Quote:
Originally Posted by GMAN
The more taxes we pay the less we have to spend. The Obama administration is already talking about raising taxes to pay for the stimulus tax and to pay for health care (Big surprise :roll: ). The higher taxes go the less money the average citizen will have to spend. The economy will not recover until people once again gain confidence and start spending. The government would do better to lower taxes.
He talked about raising taxes even before he was elected. What is needed is a radical overhaul of the tax structure.
Currently, (I believe) if you make less than $3,000/year, you do not have to pay any taxes. It's been like that ever since I can remember. That figure needs to be raised by a factor of about 10. Then, the crossover point where you go from paying less tax to where you pay more tax needs to be set about $80,000 to $100,000.
Bonuses and golden parachutes are currently taxed, but need to be put into their own classification, and taxed at the time they are given (arranged for). A new exec comes into a company, and they give him/her a golden parachute, the tax comes off THEN, not later, and at a greater percentage.
Also, corporate tax to be structured according to the average income of their labor. The higher the average income of labor, the better tha tax rate of the company. Actually, it makes sense because the higher the wages of labor, the more tax they will pay, and will most likely total more than the company pays. But it would also provide more cash for those that need it in order to keep a cash flow in our economy.