sleeper;1794757 wrote:Lower tax rates do not necessarily generate higher tax revenues. It's a curve; so finding the optimal balance is the important part and I think we are significantly lower than optimal with our current individual tax structure. On corporate tax rates, I would agree that they are far too high and not competitive with the rest of the world. I'd like to see individual rates rise slightly for everyone(1%) and the creation of a new tax bracket for income over $2M at 48%. In addition, corporate tax rates should be reduced to 25% to fall more in line with the rest of the world. I'd also add a one-time provision allowing for companies to repatriate any international cash holdings at a rate of 15%; then in the same motion, ban any future provisions allowing for this to happen again.
The $800B went to increases in the entitlement programs from more and more Boomers retiring. Glad to see you are willing to cut entitlement programs by 33% though; good luck in convincing politicians to cut money from old people! I agree on eliminating the DoE but not the EPA although I would certainly be more than open to reducing the size of scope of all federal agencies. There's a ton of waste in government.
I agree on the corp tax side and would hope we can figure out a good way to repatriate the $2 trillion. Although doing that makes little sense when those businesses would do well not to risk that capital in the US so long as we have marxists and other WH radicals in charge who are completely anti-business. I would not re-invest a dime until they were gone.
And no, the extra $800B did not go to boomers, it was the TARP plan and related bailouts etc..... It was 'one-time'; why has the spending not dropped back to pre-Tarp levels? Oh wait, unemployment is really 20%+, so we are keeping them afloat.
