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Tax Rate Quotes
We need to lower tax rates for everybody, starting with the top corporate tax rate. We need to simplify the tax code. The ultimate answer, in my opinion, is the fair tax, which is a fair tax for everybody, because as long as we still have this messed-up tax code, the politicians are going to use it to reward winners and losers.
According to the IRS, the wealthiest 400 Americans, who earned an average of roughly $270 million in 2008, paid an average tax rate of just 18.2 percent that year. That's about the same rate paid by a single truck driver in Rhode Island. It's not right, and we need to restore fairness to our tax code.
The biggest and most deadly 'tax' rate on the poor comes from a loss of various welfare state benefits - food stamps, housing subsidies and the like - if their income goes up.
I forget what the relevant American rate is, but I can tell you that our goal is to have a combined federal-provincial corporate tax rate of no more than 25 percent. We're on target to do that by 2012. We will have significantly - by a significant margin the lowest corporate tax rates in the G-7, and that's our - our government's objective.
Yes, the rich will find ways to avoid paying more taxes, courtesy of clever accountants and tax attorneys. But this has always been the case, regardless of where the tax rate is set.
Here's the truth. The proposed top rate of income tax is not 50 per cent. It is 50 per cent plus 1.5 per cent national insurance paid by employees plus 13.3 per cent paid by employers. That's not 50 per cent. Two years from now, Britain will have the highest tax rate on earned income of any developed country.
Andrew Lloyd Webber
Corporate tax reform is nice in theory but tough in practice. It most likely requires lower tax rates and the closing of loopholes, which many companies are sure to fight. And whatever new, lower tax rate is determined, there will probably be another country willing to lower its rate further, creating a sad race to zero.
Andrew Ross Sorkin
Hyperinflation can take virtually your entire life's savings, without the government having to bother raising the official tax rate at all.
The biggest - one of the biggest barriers to driving economic growth is the capital gains tax rate. I propose taking it to zero.
To focus capital and entrepreneurship into empowering innovation, we should change is the capital gains tax rate. We would be better served by a regressive tax rate, that would become progressively smaller the longer the investment is held.
It has always amazed me how tax cuts don't work until they take effect. Mr. Obama's experience with deferred tax rate increases will be the reverse. The economy will collapse in 2011.
In a zero corporate tax rate environment, if the private sector doesn't create tens of millions of jobs, then I don't know what it takes to create tens of millions of jobs.
It's really a question of fairness and what kind of country we're going to live in. There are 22,000 people making over $1 million. They're paying an effective tax rate in the teens. As Warren Buffett said, he pays less in taxes effectively than his secretary does. That's not right.
The tax rate of 35 percent is impossible to provide an incentive to the large corporations, that have $1.7 trillion offshore, to put their money back in the United States.
Frederick W. Smith
The data does not support that high-income tax cuts are the main drivers of growth, so I don't think that uncertainty over what the tax rate will be for someone that makes a million dollars a year has that big an impact on the economic growth rate in the country.
It's not coincidence that the U.S. is in last place in the world in terms of corporate tax rate. It's because our system is set up to block tax reform.
President Obama likes to talk about the Buffett Rule. Well, here's a Buffett Rule that all Americans should be able to support: mom and pop businesses should not pay a higher tax rate than Fortune 500 corporations like Warren Buffett's.
More than 1.1 million taxpayers in Pennsylvania will enjoy a lower tax rate, more than 1.4 million married couples will benefit from the reduction in the marriage penalty, and more than 1.1 million parents will have the advantage of an increased child tax credit.
All I'm doing is I'm filling out my tax returns - or my accountants are, and I'm paying whatever I'm supposed to pay, though I'm giving away a large amount of the money and that probably lowers my tax rate because I'm giving away so much money. But change the law, but don't blame me for the law. I'm not writing the law. I didn't write the law.
I think we should have basically the same tax policy that Germany, Japan, the U.K., everybody else has, which is a tax rate in the mid-20s and no loopholes. Zero. The U.S. has the most antiquated tax system. And that means some people are going to pay more taxes, and some people are going to pay less.
Jeffrey R. Immelt
I support both a Fair Tax and a Flat Tax plan that would dramatically streamline the tax system. A Fair Tax would replace all federal taxes on personal and corporate income with a single national tax on retail sales, while a Flat Tax would apply the same tax rate to all income with few if any deductions or exemptions.
Small businesses are the backbone of job creation in South Carolina, but we're not maximizing our potential when we've got what's effectively the highest income tax rate in the Southeast holding us back.
If Warren Buffett made his money from ordinary income rather than capital gains, his tax rate would be a lot higher than his secretary's. In fact a very small percentage of people in this country pay a big chunk of the taxes.
My own experience, though, as a business executive and as a governor, tells me that businesses are interested in a lot more than a low tax rate when they decide where to locate.
Legislation to create a new 10 percent tax bracket, reduce the marriage penalty, cut the tax rate on dividends and capital gains, and increase the child tax credit have been essential elements in this economic expansion.
John F. Kennedy
Martin Luther King, Jr.
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