Quote:
Originally Posted by kevmo
Layering regulations on top of a complex tax code loaded with exemptions and loopholes is a serious concern. Although Corporate tax rates top out at 40%, the average tax paid by Corporations is 12.6% and 1 in 4 pay no taxes. Tax revenue from Corporations today is around 10% of the total, where 50 years ago it accounted for 33% of the total. It is a similar story on the personal side where a recent Presidential candidate paid 13% taxes on $24M income, although the top rate is 39%.
What is needed is a simplified tax code without loopholes and with lower tax rates. If only we had politicians who wanted to fix America's woes and not just focus on getting re-elected.
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Amen. This requires an entire comprehensive tax overhaul, and not a simple fix for current problem.
But guess what we will get....a temporary fix.