In 2019 the Government of India announced a reduction of corporate tax rate from 30 per cent to 22 per cent, along with a further reduction to 15 per cent for new corporations. The Parliamentary Committee on Estimates has recently stated that this has led to a revenue loss of Rs. 1.84 lakh crore to the public exchequer in the[Read More...]
Please remember that in 1961 when JFK took office the top bracket for federal income tax was at 90%. Now, we all should know that no one in that top bracket actually paid at 90%. That is what a slew of deductions and bright accountants were for. When Reagan took office he was able to lower the top bracket down[Read More...]
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Coronavirus could have sounded the death knell for capitalism. The Economic Times called it a time of “ethical reboot,” while New Statesman invoked “the need for an entirely new economic system” of governance. This could have become our new reality, if not for the governments all over the world swooping in to rescue their most beloved—The Corporates. Our current business-centric,[Read More...]
The central argument of Amusing Ourselves [Neil Postman] is simple: there were two landmark dystopian novels written by brilliant British cultural critics – Brave New World by Aldous Huxley and Nineteen Eighty-Four by George Orwell – and we Americans had mistakenly feared and obsessed over the vision portrayed in the latter book (an information-censoring, movement-restricting, individuality-emaciating state) rather than the former (a technology-se
For President Donald J. Trump, there is only one goal in life – making money. Lowering taxes gives corporations and individuals more money; therefore, lower taxes must be beneficial. The constant self-serving references to his management of the economy are meaningless – examining President Trump’s essential thrusts for invigorating an already invigorated economy reveals contradictions in his Taxation Policies.
Reducing Income Taxes
Jurisdictional competition leads to better tax policy because politicians act less greedy when they have to worry that the geese with the golden eggs can fly away. Folks on the left fret that this creates a “race to the bottom,” but that’s only because they favor big government and think our incomes belong to the state.
In yet another Wall Street giveaway, President Donald Trump on Friday afternoon took executive action to chip away at Dodd-Frank financial regulations and roll back rules aimed at reducing corporate tax avoidance.
During the 1970s and 1980s, many other countries had rates in that range, or higher. However, over the past 15 years all other major countries have lowered their rates, leaving the United States with the highest in the world after the United Arab Emirates.
And while we're at it, we should repeal the 3.8 percent Obamacare surtax on capital gains and dividends, allow for immediate expensing, and move to a territorial tax system like almost every other developed nation has.
Average corporate tax rates in Europe and Asia are far lower than in the United States and a “business taxes only” agenda could possibly get some Democrats on board.
