For starters, how about paying at least the capital gains rate?
For large businesses, they’re finding ways to pay less than 20%.
But tabulate all of the
ongoing costs to build and maintain our national infrastructure, legal system (no business without the courts), law enforcement branches, etc.
Deduct the income taxes currently levied on wage earners.
Roughly, the rest of the money needs to come from corporate taxes and capital gains.
That’s not what’s happening though. Instead, it’s quite alright to double tax middle income earners.
If you recall, property tax deductions were capped and so overnight the Republican government found a way to increase the average earners’s budget. Mortgage interest deductions are next.
> For starters, how about paying at least the capital gains rate?
> For large businesses, they’re finding ways to pay less than 20%.
People do pay capital gains tax when they realize capital gains. What makes you think they don't?
Businesses pay corporate income tax which is a different thing altogether. They're already double-taxed (when the company turns a profit, and again when they distribute those profits to shareholders).
> But tabulate all of the ongoing costs to build and maintain our national infrastructure, legal system (no business without the courts), law enforcement branches, etc.
> Deduct the income taxes currently levied on wage earners.
> Roughly, the rest of the money needs to come from corporate taxes and capital gains.
Not true at all. There are excise taxes, import duties, sales and property taxes (these fund local and state governments, which handle a lot of the courts and law enforcement), payroll taxes (paid by the employer, not part of the income tax). There are other options that are not implemented in the US, like VAT, land-value taxes, financial transaction taxes. The government also has other sources of funding like fines, fees, bonds, inflation. There are many things besides capital gains and corporate income taxes.
> If you recall, property tax deductions were capped and so overnight the Republican government found a way to increase the average earners’s budget. Mortgage interest deductions are next.
The average earner doesn't itemize deductions because they won't exceed the standard deduction, which was raised at the same time that the state and local tax deductions were capped. Those deductions were mainly a way to subsidize states that charge high state taxes (which happen to have more high earners) at the expense of states which charge low income taxes (and happen to have lower earners).
Mortgage interest deductions are already capped and again mainly benefit higher earners who can afford large mortgages that would actually have enough interest to make it worthwhile to itemize.
Who are you in real life? You don't sound like someone who works in software programming for a living or understand what poverty is like. Are you an exec? A manager?
For large businesses, they’re finding ways to pay less than 20%.
But tabulate all of the ongoing costs to build and maintain our national infrastructure, legal system (no business without the courts), law enforcement branches, etc.
Deduct the income taxes currently levied on wage earners.
Roughly, the rest of the money needs to come from corporate taxes and capital gains.
That’s not what’s happening though. Instead, it’s quite alright to double tax middle income earners.
If you recall, property tax deductions were capped and so overnight the Republican government found a way to increase the average earners’s budget. Mortgage interest deductions are next.