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Millionaires on Capitol Hill: Please tax me more!
Topic Started: Nov 17 2011, 09:12 AM (321 Views)
Chris
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Fire & Ice Senior Diplomat
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tomdrobin
Nov 18 2011, 03:31 AM
I don't argue that cutting spending is in order. But, revenue increases have to be part of the package also. Top tax rates of 34% on taxable income and 15% on capital gains are historically low. Taxes after WWII were more than double that. And, I didn't notice any job killing from it. Our corporate tax rates are higher than other countries, but the taxes they end up paying due to exemptions and loopholes is actually much lower. I heard the president of GE on TV say that we should lower the rate to a realistic level and then eliminate expemptions and loopholes, I don't have a problem with that. Of course one of the biggest incentives to reinvest in factories, equipment and people is the tax breaks to avoid paying the higher rates.
"But, revenue increases have to be part of the package also."

Why not let those better suited to spending the money do so, you know, those who earn it. Why punish those who do well and reward those who do not? Makes no sense.

Consumers pay corporate taxes.
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