Let's fix the economy

[U-Ute]

We play a bunch of smarty-pants yahoos on the internet, so what ideas do you have on fixing the economy? The wilder the better since, hey, its our world and they're just playing in it.

I'll start:

Reduce Corporate Tax Rates to 0%
Right now, companies are leaving billions of dollars off shore because other countries offer them these types of tax breaks. If we're going to compete in the global economy, let's compete. Lets get those companies to bring that money back home and put it to use here. With that money they could use it to reinvest, causing capital expenditures and hiring.

It also has the added benefit of getting rid of all of those lawyers who get paid gobs of money to find tax loopholes, since there won't be any.

Tax Capital Gains Progressively
There are many people who live off capital gains as if it were normal income. The problem is that these people come in two flavors:

• The ultra-rich
• Those on fixed incomes

So we need to find a way to adjust capital gains taxes so that those who live purely off of investment returns as income get it treated as if it were normal income, but not impact those who are on fixed incomes and don't have the flexibility to change their financial planning. The best way would be to make it progressive. Those who live on a little, don't pay much in taxes. Those who live off it a lot would pay a larger percentage.

I believe this also dovetails nicely with the 0% tax rate in that we don't necessarily want companies to bring it home and just hand it to shareholders. We want them to spend it.

The tax schedule doesn't need to be the same as ordinary income, but it should be progressive.

Cut all corporate welfare
Theoretically, since they don't pay any taxes, for the most part these go away anyway. I'm a bit hazy on some of the finer details to know if there are many who get straight up cash support.

What are your crazy ideas?

[Mormon Red Death]

www.fairtax.org


This would be the biggest boon to the economy ever

Sent from my SGH-M919 using Tapatalk 2

[arizonaute]

http://www.fairtax.org/site/PageServer

[U-Ute]

Here's an interesting perspective that I can get behind.

The Progressive Case For Abolishing The Corporate Tax - which is something that I think we need to do to stay competitive in the global economy, but we need to do it in such a way as to not be a straight handout to shareholders.

http://www.milkenreview.org/articles...e-income-tax-2

[NorthwestUteFan]

http://www.fairtax.org/site/PageServer

Fascinating how similar the 'prebate' is to 'universal minimum income'. The justifications for it are similar. The website and idea just screams Heritage Foundation, so it is interesting a seemingly (Small "l") libertarian plan would include at its core an idea that is roundly criticized as communist/socialist.

The difference is the 'prebate' gives _everyone_ (regardless of need) a check for 30% of the monthly poverty income as an offset on the 30% sales tax, whereas 'universal minimum income' gives everyone a monthly check to make up the deficit between their actual salary and the monthly poverty income.

Just an observation.