Obama Announces Re-election Bid

[lookout123]

Originally Posted by Pete Zicato

How about corporations, lookout?

There has to be a balance there and I couldn't begin to tell you what the percentage should be. (as I've also tried to be clear I don't know what the percentage should be for personal income)

I believe we should cut out sweetheart deals that pay companies to do business for a period of time while the profits go elsewhere. I also believe we have to be sensitive to the fact if we tax to heavily companies relocate their operations outside the country. Like the wealthy, businesses spend billions on armies of accoutants trying to milk the tax code for every penny. If the tax code is essentially (revenue - capital expenses) x X% = tax obligation I believe the companies will spend more in taxes but less in tax avoidance. There is a huge cost to tax avoidance and the regulation and audits are hugely expensive. I believe there is a point in there somewhere where the public coffers and the corporations would benefit. (just as I've said about the wealthy)

For me the discussion is less about the percentage charged than it is the game that is played. The elected, the IRS, and the accounting industry have a vested interest in keeping things complex. If we don't understand it then we need them. They get to keep using taxes to stir the idea of class warfare. We remain divided and they remain in Washington in their castles.

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All that combined with massive cuts in spending (not for the sake of just accounting games but for the sake of acknowledging the government can't keep printing money and they can't keep funding every little boondoggle and pork barrel project someone wants) are needed if we are to keep this country afloat for years to come. A family can't survive for long by spending more than they make and neither can a country.