Rethinking the Tax Code: Hearing Before the Joint Economic Committee, Congress of the United States, One Hundred Eighth Congress, First Session, November 11, 2003U.S. Government Printing Office, 2004 - 115 стор. |
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20 percent Alternative Minimum Tax American American Bar Association Arlen Specter billion Boskin brackets budget business activities tax capital gains capital income Chairman complexity Congress consumed income tax corporate income tax corporate tax cost deductions deficit destination principle Dick Armey distortions dollar double taxation earnings economic growth efficiency eliminate equity fair FairTax federal tax finance flat tax fundamental tax reform going hearing households impose increase individuals IRAs issues John Linder Joint Economic Committee legislation lower marginal rate marginal tax rates Massa McCaffery McIntyre national sales tax payroll taxes personal income tax PETE STARK postpaid consumption tax progressive rates Reagan reducing replacing Representative Stark retail sales tax revenue RON PAUL rules saving and investment savings accounts sector Senator Bennett Senator Sessions simplicity Social Security spending tax base tax burden tax code tax cuts tax policy Tax Reform Act taxable taxpayers Thank value-added tax
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Сторінка 57 - State. 2. The tax which each individual is bound to pay ought to be certain, and not arbitrary. The time of payment, the manner of payment, the quantity to be paid, ought all to be clear and plain to the contributor, and to every other person.
Сторінка 57 - Every tax ought to be so contrived as both to take out and to keep out of the pockets of the people as Little as possible, over and above what it brings into the public treasury of the state.
Сторінка 57 - The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.
Сторінка 57 - Every tax ought to be levied at the time, or in the manner in which it is most likely to be convenient for the contributor to pay it.
Сторінка 97 - The community is affluent in privately produced goods. It is poor in public services. The obvious solution is to tax the former to provide the latter. . . . By making private goods more expensive, public goods are made more abundant.
Сторінка 97 - The relation of the sales tax to the problem of social balance is admirably direct. The community is affluent in privately produced goods. It is poor in public services. The obvious solution is to tax the former to provide the latter — by making private goods more expensive, public goods are made more abundant. Motion pictures, electronic entertainment and cigarettes are made more costly so that schools can be more handsomely supported. We pay more for soap, detergents and vacuum cleaners in order...
Сторінка 63 - But going through the entire complexity of the tax code still produces the overall conclusion that capital formition is taxed especially heavily in the United States, relative to other uses of income and relative to our competitors. There are numerous ways to simplify the tax system and remove the distortion between the present and the future, between consumption and saving of households, and among types of investments That is, there are numerous ways to tax consumption in the economy We can generally...
Сторінка 97 - The expenditure side of the budget continues to offer better opportunities than the tax side for redistributing income. The link between income distribution and social spending — especially spending on health and education, through which governments can influence the formation and distribution of human capital — is particularly strong, and public investment in human capital can be an efficient way to reduce income inequality over the long run.
Сторінка 59 - Will tax reform improve the performance of the economy? By far the most important aspect of economic performance is the rate of economic growth because that growth determines future living standards. The most important way the tax system affects economic growth is through the rate of saving, investment, entrepreneurship and human capital investment.
Сторінка 65 - Think of intertemporal neutrality as a level playing field goalpost to goalpost and atemporal neutrality as level from sideline to sideline. Even a perfect income tax would only achieve atemporal neutrality, not the more important intertemporal neutrality. A pure consumption tax, however levied, would guarantee neutrality both with respect to investment versus consumption and among types of...