your scheme yields no revenue; it yields nothing but discontent, disorder, disobedience; and such is the state of America, that after wading through up to your eyes in blood, you could only end up where you begun; that is, to tax where no revenue is to be found... all is confusion beyond it.
I support both a Fair Tax and a Flat Tax plan that would dramatically streamline the tax system. A Fair Tax would replace all federal taxes on personal and corporate income with a single national tax on retail sales, while a Flat Tax would apply the same tax rate to all income with few if any deductions or exemptions.
When the acting all dries up, I won't be going there - either to the police force or to the church. I'll have to think of something else!
Today the Internal Revenue Code constitutes cruel and unusual punishment. A flat tax would be an enormous step forward.
You have got to clear up that corporation tax in the modern way has had its day as a major source of revenue, and we have got to find a new system.
When you are an actor or trying to be a working actor in L.A., most people have commercial agents, and then they have legitimate agents, and you just end up going on a thousand auditions.
Fundamentally, I've always been a fan of actually looking at our whole state tax system and really figuring out how we reform our tax system so that everyone's paying their fair share but we don't have a lot of nickel and diming with 100 taxes that end up hitting people that maybe can't bear it the most.
Grow jobs. Get this economy growing. Raise wages. Simplify the tax system, so it's easy to comply with.
Corporate tax reform should include not just large C-corps but also smaller business S-corps and LLC pass-throughs. And nearly as important as cutting business tax rates is the need to simplify the inexplicably opaque and complex system.
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