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Originally Posted by Villages Kahuna
My guess is that if an analysis of taxes paid by small business owners were separated out from the larger corporations in the country, it would make the argument for broad-based tax reform even more compelling.
A few things included in what "broad based tax reform" means to me is... - Eliminate all the special deductions and federal programs that permit many, many large companies to escape paying any federal taxes whatsoever.
- Maybe reduce the corporate income tax rates, but assure that all corporations pay that rate in income taxes. (This might be a good place to install a business flat tax or a VAT tax.)
- Reduce the tax rates for small business owners (if they're not already incorporated) to the same rate schedule as larger companies. Such rates would likely be lower than the personal income tax rates they pay now.
- Tax U.S. corporations on profits they make outside the U.S. Some companies might leave the U.S. altogether, but most would find it more economical, given the new taxes on foreign earnings, to invest and create jobs here in the U.S.
- Assure that all employed Americans pay some amount of income tax. To have a tax code with so many loopholes, programs and minimums that permit over half the people emplopyed in the U.S. from paying any taxes whatsoefer is ridiculous!
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Darn that pesky little pledge that more than half of Congress, and more than a few Senators, signed vowing to the American People that they would not raise taxes, or cut deductions without reciprocal tax cuts to offset them dollar for dollar. Imagine!!; Congressmen keeping their word; darn them all.
Why don't the Democrat Congressmen just come out and say, "I'm trying to raise your taxes, but the Republicans won't let me"; instead we hear about "tax reform", and compromise. "Compromise" meaning, Republicans allow taxes to be raised.
It did wonders for the first President Bush to break his pledge, didn't it?
All the Republican candidates for President have signed this pledge. Wait; only John Huntsman didn't. I wonder why he was never able to gain any traction?