If you got rid of the corporate and individual income tax, you'd only have to go back to FY 97 or FY 98 to have a budget surplus.
If you got rid of the corporate and individual income tax, you'd only have to go back to FY 97 or FY 98 to have a budget surplus.
Rand Paul 2016
nm
Last edited by ronpaulfollower999; 11-03-2012 at 03:35 PM. Reason: I misread a post...
Rand Paul 2016
People get hired because they provide more productivity to the business than they cost. The idea that lower tax rates will significantly boost employment is folly as no one hires a worker just because they have $20-100k more in their pocket.
well said!Originally Posted by Jordan
I can't find revenue breakdowns for more recent years so let's look at 2009 revenue.
$2.7 trillion minus $1.2 trillion for personal income taxes. That leaves $1.5 trillion. Now take away corporate income taxes of $340 billion - $1.16 trillion. That would still leave a $600 billion deficit if you only spent at 1998 levels (of $1.7 trillion).Estimated receipts for fiscal year 2009 are $2.7 trillion (+7.1%).
$1.21 trillion – Individual income tax
$949.4 billion – Social Security and other payroll taxes
$339.2 billion – Corporate income tax
$68.9 billion – Excise taxes
$29.1 billion – Customs duties
$26.3 billion – Estate and gift taxes
$47.9 billion – Other
http://thewesternexperience.com/2011...nding-smartly/
Freedom is a state of mind. Nobody can take that from you unless you let them.
Here's what I'd like to see if I was running a company, there's a surplus of labor so I'd like to falling wages/salaries so that I can hire more people without increasing costs, hiring more people will help increase production & lower prices of products, & more people will be able to buy those products, falling prices increase demand.
What if you'd lots of oranges to sell but nobody was willing to buy them at current price, what should you do? You should LOWER THE PRICE to the level where people are willing to buy them otherwise they are just going to rot. Similarly, there's a lot of labor to be sold but businesses aren't willing to buy it, what should laborers do? LOWER THE PRICE. But the problem with that apart from minimum wage laws is that people have less incentive to do that because of all the welfare like unemployment benefits, this benefit, that benefit & what not!
Please take the time to read these -
http://www.scribd.com/doc/105544135/...-Thomas-Sowell
http://mises.org/daily/2492
There is enormous inertia a tyranny of the status quo in private and especially governmental arrangements. Only a crisis actual or perceived produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, to keep them alive and available until the politically impossible becomes politically inevitable
- Milton Friedman
Learn facts - http://www.scribd.com/doc/105544135/...-Thomas-Sowell
Higher taxes causes rich people to invest their money in tax-free avenues like government bonds or simply hide it or send it overseas while lowering taxes encourages them to look to exploit good business opportunities where they can make good profit.
Secondly, bailing out anybody is WRONG, be it poor or rich. Forced wealth-transfers are wrong, period.
And why is it that rich are obligated to spend & invest THEIR money the way some socialist idiots think they should? Should somebody be able to steal YOUR money & spend it the "right way" on your behalf? Socialist-thievery is unjustifiable no matter the pretext.
Besides, if businesses weren't so damned overtaxed & overregulated by socialist-thieves then the rich might be willing to invest more, if socialist thieves weren't so greedy then may be rich wouldn't take their money overseas!
And many of the rich have been helping create jobs forever but do socialist-thieves ever appreciate it? Nope, they just ungratefully keep bitching & always want to steal more & more from others!
There is enormous inertia a tyranny of the status quo in private and especially governmental arrangements. Only a crisis actual or perceived produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, to keep them alive and available until the politically impossible becomes politically inevitable
- Milton Friedman
" Besides, if businesses weren't so damned overtaxed & overregulated ".
i do agree that businesses are over regulated ( way too much ) , as far as the taxes business pays -- i had a small business ( bonded , lic, insured ) , i knew pretty much what my taxes were going to be , i added my costs ( including taxes ) to the price when i submitted my bid , so who was paying the taxes .
if people think about it , the consumer of the product/service pays the taxes , it is always tacked onto the price , anyone that thinks exxon--shell--wallymart--mcdonalds pays taxes is wrong , they are just the middle man passing the taxes the customer paid to the goverments , one other thing , if the business loses money they don't even send the goverment the money the customer paid for the product/service.
i am wondering one thing , when you say you want to pay lower wages what levels are you thinking , 30/hr to 20/hr or 8/hr to 5/hr , not to debate the idea , just wondering.
Last edited by ILUVRP; 11-06-2012 at 08:35 AM.
On the flip side of that, if people's wages are falling (your labor costs) then they will have less money to spend buying your oranges (or whatever) in the first place so demand for them may be declining as well. You are correct that if wages are allowed to fall that this would make the hiring of additional labor easier and less expensive for producers. The decision to hire or not to hire would be based on if you thought taking on more labor would lead to higher profits for you. If the demand is not there for your goods (and this no additional profits to be made), then you won't hire more no matter what the price of labor.
Last edited by Zippyjuan; 11-06-2012 at 11:23 AM.
Freedom is a state of mind. Nobody can take that from you unless you let them.
Damn, Zippy, you are so stuck in that Keynesian fallacy. I don't know how to get you unstuck.
If people's wages are falling, but there are more people making wages, it doesn't matter. You'd still have the same amount of capital to fulfill the demand. However, what happens when the price of labor goes down, is that you create MORE capital because there is more wealth creation.
Do you understand how wealth is created? Might be a good place to start.
"And now that the legislators and do-gooders have so futilely inflicted so many systems upon society, may they finally end where they should have begun: May they reject all systems, and try liberty; for liberty is an acknowledgment of faith in God and His works." - Bastiat
"It is difficult to free fools from the chains they revere." - Voltaire
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