Thoughts on Today's Political Landscape

[TracyCoxx]

Originally Posted by smc

What do you think is a reasonable breakdown of tax rates based on income levels? For instance, should we go back to the rates that existed during the Clinton Administration, or keep them as is with the so-called "Bush tax cuts" that Obama agreed to extend? If you are for a flat tax, I urge you not to re-open that discussion, but simply refer us to earlier postings.

It was discussed here.

Originally Posted by smc

Also, what about corporate tax rates? Should all corporations pay taxes? Should loopholes that create the known situation in which many of the largest corporations in the United States pay no income tax be shut?

I haven't thought a lot about corporate tax rates, so my opinion probably isn't worth much and I'm sure plenty of holes can be shot through it because it's a huge issue and like I've said I haven't thought a lot about it. Tax on corporations include income tax, employment taxes and excise taxes correct?

All these taxes are passed on to and actually paid by customers, employees, suppliers, and shareholders. Many of these people are already paying income tax or sales tax so it seems that in taxing a corporation, the government is really potentially taxing customers, employees, suppliers, and shareholders twice, which I don't think is right. Excise taxes is a very thorny issue. Some of it is probably warranted, other parts of it, I don't think so.

One opinion I am sure of is that corporations shouldn't be taxed to the point where they are not competitive against foreign businesses. Otherwise the corporations will relocate some or all of their work to other countries and drive their economy instead of ours.