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Obama to propose $1.5 trillion in new tax revenue
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<blockquote data-quote="Foie" data-source="post: 3895053" data-attributes="member: 42482"><p>The thing about taxes, is that the higher the rates, the more people try to avoid them.</p><p></p><p>For example, the unnecessary real estate a large corporation owns that they are going to sell: they'll hold on to it if capital gains taxes are increased. In fact, every single time in America's history capital gains taxes were <strong>decreased,</strong> the result was an <strong>increase</strong> in tax revenue. There are many investments a company or individual can make to reduce taxable income, and you better bet they will when rates are raised significantly. </p><p></p><p>Higher taxes simply aren't a sustainable form of deficit reduction. Plus they punish the companies producing jobs and revenue, which certainly does not help the overall American economy. If a large corporation like Nike has to pay an extra $50 million in taxes, they may very well decide to not open up that production plant in Colorado that would employ 1000 workers, for example. </p><p></p><p>I do like your idea of optional taxes that would provide additional benefits. I just don't know if anybody would optionally shell out the additional cash. </p><p></p><p>Bottom-line: there are billions and billions of dollars going towards unnecessary spending that should be taken out before we start engaging in policies that hurt the already pummeled economy.</p></blockquote><p></p>
[QUOTE="Foie, post: 3895053, member: 42482"] The thing about taxes, is that the higher the rates, the more people try to avoid them. For example, the unnecessary real estate a large corporation owns that they are going to sell: they'll hold on to it if capital gains taxes are increased. In fact, every single time in America's history capital gains taxes were [b]decreased,[/b] the result was an [b]increase[/b] in tax revenue. There are many investments a company or individual can make to reduce taxable income, and you better bet they will when rates are raised significantly. Higher taxes simply aren't a sustainable form of deficit reduction. Plus they punish the companies producing jobs and revenue, which certainly does not help the overall American economy. If a large corporation like Nike has to pay an extra $50 million in taxes, they may very well decide to not open up that production plant in Colorado that would employ 1000 workers, for example. I do like your idea of optional taxes that would provide additional benefits. I just don't know if anybody would optionally shell out the additional cash. Bottom-line: there are billions and billions of dollars going towards unnecessary spending that should be taken out before we start engaging in policies that hurt the already pummeled economy. [/QUOTE]
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