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I get unemployment benefits. I have to apply to three different employers each week to qualify. Is that welfare? No it is unemployment ins. that employers pay. A program, Medicaid, is used to help the poor with medical bills, welfare or compassion?
I just found a reference on the Web from Business Week Magazine. Exxon, the article said, spent $400 billion in the last fiscal year. They made $442 billion. That is about a 10 percent return. Not really excessive by any standard.
Does this mean you would want to eliminate the individual tax deductions we take for mortgage industry, contributions, and other items. Eliminating tax breaks, means that to offset those breaks, the additional cost will be passed on to the consumer.
Yes, it does. If the US must continue to rely on an income tax, my ideal would be a flat tax on individual earnings only with a base poverty exemption. It has to be simple to get government out of the manipulation business.
I will not argue against the flat tax. It is not as fair as it sounds. Assume a 10 percent tax rate. Person making $40,000 pays $4,000. Person making $100,000 pays $10,000. Its hard to live on $36,000, not so hard on $90,000.
If there's an exemption on, say, the first $30k of income (not unreasonable, given inflation), that first tax would be only $1,000. The second would be $7,000.
I am not arguing that the flat tax is not feasible, but you voiced one change, how about number of dependents and all the other stuff we take for granted that will have to be factored into the plan.
I oppose all such adjustments. They open the door to the monstrous complexity we now have, most of which serves only to reward politicians' friends and punish their enemies.
So two families, one with no children and the other with three, would pay the same amount of taxes. You will never get a flat tax enacted if there is not some adjustment for dependents. The taxable income may change, but the tax rate would not change
Do that, and not only will it not be a flat tax, it'll be the foundation of another corrupt tax code. It wouldn't take the politicians four years to get it right back where it was before.
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Doc Snow says
Before going after oil, how about looking at farming, ethanol and other industries. There are only a few subsidies unique to oil. For example ind. producers get an oil depletion allowance. This is like the depreciation deduction businesses take.