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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Alternative Minimum Tax American Arlen Specter bill billion Boskin brackets budget business activities tax capital gains capital income Chairman complexity CONG CONGRES CONGRESS THE LIBRARY consumed income tax corporate income tax corporate tax deductions deficit destination principle Dick Armey distortions dollar earnings economic growth Effective tax rate eliminate equity fair FairTax federal tax finance flat tax fundamental tax reform going hearing households impose increase individual IRAs issues Joint Economic Committee legislation LIBRARY OF CONGRESS lower marginal rate marginal tax rates McCaffery McIntyre national sales tax payroll tax percent personal income tax Pete Stark postpaid consumption tax RARY reduce replacing Representative Stark RESS retail sales tax revenue rules saving and investment savings accounts sector Senator Bennett Senator Sessions simplicity Social Security spending statement tax base tax burden tax code tax cuts tax policy Tax Reform Act taxable taxpayers Thank value-added tax
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Сторінка 105 - 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 70 - ... boost the economy's performance, leading to a rise in real incomes. Most economists believe that the major way in which tax reform can boost economic performances is by altering the tax system's deleterious impact on incentives to work, save, invest, and innovate. A pure income tax, for example, taxes saving twice: first when it is earned as part of income and again when interest and dividends are earned on savings. Worse yet, if that saving is plowed into corporate equities, a third tax (the...
Сторінка 105 - 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 71 - 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 105 - 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 56 - ... come when effort and capital flow back into innovation and the development of new businesses, the areas where confiscatory taxation has discouraged investment. The contribution to income from new resources will be correspondingly high. Total Potential Growth from Improved Incentives We project a 3 percent increase in output from increased total work in the US economy and an additional increment to total output of 3 percent from added capital formation and dramatically improved entrepreneurial...
Сторінка 52 - At tax loopholes are eliminated and the tax code is simplified, there will be far less opportunity for tax avoidance and fraud, which now amounts to over $120 billion in uncollected revenue annually. Simplification of the tax code will allow us to save significantly on the $13 billion annual budget currently allocated to the Internal Revenue Service.
Сторінка 73 - 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...
Сторінка 63 - Because of the tax component incorporated into prices under the current income tax code, we are already paying the equivalent of the FairTax! • The FairTax eliminates payroll taxes, which are the most regressive of existing taxes. • The FairTax is a tax on accumulated wealth. However, the holders of accumulated wealth are already paying it.
Сторінка 112 - Such a tax system would apply to the yield to capital, when but only when it is appropriate to do so. The rich would not be let off the social hook; their tax would come due when, as, and if they spent wealth on themselves. Progressivity could be maintained, even strengthened.